The 20th Central Committee of the Communist Party of China (CPC) started its third plenary session in Beijing on Monday (July 15) morning. The meeting focuses on further comprehensively deepening reform and advancing Chinese modernization.
The term "new quality productive forces" has been trending in China since the beginning of 2024, and it is widely believed that the new quality productive forces are an important component of China's deepening reforms and Chinese-style modernization.
In an exclusive interview with GDToday, Hans Hendrischke, Professor of Chinese Business and Management at the University of Sydney, indicated that this strategic pivot has not only elevated China's industrial prowess but has also positioned it as a competitor on the global stage, on track to catch up with advanced economies such as those in Europe.
"Chinese companies in various locations began to digitalize and upgrade their production, even before the term 'made in China' was coined," he said, "It was a trend that was already emerging."
Leading player in emerging sectors
Along the path of developing new quality productive forces, China has already emerged as a leading player in some sectors. In recent years, China has gradually moved beyond traditional manufacturing to become a pioneer in sectors such as electric vehicles (EVs) and solar energy.
"China is developing new products, such as electric vehicles, solar cells, and solar panels, where China is leading in a way that makes it very difficult to compete with China," remarked Professor Hendrischke, highlighting China's advancements in innovation and manufacturing that have positioned it at the forefront of these industries. This position is supported by the depth of China's supply chains and strong production capabilities.
On the other hand, trade has been a fundamental driver of China's economic growth.
As the new quality productive forces continue to develop, China is now exporting not only raw materials but also new products. This shift emphasizes the need for cooperation, creating opportunities for joint production and investments that offer mutual benefits. "There will be interest in either co-producing or having Chinese investors," suggested Professor Hendrischke, envisioning a future where collaborative production and investment become the standard.
China-Australia cooperation: a beacon for mutual growth in productive forces
As the world witnesses ever-deepening globalization, China also engages in global cooperation in the development of new quality productive forces. For example, the bilateral relationship between China and Australia brings mutual benefits to both sides.
"Australia will, of course, have advantages...in the mining industry, adding processing, and developing processing of minerals," Professor Hendrischke noted. Simultaneously, China possesses technologies that Australia desires. Australia, with its rich mineral resources, and China, with its advanced technologies in various fields, present a stage for mutual growth and investment. As Professor Hendrischke pointed out, "I think there is space for a very solid economic rationale to promote the relationship and to develop long-term links that, in the end, help both sides."
Global Challenge: developing productive forces for equally accessible benefits
In a broader sense, developing productive forces is not only an issue faced by China or Australia, but one that is faced by all other countries, regardless of whether they are developed or developing. It is not an isolated endeavor, but a global challenge that demands collective action.
"It's something that countries from Australia to the United States, to Japan, and many developing countries are facing at the moment," Professor Hendrischke observed. This collective journey necessitates new answers to social equality through innovative solutions and inclusive strategies, ensuring that the benefits of progress are accessible to all and shared equitably. This is a journey in which no one must be left behind, in China, in Australia, and beyond.
In the face of global development of productive forces, Professor Hendrischke emphasized the indispensable role of education.
In his opinion, education is not merely a right but also a guarantee that empowers individuals to keep pace with ongoing progress and transformation, ensuring that no one is left behind in engaging with and benefiting from the new quality productive forces, which is shaping the world's future development.
Reporter | Guo Chuhua
Video | Deng Yingheng
Poster | Mia
Editor | Steven, Abby, James
