In 2023, contractual technology transactions increased 28.6% in China, demonstrating its innovation-driven growth capability.
According to a government work report filed Tuesday to the national assembly for consideration, China would harness creativity, promote industrial innovation via science and technology, and push modern industrialization.
At the start of the second session of the 14th National People’s Congress in Beijing’s Great Hall of the People, Premier Li Qiang gave the report.
The study claims the government will modernize the industrial system and produce new quality productive forces quicker.
Create high-quality productive forces
Innovation drives new quality productive forces, which challenge economic growth paradigms. This approach coincides with China’s new development concept and has high technology, efficiency, and quality.
The government work report outlines tasks to establish these new quality productive forces.
It promotes hydrogen power, novel materials, biomanufacturing, commercial spaceflight, quantum technologies, and life sciences while strengthening industrial and supply networks.
The study also states that the government would consolidate and strengthen its leadership in intelligent linked new-energy vehicles, encourage creative digital economy growth, and create an Artificial Intelligence Plus effort.
China aims to achieve 5% economic growth in 2024 and promote high-quality development. According to the article, it would issue ultra-long special treasury bonds yearly for many years to execute significant national goals and enhance security capability in crucial sectors, beginning with 1 trillion yuan this year.
The report also emphasizes revitalizing China via science and education and laying the groundwork for high-quality growth.
China will accelerate efforts to develop strategic experts and top scientists and innovation teams.
According to the study, the government will discover fundamental research talent, teach high-performing engineers and highly qualified professionals, and assist young scientists and engineers.
Implementing people-centered development
The study claims China would work to enhance people’s well-being and develop innovative social governing methods.
It shows that China’s people-centered development concept would benefit the people.
According to the report, China’s per capita disposable income rose 6.1 percent in 2023, and over 66 million taxpayers benefited from an increase in special additional deductions for individual income tax, which cover child nursing, education, and elderly care.
Over 12 million urban jobs are expected to be created in 2024, keeping the urban unemployment rate at 5.5 percent.
According to the study, China will improve the environment and expand the green and low-carbon economy while promoting ecological protection.
According to National Energy Administration statistics, China accounted for over half of newly installed renewable energy capacity globally in 2023 and exceeded its thermal power capacity for the first time.
The study states that the nation would progress the energy revolution and appropriately peak carbon dioxide emissions and reach carbon neutrality.
