Dr. Zhao Miao uses a microscope to observe the disc materials in the optical laboratory of Shanghai Institute of Optics and Fine Mechanics, Chinese Academy of Sciences. (PHOTO: XINHUA)

By TANG Zhexiao

China's Two Sessions have sent positive signals of the country's economic pickup, proposing to strive for more innovative breakthroughs and give more input impetus to the development of the new quality productive forces.

China aims to become a major innovative power and has made significant progress, Pakistan Today observed, adding that its high-quality hi-tech products are welcomed by the global market.

Last year, exports of the "new trio," namely, electric vehicles, lithium-ion batteries, and photovoltaic products, exceeded one trillion RMB, with a year-on-year increase of 30 percent, according to the Ministry of Foreign Affairs.Last year also witnessed accelerated development of the digital economy, with half of the nation's population using 5G.

In various recent government files, sci-tech innovation is seen as the main driver of the economy.

Bloomberg noted that the Government Work Report says China will increase the budget for scientific and technology research by 10 percent to 370.8 billion RMB in 2024 to promote "national champions" and give enterprises a central role in spearheading advances.

The unprecedented budget, the biggest increase since 2019 after years of minimal growth, is part of China's strategic goals, according to CNN, which said, "The emphasis on self-reliance in science and technology comes after the United States tightened control over the export of cutting-edge technologies to China, especially in the field of AI."

China is pledging to harness all resources to speed homegrown scientific breakthroughs, Bloomberg reported.

Responding to the unfair export limits, abuse of market rules and restrictions by U.S.-led Western powers, China has made a push for technological self-reliance and given full rein to the leading role of innovation.

A report released by the Australian Strategic Policy Institute says China is beating the Western powers in research output in 37 of 44 technological areas considered critical to economic growth and military strength over the coming decades, from AI to robotics.

"Risks ahead but China's economy is to stay on a long-term, tech-led course," The Star daily of Malaysia commented.

British vlogger Jason Lightfoot, who posts regular videos on YouTube as part of a series called Living in China, said, "China's technology and innovation are leading the world." One of his videos show China's amazing 3D printing technology and how far it has come in terms of innovation, convenience and creativity via a tour of a 3D printer company. China's amazing tech is shocking the world, the introduction to the video says.

According to the Cyberspace Administration of China, China's digital economy reached 50.2 trillion RMB in 2022, accounting for 41.5 percent of the country's GDP and ranking second in the world.

Chinese fintech is a significant force in this. Private fintech enterprises like Huawei, Baidu and Tencent are helping the economy to "grow at an unprecedented rate and influencing the global economy," the China-Britain Business Council said.