Industry leaders are being called upon to play a leading role in innovation by Jia Shaoqian, deputy to the National People’s Congress and chairman of Hisense Group. In a recent statement, Jia emphasized the importance of supporting chain owners in establishing national key laboratories as a way to drive forward technological advancements and economic growth.
Meanwhile, Chinese President Xi Jinping has also highlighted the need for “new quality productivity” in the country’s economy, as lingering issues continue to affect its overall performance. Xi’s call for a focus on developing new productive forces comes as China grapples with challenges in its traditional industries and seeks to embrace innovation and technological advancements.
During the National Two Sessions in 2024, discussions around the development of new quality productive forces have taken center stage. General Secretary has been credited with effectively guiding the development practice in this area, emphasizing the importance of adapting to local conditions and balancing the innovation with traditional industries.
Xi reiterated that the development of new productive forces should not come at the expense of neglecting or abandoning traditional industries. Instead, a balanced approach that embraces both innovation and the preservation of existing sectors is essential for achieving sustainable economic growth and development.
As China moves forward with its economic agenda, industry leaders and policymakers are tasked with navigating the complex landscape of technological advancements, traditional industries, and innovation to ensure continued progress and prosperity for the nation.