On March 5, 2024, the term "new quality productive force" was included in the government work report for the first time. Over the past year, various sectors have been unleashing powerful new driving forces for development.
From top-level design to local implementation, a series of policies and regulations to promote commercial aerospace development have been continuously introduced. Over a dozen municipalities and provinces, including Beijing, Shanghai, and Guangdong, have successively issued specialized support policies, formed multiple commercial aerospace industrial clusters, and established comprehensive industrial systems. Through policy linkage and resource integration, a nationwide collaboration in the commercial aerospace industry is emerging.
In 2024, the "low-altitude economy" was included in the report, underscoring its significant role in national economic development. Over the last twelve months, there has been a synergy between the policy and industry sides, with multiple regions across the country actively taking action to expand the new frontier of low-altitude economic development. An organization predicts that by 2025, the overall market size of China's low-altitude economy will reach RMB 859.17 billion. Opportunities abound ahead.
Highlights of major national projects such as large aircraft, large cruise ships, and deep-space, -earth, and -sea equipment are impressive; continuous breakthroughs are being made in cutting-edge fields like artificial intelligence, biomanufacturing, and quantum technology; and the "Six Little Dragons" in Hangzhou, that is, technology-based enterprises like DeepSeek, Unitree, and Game Science, are gaining significant attention ... Nurturing innovation with fertile ground and sparking vitality through reform signifies great potential for developing new quality productive forces.
In 2024, relevant departments launched a new round of fiscal awarding and subsidy policies for small and medium-sized enterprises (SMEs) that use special and sophisticated technologies, to support the first batch of 1,039 "little giant" enterprises and comprehensively enhance the digitalization level of SMEs. The central government has allocated RMB 3 billion in funds to support the first batch of 20 pilot cities in developing major demonstration projects. Currently, China is nurturing and developing new quality productive forces, with high-end, intelligent, and green industries flourishing.
The ongoing wave of new quality productive forces is shaping a new landscape for the Chinese economy.