Challenges and Responsibilities
Nearly 2,000 delegates from over 60 countries and regions attended the Boao Forum for Asia (BFA) Annual Conference 2024. Held in the resort town of Boao, Hainan Province, on March 26-29, the conference focused on the theme Asia and the World: Common Challenges, Shared Responsibilities. Representatives from political and business communities gathered to explore development paths amid global challenges ranging from regional conflicts to extreme weather.
In a world fraught with uncertainties, the Asia-Pacific region continues to be a key driver of growth. Last year, the Chinese economy rebounded steadily. Organizations such as the International Monetary Fund and the Organization for Economic Cooperation and Development have raised their forecasts for China’s economic growth. China continues to be an engine for global growth. The BFA Annual Conference is an important window for the outside world to observe China’s development.
In his speech at the conference, Zhao Leji, Chairman of the Standing Committee of the National People’s Congress, China’s top legislature, said China will adhere to the strategy of innovation-driven development, promote industrial innovation through scientific and technological innovation, and speed up the development of new quality productive forces.
Since it was first proposed by President Xi Jinping in 2023, the term “new quality productive forces” has become a buzzword in China. According to the Marxist theory, the productive force is the combined power of labor and the means of production— resources such as land, factories and raw materials—to produce goods and services. It is the ability to create wealth as well as the basic driving force for social development.
The now frequent call to harness new quality productive forces marks China’s departure from its previous development path, characterized by the production of low-value-added products, and its entry into a new stage of innovation-driven development. The cultivation of new productive forces will be driven by innovation in emerging industries including green and low-carbon technologies and artificial intelligence.
China’s transition into this new phase of development brings new opportunities. For instance, China is keen to share its concept of mutually supportive environmental and economic development internationally. It is using the concept as a platform to strengthen cooperation with the belief that only by jointly meeting challenges and shouldering responsibilities, can the world enjoy sustained peace and prosperity.