Opinion: Tailoring Growth to Local Conditions
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To foster “new quality productive forces,” Beijing is urging local governments to abandon a one-size-fits-all approach and play to their strengths.
A new directive is rippling through China’s economic bureaucracy: “Develop new quality productive forces according to local conditions.” This phrase has appeared prominently in readouts from the Central Economic Work Conference and in the draft recommendations for the 15th Five-Year Plan. An official from the Central Financial and Economic Affairs Commission recently confirmed that guiding localities in this tailored approach is a top priority for advancing coordinated regional development.
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- China’s new directive urges regions to develop advanced, innovation-driven productive forces tailored to local conditions, emphasizing high technology and efficiency.
- The strategy responds to previous chaotic growth and “involution” competition by promoting specialization and a unified national market.
- The approach aims to balance government guidance with market forces, transform traditional industries, and prevent speculative bubbles through pragmatic, differentiated development.
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Who’s Who
- XPeng Inc.
- XPeng Inc. is an electric-car maker in China, and its robotics arm is cited as an example of a high-tech company demonstrating what's possible within China's new economic strategy. This strategy emphasizes innovation and allows the market to play a decisive role in resource allocation, encouraging innovative enterprises like XPeng to thrive.
- DeepSeek
- DeepSeek (思领) is an artificial intelligence firm. Its emergence demonstrates what's possible when the market plays a decisive role in resource allocation and the government cultivates a thriving business environment. DeepSeek is an example of a high-tech company that has emerged in this new phase of China's economic development.
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