Chinese vice-premier lays out road map for industrial policy at ‘unprecedented’ time
- Vice-Premier He Lifeng says participants should not ‘blindly’ follow trends as China seeks to develop ‘new quality productive forces’
China’s government and the market must work together to develop “new quality productive forces” to compete with other major countries, Vice-Premier He Lifeng said.
“Developing new quality productive forces is a long-term task and a systematic project. We need both historical patience and a sense of urgency,” he wrote in an article published by the People’s Daily newspaper on Tuesday.
“We must not only plan systematically and promote it, but also adopt appropriate ways to prevent deviations.”
The vice-premier said scientific and technological innovation had entered into an “unprecedented period of intensive activity” and changes in biotechnology, new materials and new energy would reshape the global landscape and drive competition with other major countries.
We must give full play to the decisive role of the market in resource allocation
He also stressed the government’s role in creating a scientific layout and rules with fiscal and tax support to prevent overcapacity and wasted resources due to repeated construction.
