Critical period

Huang Hanquan, head of the Chinese Academy of Macroeconomic Research, said China's emphasis on nurturing new quality productive forces and its significant achievements in sci-tech innovation are conducive to speeding up the establishment of a modern industrial system, enhancing the stability and resilience of industrial and supply chains, and strengthening the capacity to buffer against external shocks and challenges.

He underscored the importance of giving full play to the role of enterprises, especially small and medium-sized ones, in bolstering sci-tech innovation, accelerating the industrial application of innovation achievements, and strengthening the training of high-level talent.

"The key to developing new quality productive forces lies in achieving high-level self-reliance and strength in sci-tech, reinforcing original and disruptive technology innovations, and giving birth to new industries and new growth momentum," said Deng Zhonghan, an academician of the Chinese Academy of Engineering.

Noting that China is now in a critical period of innovation-driven development, Deng said it is of vital significance to support growth of tech startups through financial technology tools and step up R&D in emerging industries and future-oriented industries.

In the face of increasingly fierce international competition, technological innovation and self-reliance in sci-tech are crucial for realizing Chinese modernization, said Qi Xiangdong, chairman of Chinese cybersecurity company Qi-Anxin Technology Group, adding that his company will pour more resources into pioneering sci-tech innovation.

"China is not only a manufacturing powerhouse, but also a global innovation powerhouse driving trends in digitalization, sustainability and high-tech industries," said Denis Depoux, global managing director of market consultancy Roland Berger. "We have seen China leapfrogging in some new areas such as electric vehicles, energy storage, aerospace, solar photovoltaics and wind energy."

China has emerged as a strong player in the global R&D landscape, and has made rapid progress in the development of AI technology, becoming one of the global leaders, and the pace will further accelerate, Depoux added.