Beacon of progress

The evidence is already clear. China dominates the Global Lighthouse Network list, a project launched by the World Economic Forum in collaboration with consultancy McKinsey& Co to track advanced manufacturing plants, known as lighthouse factories, that apply state-of-the-art digital technologies.

To date, China is home to 62 lighthouse factories, the highest number of any country and accounting for more than one-third of the world's total.

China also ranked 12th in the 2023 Global Innovation Index, becoming the only middle-income country to break into the top 30, according to the World Intellectual Property Organization.

As nurturing new quality productive forces gains traction in China, "in the future, we may see more similar patterns in industries such as healthcare, new materials and AI, and these efforts will provide big opportunities for foreign companies," Depoux added.

Frank Meng, chairman of Qualcomm China, said the wireless communication industry, which the US chip company operates in, offers strong support for nurturing new quality productive forces.

"China's smart car industry has shown strong momentum globally. … We have helped 40-plus Chinese automotive brands in launching more than 100 new models with intelligent connectivity capabilities," he said.

Meng underscored Qualcomm's confidence in the long-term prospects of the Chinese economy. "Qualcomm has consistently considered China as a pivotal business partner and valued customer, viewing it as more than just a market or a link in the supply chain," he said.

Miao Wei, a former minister of industry and information technology, said the real economy is the main area for cultivating new quality productive forces. More efforts are needed to encourage enterprises to play a pivotal role in advancing major technological breakthroughs from laboratories to production lines, Miao added.

China is the only country in the world that has all industrial categories listed in the United Nations Industrial Classification, covering almost all traditional and emerging manufacturing sectors. This provides an unparalleled base for nurturing new quality productive forces, he said.

"But we need to further leverage the role of enterprises like Huawei in national major technological innovation endeavors," Miao added.