China issues guidelines on developing new quality productive forces

China has introduced guidelines to accelerate the development of new quality productive forces, an effort the document identifies as "an intrinsic requirement and an important focus" of high-quality development.

The guidelines, released on Friday by the Communist Party of China Central Committee and the State Council, China's Cabinet, set out 19 measures covering sci-tech innovation, its integration with industry, development approaches, institutional and mechanism innovation, and talent development.

The document stresses innovation-driven development and reform, with measures tailored to local conditions and an emphasis on "establishing the new before abolishing the old."

To support corporate innovation, the guidelines call for raising the rate of additional tax deductions for corporate research and development expenses and accelerating the transformation and application of scientific and technological achievements.

The industrial push combines upgrades to traditional sectors with support for emerging and future industries, alongside broader implementation of the "AI Plus" initiative.

Meanwhile, the document calls for pursuing high technology, high efficiency and high quality, while coordinating development and security.

It also stresses balancing government and market roles, reform and development, and self-reliance and opening up. The relationship between the qualitative nature of productive forces and the forms they take in industry and business also requires careful handling, it added.