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In December 2023, the Central Economic Work Conference explicitly stated that technological innovation should be used to promote industrial innovation, especially to stimulate new industries, new models, and new driving forces through disruptive and cutting-edge technologies, and to develop new quality productive forces. In order to implement the central spirit, support the high-quality development of the energy and chemical industry, cultivate and strengthen new quality productivity, the Yanqi Lake Science and Technology Innovation Conference for Energy and Chemical Industry was held in Beijing on March 2, 2024. At the meeting, Jia Kang, President of the Huaxia Institute of New Supply Economics, analyzed and interpreted the new quality productivity, and provided suggestions on how to accelerate the development of new quality productivity and open up new prospects.

Understand the concept of productivity

Dean Jia Kang first described the concept of productivity. He mentioned that productivity is the most fundamental decisive factor in determining social and economic development, production relations and social systems, and the evolution of the superstructure. After leaving the animal kingdom, humans will form a specific "social productive force", which can initially be attributed to the combination of three elements: "laborers, labor objects, and labor tools". The overall trend is from natural division of labor (gathering and hunting) to the agricultural revolution stage, from the agricultural revolution to the industrial revolution stage, and then from the industrial revolution stage to the information revolution stage. In the process of step up, the "acceleration" after the Industrial Revolution is very obvious, especially after the information revolution, the development and upgrading are changing rapidly, which will bring huge challenges accordingly.

Productivity directly reflects the relationship between humans and nature, manifested in the input-output production process, through the combination of multiple factors on the supply side, forming an "effective supply" effect that meets human needs.

Dean Jia Kang pointed out, "When society develops to a certain stage, there will be overproduction, but there will never be a problem of overcapacity in productivity

To comprehensively grasp the connotation of "new quality productivity"

At present, in the context of promoting modernization in China, innovation and development must be the primary driving force to achieve high-quality development. The concept of "new quality productivity" has been repeatedly emphasized, which is an urgent requirement of reality and follows the laws of the objective world. What is the connotation of 'new quality productivity'? Dean Jia Kang interpreted the concept of "new quality" from two fundamental theoretical perspectives.

He talked about the first perspective of "new quality", which is the new level and realm of productivity with qualitative changes brought about by the "step like" development formed in human supply side innovation. For example, the productivity formed by the Industrial Revolution is a new quality productivity compared to the agricultural revolution era. For example, in the information revolution era, the productivity supported by mobile Internet is a new quality productivity than that supported by wired Internet. For example, looking towards the future, the productivity supported by quantum computers is a new quality productivity compared to the productivity supported by electronic computers.

He talked about the first perspective of "new quality", which is the new level and realm of productivity with qualitative changes brought about by the "step like" development formed in human supply side innovation. For example, the productivity formed by the Industrial Revolution is a new quality productivity compared to the agricultural revolution era. For example, in the information revolution era, the productivity supported by mobile Internet is a new quality productivity than that supported by wired Internet. For example, looking towards the future, the productivity supported by quantum computers is a new quality productivity compared to the productivity supported by electronic computers.

China's institutional reform has entered a deep water zone. How can we overcome difficulties and tackle tough challenges? Dean Jia Kang believes that in order to comprehensively grasp the connotation of "new quality productivity", we should integrate the two different perspectives mentioned above. That is, the central government's requirement to "promote the accelerated development of new quality productivity" should include grasping the forefront innovation of scientific and technological innovation and the improvement of total factor productivity, and offsetting the problem of the decline in support of traditional supply factors such as labor, capital, and natural resources. We need to form a new driving force for upgrading and development.

Four innovative combinations help promote the development of new quality productivity

During the critical period of China's "climbing hills and overcoming obstacles", we need to accelerate the development of new quality productive forces. How to open up a new situation, Dean Jia Kang provided a breakthrough method from four dimensions: institutional innovation, technological innovation, management innovation, and ideological liberation and conceptual innovation.

The first step is to innovate the system of "liberating productive forces", which is the leading force in developing new quality productive forces.  

The second is to implement technological innovation in the application of scientific and technological innovation achievements, which is the key to developing new quality productive forces. It is necessary to combine the strategy of catching up and surpassing with the strategy of comparative advantage in a reasonable way, and fully play the important role of science and technology as the primary productive force.

The third aspect is to implement management innovation that emphasizes "details determine success or failure", which is a practical guarantee for the development of new quality productivity. It requires a high level of enterprise decision-making and management that fully recognizes and vigorously promotes the entrepreneurial spirit, as well as modernization of macro governance, in order to enable the operation and positive effects of new quality productivity to take root and bear fruit.