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China: New quality productive forces become key growth engine in China over past 5 years

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Storyline: New quality productive forces become key growth engine in China over past 5 years [Voice_over] As China embraces a new five-year plan for social and economic development, officials are highlighting the country’s new quality productive forces that have been developed over the previous five. The phrase "new quality productive forces" describes China’s focus on advanced productivity by integrating scientific and technological innovations with institutional directives. The system aims to build and nurture an innovative ecosystem by providing things like resources, testing facilities, and tools to ease the flow of information, capital and strategies. The result has been high-efficiency, cutting-edge, and tech-forward innovation permeating all levels of the country’s production and manufacturing sectors. At a smart construction machinery plant in north China’s Taiyuan, the latest technologies are being used to transform steel plates into finished equipment in just over eight minutes, which has boosted efficiency by 70 percent. In Yunfu city meanwhile, in south China's Guangdong Province, China's first certified eVTOL, or electric vertical take-off and landing, aircraft was produced at a drone factory that handles the entire manufacturing process from component production to aircraft assembly. And in southwest China’s Chongqing Municipality, the country’s first digital film set studio which uses platforms and enormous LED screens to reduce production costs by 90 percent, which has fundamentally changed the way sci-fi films are made in the country. According to data from the National Bureau of Statistics, China’s 2024 R and D expenditure rose by more than 8 percent compared to 2023 to about 506 billion U.S. dollars. [Restrictions: No access Chinese mainland]

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