Charging piles for electric vehicles in Hefei, Anhui Province Photo: TUCHONG

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Over the past decade, China has consistently accounted for over 30% of global economic growth annually, solidifying its role as a vital engine of the world economy. In a recent interview with CSST, Luis Angeles, a professor from the Adam Smith Business School at the University of Glasgow in the United Kingdom, and Petr Sedlacek, a professor from the Business School at the University of New South Wales in Australia, praised the country for bringing mutually beneficial opportunities to many countries around the world during its transition from high-speed growth to high-quality development. 

Remarkable innovative strength

Angeles pointed out that high-quality development in China depends fundamentally on the vitality, innovation, and competitiveness of the economy. To improve these capabilities, China is accelerating the implementation of the innovation-driven development strategy, intensifying its efforts to achieve a high level of self-reliance in sci-tech research, and concentrating on resolving intractable problems in original and pioneering sci-tech research to achieve breakthroughs in certain key and core technologies.

Sedlacek observed that the speed and quality of China’s sci-tech innovation rank among the world’s best, with the transformation of scientific research achievements accelerating. 

“Last year, I talked to many China companies which said they have achieved a remarkable level of digitalization and automation despite being part of a traditional industry,” he told CSST.

As a major champion of new energy technologies, Sedlacek highlighted, China’s emphasis on innovation has improved energy efficiency, lowered the costs of renewable energy, and reduced reliance on fossil fuels, contributing to global environmental protection and sustainable development. 

In 2023, global installed renewable energy capacity increased by 510 gigawatts, with China contributing more than half to the increase. Chinese-made wind turbines and solar photovoltaic panels have been exported to more than 200 countries and regions. In the same year, China exported 1.203 million electric vehicles (EVs)—up 77.6% year-on-year—representing over 60% of global EV sales.

Angeles remarked that China has emerged as a new engine of global innovation, driven by its robust R&D capabilities. 

“China is also working with more than 100 economies on green energy projects, while helping countries such as Kenya and South Africa with solar and wind energy technologies to develop their clean energy industry, and alleviate their energy shortages,” Sedlacek said, adding that China’s advancements in digital technology have not only benefited people worldwide but also injected new impetus into global economic growth.

Angeles asserted that China’s high-quality development brings stability to the global economy. The Chinese economy has achieved steady growth and enjoyed sound and strong foundations over the years. Despite the weak global economy, China is always willing to share new opportunities and technologies with other countries, especially to contribute to Global South countries.

New quality productive forces

For China, promoting new quality productive forces is an important means of achieving high-quality development that embodies the new development philosophy featuring innovative, coordinated, green, open, and shared development, Angeles noted. “Facing problems such as sluggish global economic recovery and labor shortages, China’s new quality productive forces can effectively address the above problems.”

In Sedlacek’s opinion, new quality productive forces are characterized by advanced technology, high efficiency, and high quality, with sci-tech innovation, industrial upgrading, and improvements in the quality and allocation of production factors as its driving forces.

China’s strategy to promote new quality productive forces begins with an emphasis on sci-tech innovation, particularly original and disruptive innovation, aiming for independence and strength in science and technology. With a view to industrial upgrading, China is working to strengthen supply chains, transform and advance traditional industries, foster emerging and future industries, and promote the digital economy. Furthermore, to improve the quality and allocation of production factors, in addition to implementing market reform of production factors and a three-in-one reform of education, science and technology, and human resources, the government is also promoting the use of “data” as a new production factor, Sedlacek explained. 

He summarized that the three driving forces behind new quality productive forces not only operate independently but are also expected to generate mutual synergies, such as developing new business models through the integration of cutting-edge technologies with industry.  

“China has made a lot of achievements in high-quality economic development, but it also faces some challenges, such as the fragile international supply chain, rising geopolitical risks, frequent global natural disasters, and threats of climate change. The international community needs to work together to deal with the problem to ensure the prosperity and development of the global economy,” Angeles appealed. 

Edited by CHEN MIRONG