Understanding the Buzzwords of China's Economic Development

In 2024, facing a complex and severe situation of increased external pressure and growing internal difficulties, China's economy operated with overall stability and made progress while maintaining stability. New quality productive forces developed steadily, science and technology innovation capabilities were significantly enhanced, high-tech industries and green low-carbon transformation achieved notable results, the level of opening up steadily improved, the trade structure continued to optimize, international cooperation continued to expand, and high-quality development advanced solidly. At the same time, risk resolution in key areas proceeded in an orderly and effective manner, the real estate market gradually stabilized and rebounded, and local government debt risks were brought under control. In addition, China issued ultra-long-term special government bonds, implemented a package of incremental policies to expand domestic demand in all respects, innovated diversified consumption scenarios, and consumption boost became a new bright spot, promoting the economic recovery and improvement. China's economy has grown amid storms, strengthened through trials, demonstrating strong resilience and potential. It remains an important engine for world economic growth and continues to provide important impetus for global economic expansion.

2024年，面对外部压力加大、内部困难增多的复杂严峻形势，我国经济运行总体平稳、稳中有进。新质生产力稳步发展，科技创新能力显著增强，高技术产业和绿色低碳转型取得显著成效，对外开放水平稳步提升，贸易结构继续优化，国际合作持续拓宽，高质量发展扎实推进。同时，重点领域风险化解有序有效，房地产市场逐步止跌回稳，地方政府债务风险得到管控。此外，我国还发行了超长期特别国债，实施了一揽子增量政策，全方位扩大国内需求，创新多元化消费场景，消费提振成为新亮点，促进了经济回升向好。我国经济在风雨中发展，在考验中壮大，展现出强大的韧性和潜力，仍然是世界经济增长的重要引擎，继续为世界经济增长提供重要动力。

New quality productive forces

新质生产力

New quality productive forces are advanced productive forces that are led by innovation, break away from traditional economic growth modes and productive force development paths, feature high technology, high efficiency, and high quality, and conform to the new development philosophy. They are driven by revolutionary breakthroughs in technology, innovative allocation of production factors, and deep industrial transformation and upgrading. Their basic connotation is the leap in the quality of laborers, means of labor, objects of labor, and their optimized combination, and their core symbol is a significant increase in total factor productivity. Their characteristic is innovation, the key is superior quality, and their essence is advanced productive forces. New quality productive forces emphasize science and technology innovation as the core, promote the research, development and application of new technologies, and achieve a comprehensive enhancement of production methods, production efficiency and product quality. Their "newness" is not only reflected in new production methods, new production tools, and new forms of production organization, but also in the transformation and upgrading of traditional industries and the rapid development of emerging industries. They represent a new stage in the development of productive forces and embody the shift of economic development towards a more intelligent, green and high-end direction. They play an important role in promoting economic growth, industrial upgrading, and sustainable development. Developing new quality productive forces is an intrinsic requirement and an important focus for promoting high-quality development.

新质生产力是创新起主导作用，摆脱传统经济增长方式、生产力发展路径，具有高科技、高效能、高质量特征，符合新发展理念的先进生产力质态。它由技术革命性突破、生产要素创新性配置、产业深度转型升级而催生，以劳动者、劳动资料、劳动对象及其优化组合的跃升为基本内涵，以全要素生产率大幅提升为核心标志，特点是创新，关键在质优，本质是先进生产力。新质生产力强调以科技创新为核心，推动新技术的研发和应用，实现生产方式、生产效率以及产品质量的全面提升。它的“新”不仅体现在新的生产方式、生产工具和生产组织形式上，更体现在对传统产业的转型升级和新兴产业的快速发展上，代表了生产力发展的新阶段，体现了经济发展向更加智能化、绿色化和高端化方向的转变，对经济增长、产业升级以及可持续发展都具有重要的促进作用。发展新质生产力是推动高质量发展的内在要求和重要着力点。

Patient capital

耐心资本

Patient capital is a type of long-term investment capital that emphasizes a longer-term outlook on capital returns and a higher tolerance for risk. It does not take short-term gains as its primary goal, but focuses on projects or investment activities with long-term returns, and is generally not disturbed by short-term market fluctuations. From a global perspective, patient capital mainly comes from government investment funds, pension funds, insurance capital, etc. By holding high-quality investment targets for a long time and continuously tracking and evaluating them, it obtains returns above the market average. It is a key factor guarantee for technological innovation and industrial innovation, and an important condition and driving force for developing new quality productive forces. With its unique investment philosophy and long-term stable capital input, patient capital not only provides a solid foundation for the cultivation and development of emerging industries, but also promotes the transformation and upgrading of traditional industries and accelerates the optimization and adjustment of economic structure. In the future financial market, patient capital will continue to play its irreplaceable role, guiding capital to flow in a more efficient and sustainable direction, and pushing high-quality economic and social development to a new level.

