Higher total factor productivity impetus of future development
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E-mail Xinhua, September 18, 2019
China needs to nurture new driving forces to improve total factor productivity and achieve sustainable economic development, a report said Tuesday.
As China's economy has entered a "new normal" of slower but higher-quality growth, improvement in total factor productivity will be the main driving force of future economic growth, said the report jointly released by the Development Research Center of the State Council, the Ministry of Finance and the World Bank.
With the old growth drivers weakening due to relatively high capital stock and decreasing demographic dividend, China should nurture new drivers to ease the slowdown of total factor productivity.
China should optimize resource allocation by distributing land, labor and financial resources to industries with the highest productivity through competitions, according to the report.
The country should also accelerate the generalization of advanced technology and products of innovation while encouraging the creation of new technology and products.
The report made suggestions in the fields of market competition, innovation system and human capital management, financial and human resource allocation, regional development and the relationship between government and market.
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