CPC Central Committee, State Council issue 19 measures on new quality productive forces
In short
The Communist Party of China Central Committee and the State Council issued "Opinions on Developing New Quality Productive Forces" on October 9, setting out 19 key measures across five areas of innovation. The measures include elevating company R&D projects that meet national strategic needs to national projects, more bond products for sci-tech innovation and support for stock listings by tech companies, and the development of emerging and future industries.
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The Communist Party of China Central Committee and the State Council have issued "Opinions on Developing New Quality Productive Forces", setting out 19 key measures in five areas: vigorously advancing sci-tech innovation, deeply integrating sci-tech innovation with industrial innovation, innovating the mode of development, innovating institutions and mechanisms, and deepening innovation in talent work mechanisms. Xinhua released the full text from Beijing on October 9. [ 1 , 2 , 3 , 4 , 23 , 26 , 28 ]
According to the text, the opinions adhere to innovation as the lead, reform as the key, adapting to local conditions and "establishing the new before abolishing the old". They take sci-tech innovation as the guide and a significant rise in total factor productivity as the core marker. The text calls for strengthening original and disruptive innovation and for speeding breakthroughs in key core technologies by drawing on the advantages of the "new whole-nation system". [ 1 , 2 , 3 , 4 , 5 , 9 , 23 , 24 , 26 , 29 ]
On companies, the opinions call for an enterprise R&D reserve fund system and a higher additional deduction ratio for company R&D expenses. Company R&D projects that meet national strategic needs are to be elevated to national projects according to procedures, and capable private companies are to be supported in leading major national technology tasks. Universities and research institutes are to be guided to license research results to small, medium and micro firms on a use-first, pay-later basis. A China News Service commentary said companies are becoming the main innovators in developing new quality productive forces. [ 7 , 8 , 18 , 20 , 26 , 36 ]
On finance, the opinions encourage and regulate angel, venture and private equity investment, call for growing "patient capital", and encourage banks to develop loan products suited to new quality productive forces. They call for enriching sci-tech innovation bond products, supporting high-quality tech companies in listing to raise funds, optimising M&A and equity incentive rules for tech companies, developing insurance products covering the whole innovation chain and exploring technology leasing. [ 6 , 15 , 25 ]
The opinions name strategic emerging industries including new-generation IT, new energy, new materials, intelligent connected new energy vehicles, robots, biomedicine, high-end equipment and aerospace, and call for avoiding "involution-style" competition and for the low-altitude economy and commercial spaceflight to develop in a healthy and orderly way, provided safety is ensured. Future industries named include quantum technology, biomanufacturing, hydrogen and nuclear fusion energy, brain-computer interfaces, embodied intelligence and sixth-generation mobile communications, backed by a mechanism for investment growth and risk sharing. The text also names traditional industries such as mining, metallurgy, chemicals, textiles, machinery and shipbuilding for upgrading. [ 11 , 13 , 21 , 22 , 26 , 35 ]
IT Home reported that the opinions call for fully implementing an "AI+" campaign, speeding scenario applications for new-generation smart devices such as intelligent connected new energy vehicles, AI phones and computers and humanoid robots, and building monitoring, early-warning and emergency response systems to keep AI safe, reliable and controllable. Yicai highlighted the call to strengthen the supply of computing power, algorithms and data. [ 30 , 35 ]
Why it matters
The document, published in full by Xinhua, covers research, company R&D incentives, financing for tech companies and industries from robots and aerospace to quantum technology and sixth-generation mobile communications. Business and tech outlets focused on the measures for listings, bonds and private companies taking on national technology tasks.
Key facts
- The CPC Central Committee and the State Council issued "Opinions on Developing New Quality Productive Forces". [ 1 , 2 , 3 , 4 , 23 , 26 ]
- The opinions set out 19 key measures in five areas: sci-tech innovation, integrating sci-tech and industrial innovation, development mode, institutions and mechanisms, and talent work mechanisms. [ 1 , 2 , 3 , 4 , 23 , 32 ]
- A significant rise in total factor productivity is named as the core marker. [ 1 , 2 , 3 , 4 , 23 , 26 ]
- Company R&D projects that meet national strategic needs are to be elevated to national projects according to procedures, and the additional deduction ratio for company R&D expenses is to be raised. [ 8 , 18 , 20 , 26 ]
- The opinions call for enriching sci-tech innovation bond products and supporting high-quality tech companies in listing to raise funds. [ 6 , 15 , 25 ]
- Strategic emerging industries named include new-generation IT, new energy, new materials, intelligent connected new energy vehicles, robots, biomedicine, high-end equipment and aerospace, with a call to avoid "involution-style" competition. [ 10 , 13 , 21 , 35 ]
- Future industries named include quantum technology, biomanufacturing, hydrogen and nuclear fusion energy, brain-computer interfaces, embodied intelligence and sixth-generation mobile communications. [ 11 , 22 , 35 ]
- Xinhua released the full text from Beijing on October 9. [ 26 , 28 ]
Confirmed by several sources
- The CPC Central Committee and the State Council issued "Opinions on Developing New Quality Productive Forces" with 19 key measures in five areas. [ 1 , 2 , 3 , 4 , 23 , 26 , 32 ]
- Company R&D projects meeting national strategic needs are to be elevated to national projects, and capable private companies are to be supported in leading major national technology tasks. [ 8 , 18 , 20 , 26 ]
- The opinions call for enriching sci-tech innovation bond products, supporting tech company listings and optimising M&A and equity incentive rules for tech companies. [ 6 , 15 , 25 ]
- The opinions call for avoiding "involution-style" competition while developing strategic emerging industries. [ 10 , 13 , 21 , 35 ]
- The opinions call for a mechanism for investment growth and risk sharing in future industries and for guiding social capital to keep increasing investment. [ 11 , 22 , 35 ]
- The opinions call for strengthening original and disruptive sci-tech innovation. [ 5 , 24 , 26 ]
Still unclear
- The "AI+" measures on scenario applications for intelligent connected new energy vehicles, AI phones and computers and humanoid robots. Among the documents, only IT Home reports this part of the text; the full text available here is cut off before it.
- By how much the additional deduction ratio for company R&D expenses will be raised. The documents say the ratio will be raised but give no figure.
- Timetables and funding amounts for the 19 measures. None of the documents gives dates or amounts for implementation.
What local media are saying
Timeline, local time
- CLS and China News Service report that the CPC Central Committee and the State Council issued the opinions with 19 key measures. [ 1 , 2 ]
- CLS begins publishing details on original innovation, financing and the conversion of research results. [ 5 , 6 , 7 ]
- Xinhua publishes the full text of the opinions, datelined Beijing. [ 26 , 28 ]
- IT Home reports on the opinions' "AI+" measures and new-generation smart devices. [ 35 ]
- China News Service publishes a commentary on companies as the main innovators under the opinions. [ 36 ]