University head sees China's new forces driving global economy

China's determination to achieve steadfast economic growth this year and its long-term vision to develop new quality productive forces are expected to inject fresh growth impetus into global economic development, said Zhang Donggang, Party secretary of the Renmin University of China, at the Boao Forum for Asia Annual Conference 2024 in Boao, Hainan province, that ended on Friday.

He took note of China's economic growth target of around 5 percent for this year, after growing by 5.2 percent last year despite a slowing global economy.

"China's economic growth target this year exceeded that of many developed economies, which sent a strong signal to the outside world that China's economy is resilient, has potential and development prospects, and can provide strong support for world economic recovery," Zhang said.

He said the 2024 GDP growth target also holds significance in guiding positive social expectations and restoring confidence in the domestic market, and also in providing investors and businesses with a clear development direction for more stable operations.

"The target also showed to the world that China is not lying flat, and the government is taking a more determined, proactive and assertive attitude in driving economic growth," he said.

Zhang said he believes the target is "achievable" and in line with the potential growth rate of the Chinese economy, as the country is pursuing high-quality development.

In January and February, China's major economic indicators showed a stable uptrend, with better-than-expected performance in industrial output and trade, he noted.

"They reflected that China's long-term economic fundamentals have not changed and embody the vigor and vitality of the Chinese economy."

To promote high-quality economic development, more efforts should be made to vigorously promote the construction of a modern industrial system and accelerate the development of new quality productive forces, Zhang said.

Compared with traditional productive tools that are driven by elements like labor, land and capital, new quality productive forces are driven by technological innovation, data, smart or intelligent technologies and the like.

"On the one hand, China should consolidate its advantages in some leading industries to maintain a sound foundation. On the other hand, the country should drive innovative development in frontier areas for industrial upgrade," Zhang said.

He further said it is important to construct supporting systems, establish platforms for development and undertake more reforms to unleash more potential.

"While developing new quality productive forces, talent is key. Universities serve as the high ground for supplying such talent. This requires universities to deploy an integrated approach that encompasses innovation chains, industrial chains, funding chains and talent chains.

"By cultivating a group of talented people in strategically important areas that possess innovative capabilities and a scientific spirit, universities are expected to provide strong impetus for the country's modernization and economic development."