A chip manufacture machine Photo: VCG

China's accelerating efforts to develop new quality productive forces will create vast opportunities for both Chinese and foreign businesses, experts said during the China Economic Roundtable, an all-media talk platform hosted by the Xinhua News Agency, published on Monday. 

In line with its pursuit of innovation-driven, high-quality development, China is also speeding up scientific and technological (sci-tech) innovation. On Monday, a top sci-tech conference highlighted the country's efforts to bolster its innovation capabilities.

As China increasingly focuses on new quality productive forces, which refer to advanced forms of productivity freed from the traditional economic growth mode and productivity development paths, many around the world are closely following the new endeavor, in terms of its implications. 

In contrast to the West's rising protectionism, especially when it comes to global cooperation in high-tech sectors, China has adopted an open approach in its pursuit of innovation-driven, high-quality development, which will contribute greatly to global high-quality development, experts said. 

"Alongside Chinese companies, global investors are seizing a new round of opportunities arising from the development of new quality productive forces," Wang Jinxia, a deputy director of the Qianhai Authority, which oversees the modern services industry demonstration zone in Shenzhen, South China's Guangdong Province, said at the China Economic Roundtable.

Wang noted that as China remains the world's largest market, the development of new quality productive forces will continue to generate market demand, attracting a growing number of global investors. 

In addition to creating opportunities for global investors, China's development of new quality productive forces also contributes to global development, thanks to its open approach, experts said. 

"The country is developing new quality productive forces in an open and inclusive manner, which means that it is willing to share its knowledge and innovation outcomes with the rest of the world," Liu Dongmei, secretary of the Party Committee of the Chinese Academy of Science and Technology for Development, said during the China Economic Roundtable.

Sci-tech innovation is a crucial part of China's efforts to cultivate new quality productive forces, and China is moving swiftly to bolster its innovation capabilities.

On Monday, a meeting conflating the national sci-tech conference, the national science and technology award conference, and the general assemblies of the members of the Chinese Academy of Sciences and the Chinese Academy of Engineering, was held in Beijing, according to Xinhua.

At the meeting, research on the computational prediction of topological electronic materials and 48 other achievements was honored with the State Natural Science Award. Dozens of projects were presented with the State Technological Invention Award. More than 100 projects were issued with the State Scientific and Technological Progress Award, Xinhua reported. 

Underscoring China's open and inclusive approach, 10 foreign experts were given the International Science and Technology Cooperation Award at the meeting.

Despite some Western politicians' attempts to crack down on Chinese high-tech industries by imposing restrictions and even outright bans on certain types of trade, foreign businesses continue to invest in the Chinese market, with the biggest growth seen in advanced sectors. 

In the first five months of 2024, the number of newly established foreign-funded enterprises grew by 17.4 percent to 21,764, even though the total amount of foreign direct investment fell, according to data released by the Ministry of Commerce on Friday.

Notably, the actual use of foreign capital in the smart consumer equipment manufacturing segment jumped by a whooping 332.9 percent year-on-year, while that in the professional and technical services sector surged by 103.1 percent, according to the ministry. 

Investment from Germany grew by 24.2 percent, and investment from Singapore increased 16.2 percent, the ministry said.