耐心资本是一种长期投资资本，强调对资本回报有较长期限的展望，并且对风险有较高的承受力。它不以追求短期收益为首要目标，而是专注于长期回报的项目或投资活动，通常不受市场短期波动的干扰。从全球实践看，耐心资本主要来源于政府投资基金、养老基金、保险资本等，通过长期持有和持续跟踪评估优质投资标的，获得超过市场平均水平的收益，是科技创新和产业创新的关键要素保障，是发展新质生产力的重要条件和推动力。耐心资本以其独特的投资理念与长期稳定的资金投入，不仅为新兴产业的培育和发展提供了坚实基础，还促进了传统产业的转型升级，加速了经济结构的优化调整。在未来的金融市场中，耐心资本将继续发挥其不可替代的作用，引领资本向更加高效、更可持续的方向流动，推动经济社会高质量发展迈上新台阶。

Future industries

未来产业

Future industries are emerging industries driven by cutting-edge technologies, currently in the gestation stage or early stage of industrialization. These industries have significant strategic, leading, disruptive and uncertain characteristics, representing the direction of the new round of scientific and technological revolution and industrial transformation, and are the most active force in economic growth. Future industries cover multiple fields, such as future manufacturing, future information, future materials, future energy, future space, and future health, aiming to promote the improvement of social productive forces through technological innovation and industrial upgrading. The development of future industries is deeply rooted in the progress and breakthroughs of cutting-edge technologies, showing great potential to reshape future economic development. However, because the technologies are still in the exploration stage, there is also considerable uncertainty, requiring sustained and high-intensity investment. At the same time, the development of future industries depends not only on major breakthroughs in their own fields, but also on scientific and technological progress and breakthroughs in related fields. It is the result of the cross-integration development of multiple technologies and disciplines. Therefore, the development of future industries requires the cooperation and investment of multiple parties, including government, enterprises, universities and research institutions, to jointly promote technological innovation and industrial upgrading and cultivate new economic growth points.

未来产业是由前沿技术驱动，当前处于孕育萌发阶段或产业化初期的新兴产业。这些产业具有显著的战略性、引领性、颠覆性和不确定性，代表着新一轮科技革命和产业变革的方向，是经济增长的最活跃力量。未来产业涵盖多个领域，如未来制造、未来信息、未来材料、未来能源、未来空间和未来健康等，旨在通过技术创新和产业升级，推动社会生产力的提升。未来产业的发展深度植根于前沿科技的发展与突破，展现出重塑未来经济发展的重大潜力，但由于技术尚处于探索阶段，也存在较大的不确定性，需要持续性、高强度投入。同时，未来产业的发展不仅依赖于自身领域的重大突破，还依赖于相关领域的科技进展和突破，是多种技术和学科交叉融合发展的结果。因此，未来产业的发展需要政府、企业、大学和研究机构等多方面的合作与投入，以共同推动科技创新和产业升级，培育新的经济增长点。

A package of incremental policies

一揽子增量政策

A package of incremental policies is a series of comprehensive and systematic policies introduced in response to the new situations and problems in various fields of current economic operation, aiming to push the economy upward, the structure toward optimization, and the development trend to continue improving, with strong pertinence, logic and systemicity. Specifically, the package of incremental policies covers multiple areas including fiscal, monetary, employment, industrial, regional, investment, and consumption, including strengthening and improving the implementation of macro policies, further expanding domestic demand, increasing assistance to enterprises, promoting the stabilization and recovery of the real estate market, and striving to boost the capital market. These policies not only focus on short-term economic stability and growth, but also put more emphasis on accelerating the construction of a unified market system through reform, improving the business environment, and stimulating the endogenous driving force of economic and social development, so as to achieve long-term high-quality development. In addition, the package of incremental policies also emphasizes policy consistency and coordination, ensuring that policy objectives, tools, intensity, timing, and pace in various fields are coordinated with each other to form policy synergy. In short, the package of incremental policies is a comprehensive and integrated policy system, an important measure we have taken to cope with various challenges in current economic operation and promote high-quality development.

