President Xi Jinping highlighted on Tuesday the need to develop new, high-quality productive forces tailored to local conditions for high-quality development amid a new round of technological and industrial transformation. Xi, also General Secretary of the Communist Party of China (CPC) Central Committee and Chairman of the Central Military Commission, made these remarks while participating in a deliberation with his fellow deputies from the delegation of Jiangsu province at the second session of the 14th National People's Congress, China's top legislature.

The term "new quality productive forces" refers to new productive forces emerging from continuous advances in science and technology, driving strategic future and emerging industries that could introduce breakthrough technological advancements in an era of intelligent information.

During Tuesday's meeting, Xi stated that Jiangsu has favorable conditions and capabilities for developing these new quality productive forces. He emphasized the need for the province to focus on building a modern industrial system with advanced manufacturing as the backbone.

As one of China's economic powerhouses, Jiangsu saw its regional gross domestic product increase by 5.8 percent year-on-year to 12.82 trillion yuan ($1.78 trillion) in 2023, ranking second among 31 provinces, municipalities, and autonomous regions, following Guangdong province. The manufacturing industry's added value in Jiangsu reached 4.66 trillion yuan last year, accounting for 36.3 percent of the province's GDP.

Xi called for a deeper integration of technological and industrial innovation, consolidating the leading position of traditional industries, and accelerating the creation of strategically competitive emerging industry clusters to make Jiangsu an important stronghold for developing new, high-quality productive forces. The president also emphasized the need to plan for further comprehensive deepening of major reforms to inject stronger impetus into high-quality development and propel sustained momentum for Chinese modernization.

To promote the high-level socialist market economy system, efforts should be made to improve systems in terms of property rights protection, market access, fair competition, and social credit, and support the growth of the private economy and private enterprises, Xi said. It is essential to deepen reforms in the scientific and technological system and the education and talent systems and remove obstacles to the development of new, high-quality productive forces, he added.

Xi reiterated the necessity to continuously promote a market-based, world-class business environment governed by a sound legal framework, thereby shaping new advantages for a higher level of open economy. He urged Jiangsu to be fully involved in the regional development strategy of the Yangtze River Economic Belt and the Yangtze River Delta, enhance coordination with other regional development strategies, and build innovation, industry, and supply chains with a larger scope to better leverage the radiating driving force of an economically powerful province for regional and national development.

Efforts should also be made to continue consolidating and enhancing the positive trend of economic recovery and to boost the confidence of the entire society in development, Xi concluded.

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