Report reveals China's innovation-driven development is gaining steam

A report from China's State Council on Tuesday revealed that the country has made notable strides in advancing innovation-driven development, and that its innovation-driven strategy has been gaining momentum.

Beijing, Shanghai and the Guangdong-Hong Kong-Macao Greater Bay Area have each reported remarkable outcomes in their development as international centers of sci-tech innovation, according to the report, which the State Council submitted to the ongoing session of the Standing Committee of the National People's Congress, China's national legislature.

In 2024, China's integrated circuit industry saw rapid growth, with a 22.2-percent increase in the production of integrated circuits, and the value of its integrated circuit exports exceeded 1.1 trillion yuan (about $153 billion) to reach an all-time high, according to the report.

A wave of domestically produced high-end equipment has been put into operation, including high-horsepower tractors with continuously variable transmission, as well as large liquefied natural gas ships, the report shows.

It also shows that China's technological innovation and industrial innovation are deeply integrated, and that the country's establishment of a modern industrial system is on the fast track.

China has also made progress in advancing its green, low-carbon development, with energy consumption per unit of gross domestic product declining by more than 3 percent in 2024, according to the report, which also highlighted that the country has sound foundations and favorable conditions for the cultivation of new quality productive forces.