Tech breakthroughs key to productivity growth

China will ratchet up efforts to improve the new system of mobilizing resources nationwide to achieve breakthroughs in core technologies in key fields, foster strategic emerging industries and invest more in basic research and forward-looking fields amid a broader drive to cultivate new productivity boosters, officials and experts said.

Highlighting the significance of technological innovation in promoting industrial innovation and accelerating development of a modern industrial system, they added more efforts are needed to strengthen enterprises' dominant position in sci-tech innovation and improve the resilience and security of industrial and supply chains.

An official from the Office of the Central Commission for Financial and Economic Affairs stressed efforts to build up a new type of workforce that can create new productivity boosters, master key and core technologies to facilitate the development of emerging industries, and expand high-standard opening-up.

The key phrase "new productivity boosters" — highlighted at the recently concluded Central Economic Work Conference — refers to modern advanced productivity generated by technological breakthroughs, innovative allocation of production factors and in-depth industrial transformation and upgrading, the official said, adding that the term takes the improvement of total factor productivity as a core concept.

China's three major tech-intensive green products, or the "new three" — namely photovoltaics, lithium-ion batteries and new energy vehicles — have witnessed speedy growth in recent years, with strong competitiveness overseas as well.

It is necessary to vigorously support enterprises to expand both domestic and international markets, promote the optimization of technical industry standards and create a favorable and competitive business environment, the official said.

Furthermore, efforts are needed to nurture strategic emerging industries including biotech and commercial space industry, and open up new horizons for future industries such as quantum technology and life sciences.

"Against the backdrop of an increasingly complicated international situation, it is important to strengthen innovation capacities in sci-tech and achieve breakthroughs in core technologies in key fields so as to enhance the country's core competitiveness," said Chen Duan, director of the Digital Economy Integration Innovation Development Center at the Central University of Finance and Economics.

"We should expedite the translation and application of key scientific and technological breakthroughs, and support leading high-tech companies to pour more money into state-of-the-art technologies to better serve the country's development strategy," Chen said, adding that enterprises, as key players in technological innovation, are expected to play a positive role in promoting the effective allocation of resources.