The Chinese-funded cruise ship Blue Dream Melody is set to embark on a 33-night ultra-long-haul voyage departing from Shanghai on November 26, 2024. [Photo provided to chinadaily.com.cn]

Poverty alleviation contribution for world

China's efforts toward poverty alleviation have been exceptional, and driven by various factors. Before the transformative reform and opening-up in 1978, China focused on enhancing human capital through education and healthcare, strengthening industries to create jobs, and bolstering national security. Since 1978, the shift from a planned economy to a socialist market economy has unleashed productive forces. The strategy for poverty eradication has evolved, emphasizing key pillars such as commitment to reform, fostering innovation through special economic zones, and implementing long-term plans like the five-year plans and targeted assistance policies.

Now China's focus on developing new quality productive forces is a crucial strategy for its continued growth. This approach involves not abandoning traditional industries but rather accelerating their transformation and innovation while respecting and optimizing their existing strengths. This initiative not only addresses emerging needs but also provides new opportunities for the global economy.

China's emphasis on revolutionary technological breakthroughs has created a demand for high-end products in developed nations. This focus on enhancing total factor productivity and product quality aids in industrialization and efficient growth. Additionally, China's export of green and clean high-end products, such as new-energy vehicles and sustainable energy products, aligns with the global goal of sustainable development.

China's pursuit of new quality productive forces is particularly significant for developing countries, especially those involved in the Belt and Road Initiative. By promoting industrialization and optimizing resource allocation based on comparative advantages, China provides expertise, job opportunities, and infrastructure development that empower local communities. This approach reflects the essence of the Chinese proverb, "Give a man a fish and you feed him for a day; teach him how to fish and you feed him for a lifetime."

Wang Yong is the academic deputy dean of the Institute of New Structural Economics at Peking University.