HONG KONG/BEIJING ¨C Facing its deepest economic challenges in years, China¡¯s leadership has tasked ministries and local governments with implementing a new mantra from President Xi Jinping: unleash ¡°new productive forces.¡±
In his annual report to China¡¯s legislature on Tuesday, Premier Li Qiang, Xi¡¯s top deputy, vowed a ¡°new leap forward¡± by supporting developing sectors and industries including electric vehicles, new materials, commercial spaceflight, quantum technology and life sciences.
The term ¡°new productive forces¡± was coined by Xi last September during a trip to a rust-belt city in northeast China, where he highlighted the need for a new model for economic development based on innovation in advanced sectors.
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