New quality productive forces to invigorate China's growth, impel global development: Chinese ambassador to US

WASHINGTON, April 7 (Xinhua) -- The new quality productive forces will not only invigorate China's high-quality growth but also provide impetus for global sustainable development, Chinese Ambassador to the United States Xie Feng told a U.S. news outlet in a recent interview to explain the newly emerged economic concept.

"In brief, it refers to innovation-led, reform-driven advanced productive forces that will boost total factor productivity and promote high-quality development," Xie said in an interview with Newsweek.

"As China strives to expand domestic demand in recent years, new quality productive forces will serve as a catalyst that further brings out the vitality and potential of China's supersized market. The upgrading of traditional industries and the boom of new ones will further energize China's growth, and generate huge investment and consumption needs," he added.

An integral part of developing new quality productive forces is opening wider at a higher standard, the ambassador said, adding that high-standard opening-up is the path China must take to achieve greater development, and will also bring dividends to the world.

"China's ever-expanding, upgrading supersize market is both a solid foundation for its own growth and a historical opportunity for win-win cooperation among countries," he said.

"As new quality productive forces are rapidly taking shape and more favorable measures are rolled out, investors with vision from the United States and other countries are competing to seize the unprecedented opportunities in China," Xie said.

Opening-up needs to be a two-way street, the ambassador said, in the sense that it should not be a solo, but a chorus by all. "China has opened its arms to the world, and we expect others to do the same."

What people should worry about is not whether China's growth would peak, but whether they would miss the opportunities in China, Xie said.

"And rather than speculating about whether the Chinese economy would collapse, what should truly alarm people is how decoupling could drag down global recovery and how geopolitical conflicts could end the eight-decade-long world peace," he said in conclusion.