SONG Yang: Developing New Quality Productivity and Achieving Common Prosperity

Song Yang published a commentary in RT titled "Developing New Productivity and Achieving Common Prosperity". The key points are summarized as following,

This article, based on clarifying the concept of "new quality productivity," emphasizes its crucial role in promoting high-quality economic development and achieving common prosperity. New quality productivity refers to an advanced form of productivity driven by technological innovation and aligned with the new development philosophy. It is not merely a continuation of traditional technological progress but a new development path aimed at enhancing the well-being of all people and achieving common prosperity. New quality productivity emphasizes improving the quality of economic growth through high-tech means, thereby avoiding the limitations of traditional economic growth models.

The article points out that developing new quality productivity is essential for the high-quality development of China's economy. By fostering innovation-driven growth and building a modernized industrial system, new quality productivity can inject new momentum into China's economy, ensuring its sustainable and healthy development. At the same time, the article addresses the potential social challenges posed by new quality productivity, such as job polarization and widening income disparities due to "machines replacing labor." To address these issues, the article suggests using institutional restructuring and policy promotion as tools to establish a more robust social safety net, protect the interests of low-income groups, and prevent the risk of returning to poverty caused by technological shocks, thereby achieving a more equitable goal of shared development.

(Translated by ZHANG Yuqing; Proofread by YANG Fanxin)