The third plenary session of the 20th Communist Party of China (CPC) Central Committee was hailed as a pivotal meeting poised to significantly enhance innovation by economists attending a seminar at the China Macroeconomic Forum in Beijing on July 23.
Liu Yuanchun, president of the Shanghai University of Finance and Economics, emphasized the significance of the session. He said that facing unprecedented changes, including global economic shifts, supply chain disruptions, increased geopolitical risks and the fourth industrial and technological revolutions, it is essential for China to balance development and security while achieving breakthroughs in innovation.
In the resolution adopted at the plenary session, China vowed to "promote innovations in theory and practice, in our institutions and culture, and in all other aspects," proposing policy support for innovation in emerging, future and traditional industries.
Liu noted that innovation was one of the keywords of this year's plenum. He said that the plenum's focus on innovation, education, technology and talent underscored an elevated commitment to the nation's innovation strategy.
Zhang Yansheng, chief researcher at the China Center for International Economic Exchanges, echoed the importance of a robust innovation system. Despite China achieving 12th place in the Global Innovation Index, it ranks only 43rd in "Institutions," according to the researcher. He stressed the need to make substantial breakthroughs in innovation system reforms, focusing on education, technology, talent, industrial innovation and the development of new quality productive forces.
"Innovation capabilities and new quality productive forces are crucial for national security. Without them, our economic development would lack a solid foundation," said Li Daokui, director of the Institute for Chinese Economic Practice and Thinking at Tsinghua University, who also noted the resolution's repeated emphasis on innovation.
China's research and development (R&D) spending in 2023 exceeded 3.3 trillion yuan (about $458.5 billion), the second highest in the world. Meanwhile, its R&D expenditure intensity, the ratio of gross domestic expenditures on R&D to gross domestic product, was measured at 2.64%, which is 0.64 percentage point higher than 10 years ago.
Li believes that in the future, there will be increased efforts to ensure more resources are channeled into R&D to address key innovation bottlenecks, fostering sustained progress.
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