Zhao Zhijiang
The current focus, emphasis, and approaches of policies in China have shifted towards what is known as “new productive forces”. To avoid policy diffusion and loss of focus, it is crucial for the country to ensure that policies are implemented in sectors and manufacturing that are genuinely reliable.
Many so-called new products and technologies are often short-lived phenomena. Therefore, policy concentration will be a vital focal point. According to ANBOUND’s founder Mr. Kung Chan, China’s economic situation is currently trending towards a state of shrinkage, which should not be viewed solely from an economic cycle perspective, nor can simple additions to policies resolve the issues. He believes that since the matter revolves around economic growth, the key lies in production. The immediate task for the Chinese policymakers is to identify focal points and develop industries that qualify as “new productive forces”, or else China may face risks of spending resources on unnecessary sectors.
What exactly is “new productive forces”?
From a manufacturing perspective, it not only refers to technological innovation but also achieves product upgrades and sustainable technological advancements. Only industries that meet these criteria can be termed as “new productive forces”. The essence of it lies in whether the product and its associated industry can withstand the test of time, maintain its product positioning, possess continuous technological upgrading capabilities, constantly innovate, and control the market through product updates and replacements.
It is worth noting that there is currently a directional issue in China’s public opinion, where any technology product related to high technology and innovation tends to be labeled as a “new productive force”, leading to the concept being abused. The Economic Daily criticizes this phenomenon, stating that “developing new productive forces must guard against blindly following trends”. Ignoring the development laws of industries and blindly chasing the current popular trends will only cause issues such as new redundant construction and over-production, which will certainly have negative impacts on local economic and social development, including debt. In fact, industries like photovoltaics and batteries obviously have technological shortcomings and face geopolitical risks, making them difficult to sustain and assume the responsibility of developing new productive forces.
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