From debut economy to future industries, 6 watchwords of China's ongoing reforms

Home>>

By Xinhua writers Zheng Xin and Rong Jiaojiao (Xinhua) 08:31, August 08, 2024

BEIJING, Aug. 7 (Xinhua) -- This summer, a new book featuring articles by senior Chinese officials and over 100 Q&As has become a go-to guide for anyone seeking to better understand the latest blueprint of China's reforms.

This book with 310,000 Chinese characters provides an in-depth look at the strategies shaping the future of the nation, explaining the initiatives laid out in a resolution adopted in July on further deepening reform comprehensively to advance Chinese modernization.

This comprehensive guide has an appendix explaining official terminology, from which this article selects six terms to illustrate China's reform agenda: debut economy, industries of the future, patient capital, new forms of employment, childbirth-friendly society and silver economy.

DEBUT ECONOMY

People interact with performers after a puppet show at a shopping mall in Changsha, central China's Hunan Province, May 7, 2024. (Xinhua/Chen Zhenhai)

Amid efforts to develop a complete domestic demand system, China plans to actively promote the debut economy.

It is about the buzz and excitement that comes with the launch of something new. Just recall the thrill when a brand-new smartphone is unveiled, or when a cutting-edge electric car hits the market. That's the debut economy in action. It covers everything from the first reveal of a product, the opening of flagship stores, and the launch of new services, to the creation of new business models and technologies.

The significance of the debut economy, however, is not only a new product launch event or a brand display and runway show, but more importantly, the creation of a new business model, that is, the forming of a network comprised of research, development, release, display, promotion and sales of a new product, said Prof. Zhang Yina from Shanghai-based Fudan University.

Think about it this way -- every time a new product is launched, like the latest smartphone, smartwatch, or even a new app, there's a whole chain of economic activity that kicks off. Companies are showcasing their latest innovations, opening new stores, setting up research centers, and even establishing new headquarters to support these launches.

So why does it matter? Well, the debut economy is a sign of how trendy, high-quality, and innovative a place is. It shows how strong and vibrant the local economy is, how powerful the consumers are, and how capable the region is in terms of innovation. It's also a measure of how competitive a place is on the international stage, how strong its brand image is, and how open it is to new ideas.

China's retail shopping hubs like Shanghai and Guangzhou have unveiled a slew of measures to boost the debut economy, including supporting high-quality international brands in opening their first Chinese stores, streamlining the procedures for approving new product launches and facilitating customs clearance of imported debut products.

INDUSTRIES OF THE FUTURE

Visitors learn about a passenger-carrying autonomous aerial vehicle during the 8th China-South Asia Expo in Kunming, southwest China's Yunnan Province, July 25, 2024. (Xinhua/Wang Jingyi)

According to the new reform master plan, China will establish a mechanism for ensuring funding increases for industries of the future. These are areas powered by the latest technologies that are just starting to take off but have huge potential.

Think of them as the new kids on the block who are set to become the big stars. They can be super important, game-changing, and a bit unpredictable. But that's what makes them so thrilling. These industries are set to drive the next wave of tech and industrial transformation, becoming key players in economic growth. They're expected to become the main sources of new quality productive forces.

China is zeroing in on several key areas, namely future manufacturing, information tech, materials, energy, space and health. The country is investing a lot of resources and brainpower in some really cool tech, like artificial intelligence (AI), brain-like intelligence, quantum tech, atomic-scale manufacturing (working at dimensions even smaller than nanotechnology), bio-manufacturing, humanoid robots, low-altitude economy (think drones and other low-flying tech) and hydrogen energy.

These future industries aren't just about cool new gadgets. They're about fundamentally changing how we live, work and play. They're the strategic choices that will determine the landscape of the next wave of global innovation.

In addition, cultivating and expanding emerging and future industries will help build new advantages in China's industrial development and improve the international competitiveness of the domestic industry, said Deng Zhou, a researcher at the Chinese Academy of Social Sciences.

PATIENT CAPITAL

Skyscrapers are surrounded by clouds in Lujiazui, a finance zone in Shanghai, east China, June 19, 2024. (Xinhua/Fang Zhe)