Cutting through an overload of information to get to the heart of the story, this is The Point.
Welcome to The Point, an opinion show coming to you from Beijing, An Lixin.
The World Bank has raised its forecast for China's economic growth in 2024 and 2025, on December 26, 2024.
But cautioned against challenges such as household and business confidence and headwinds in the property sector,
China has emphasised the need to maintain steady economic growth,
keep employment and prices generally stable,
ensure basic equilibrium in the balance of payments and increase residents' income in step with economic growth.
What obstacles and challenges can we expect in the new year?
Where is China's economy headed?
I was pleased to be joined in the studio by Carl Fei,
Professor of Strategy at BI Norwegian Business School in Oslo, Norway.
Why does China not use a different term, like,
you know, innovation, simply, or scientific and technological development?
Why do we have to use the new quality productive forces?
I mean, from your perspective, how do you understand the importance of coming up with the right name for it?
A name probably is ahead of the time.
I think there are a couple of things.
One is that this is a way that President Xi can signal this is an important area of activity
that more and more things are going to be fit into.
A second thing is to signal that it is new, and it was new in bold, you know, if you said focus on innovation,