ZHAO Feng: Building a Modernized Economic System Compatible with the Development of New Quality Productive Forces

At present, global technological innovation is entering a period of intense activity, while China's economy is undergoing a critical transition from old to new drivers of growth. It is imperative to promote the integration of scientific and technological innovation with industrial innovation, and to build a modernized economic system that aligns with the development of new quality productive forces. 

1.Investing more in Human Capital as the Key Element

In line with the requirements of new quality productive forces, the cultivation of a new type of workforce suited to scientific and industrial innovation should be a fundamental goal. It is essential to advance the integrated reform of education, science and technology, and talent systems and mechanisms, thereby providing knowledge and talent reserves for innovation. 

2.Taking the Upgrading and Development of the Real Economy as the Foundation

By introducing advanced technologies and innovative management models, traditional industries can be reshaped in terms of their production methods and management mechanisms. This will further strengthen the real economy, open up new avenues for economic growth, and significantly enhance the quality and efficiency of production. 

3.Reforming Institutions as the Driving Force

The leading role of enterprises in innovation should be reinforced. Efforts should be made to improve the fundamental systems that facilitate the transformation of scientific and technological achievements. A collaborative innovation system involving “platforms–mechanisms–enterprises” should be explored and implemented.

(The above views are excerpted and translated from an article titled “The Basic Path to Developing New Quality Productive Forces”, written by ZHAO Feng, a researcher at the National Academy of Development and Strategy and professor at the School of Economics, Renmin University of China, published in Sichuan Daily.) 

Original article link: https://epaper.scdaily.cn/shtml/scrb/20250324/324277.shtml

Translator: ZHANG Yuqing

Editor: ZHANG Jingjing