China's New Quality Productive Forces Policy: Key Takeaways and Implications

Abstract

The concept of “New Quality Productive Forces” (新质生产力) (NQPF) was introduced by President Xi Jinping during his visit to Heilongjiang Province in Northeast China in September 2023 and has since emerged as a focal point in China’s economic and industrial policy. Since Xi’s visit to Heilongjiang, the concept of NQPF has since crystallized through major political meetings and policy documents, including the Central Economy Work Conference in December 2023, provincial government work reports released in January 2024, a government work report released during the Two Sessions in March, and the Third Plenary Session of the 20th Central Committee of the Communist Party in July. This paper examines the definition and background of NQPF, analyzes major NQPF policy documents, and identifies the implications carried by China’s NQPF policy for South Korea.

Keywords: China, Chinese industry, Chinese economy, New Quality Productive Forces, innovatoin, human capital, demographics, manufacturing, productivity, South Korea, KIET, 新质生产力

JEL Classification: L50, L52, F21, F28, F20