In a recent visit to the Productivity Council on October 9, 2024, Hong Kong's Chief Executive John Lee Ka-chiu emphasized the urgent need for the region to promote 'new quality productive forces.' This term, introduced by President Xi Jinping, focuses on enhancing productivity through technological innovation. Lee highlighted the importance of high-end smart manufacturing and the transformation of traditional industries to align with national economic goals. He noted a significant example from a Chinese medicine manufacturer that reported a doubling of efficiency and a tenfold increase in productivity due to recent technological upgrades [2d1e67f9].
Lee's advocacy for these new productive forces comes as part of a broader strategy to ensure that Hong Kong remains competitive within the Greater Bay Area and beyond. He plans to incorporate insights gained from his visit into his upcoming policy address scheduled for October 15, 2024. This address is expected to outline specific measures and initiatives aimed at fostering innovation and technological advancement in Hong Kong's economy [2d1e67f9].
The push for new quality productive forces aligns with China's overarching goals of enhancing its platform economy and promoting high-quality development. The State Council's recent executive meeting, chaired by Premier Li Qiang, underscored the importance of integrating digital technology with the real economy and advancing the industrialization of digital technology. This includes enhancing foundational data frameworks and digital infrastructure, which are crucial for the market-based allocation of data as a key economic input [31376f81].
As Hong Kong seeks to follow the country's lead, the emphasis on tech-savvy leadership and innovation-driven development is becoming increasingly vital. The appointment of leaders with backgrounds in science and engineering reflects this focus, aiming to drive technological progress and economic development [f39d8e4a].
President Xi Jinping's vision for quality productive forces is also evident in his recent calls for Shandong province to pursue reform-driven high-quality development. Xi's emphasis on technological innovation and modern agriculture highlights the need for regions to leverage their unique resources and capabilities to achieve economic progress [ce3bb6c0].
Overall, Hong Kong's commitment to promoting new quality productive forces is a crucial step towards enhancing its economic resilience and competitiveness in the rapidly evolving global landscape. The integration of advanced technologies and the transformation of traditional industries are expected to play a significant role in shaping the future of Hong Kong's economy [2d1e67f9].