一揽子增量政策是针对当前经济运行各领域的新情况新问题，推出的一系列综合性、系统性的政策，旨在推动经济向上、结构向优、发展态势持续向好，具有很强的针对性、逻辑性和系统性。具体而言，一揽子增量政策涵盖财政、货币、就业、产业、区域、投资、消费等多个领域，包括加力提效实施宏观政策、进一步扩大内需、加大助企帮扶力度、促进房地产市场止跌回稳、努力提振资本市场等多个方面。这些政策不仅注重短期内的经济稳增长，更注重通过改革加快建设统一市场体系，改善营商环境，激发经济社会发展内生动力，以实现长期的高质量发展。此外，一揽子增量政策还强调政策的一致性和匹配度，确保各领域政策目标、工具、力度、时机、节奏相互协调，形成政策合力。总之，一揽子增量政策是一个全面、综合的政策体系，是我们为应对当前经济运行中的各种挑战、推动高质量发展而采取的重要举措。

Silver economy

银发经济

The silver economy refers to an economic system with the retired population as the main consumer group, covering a series of economic activities that provide products or services to the elderly and prepare for the old-age stage. The silver economy system involves a wide range of aspects, a long industrial chain, and diverse business formats, including products for the elderly, smart and healthy elderly care, rehabilitation aids, anti-aging industry, pension finance, health and wellness tourism, age-friendly renovation, and many other aspects. With the intensification of global population aging, the silver economy has become one of the important trends in current social development. While bringing huge development opportunities to related industries, it also imposes new requirements on government policy-making. The characteristics of the silver economy are mainly reflected in a large and rapidly growing consumer group, diversified and personalized consumer demands, growing demand for high-quality and high-value products and services, and innovation driven by technological progress. In the future, the growth prospects of the silver economy will benefit from technological progress, service model innovation, and cross-industry integration, and are expected to show broad development prospects in areas such as elderly care services, medical health, smart technology, tourism and leisure, and financial products. The government, enterprises and all sectors of society should work together to promote the sustainable development of the silver economy, meet the multi-level and diversified needs of the elderly, improve the well-being of the elderly, and build an age-friendly society.

银发经济是指以退休人群为主要消费群体的经济体系，涵盖向老年人提供产品或服务以及为老龄阶段做准备的一系列经济活动。银发经济体系涉及面广、产业链长、业态多元，包括老年用品、智慧健康养老、康复辅具、抗衰老产业、养老金融、康养旅游、适老化改造等多个方面。随着全球人口老龄化的加剧，银发经济已成为当下社会发展的重要趋势之一，为相关产业带来巨大的发展机遇的同时，也对政府的政策制定提出新的要求。银发经济的特点主要体现在消费群体庞大且增长迅速、消费需求多样化和个性化、高品质和高价值的产品与服务需求增长，以及技术进步带动创新服务等方面。未来，银发经济的增长预期将受益于技术进步、服务模式创新及跨行业的整合，有望在养老服务、医疗健康、智能科技、旅游休闲和金融产品等领域展现出广阔的发展前景。政府、企业和社会各界应携手共进，共同推动银发经济的可持续发展，以满足老年人多层次、多样化的需求，增进老年人福祉，构建老年友好型社会。

First-launch economy

首发经济

The first-launch economy refers to the general term for a series of economic activities such as the first release of new products, the launch of new business forms, new models, new services and new technologies by enterprises, and the opening of first stores. It covers the entire chain development process from the first release and exhibition of a product or service to the establishment of physical stores, the setting up of R&D centers, and the establishment of corporate headquarters. The first-launch economy has the characteristics of fashion, quality, and trendiness. It is an important embodiment of the consumption upgrading trend and the requirements of high-quality development. It can quickly attract target consumers and lead consumption trends. Developing the first-launch economy is of great significance for stimulating consumption potential, expanding consumption demand, and promoting industrial transformation and upgrading. Through supply-side structural reform, the first-launch economy can provide consumers with more colorful, high-quality and intelligent consumption choices, satisfying consumers' pursuit of new things and high-quality life. At the same time, the first-launch economy also helps to form an industrial ecosystem around new products, new business forms, and new models, enhancing the competitiveness of industrial clusters. The government and all sectors of society actively support the development of the first-launch economy and have introduced a series of preferential policies. As consumer demands become increasingly personalized and diversified, the first-launch economy will usher in broader development prospects.

首发经济是指企业首次发布新产品、推出新业态、新模式、新服务和新技术，以及开设首店等一系列经济活动的总称，涵盖了从产品或服务的首次发布、展出到落地开设门店、设立研发中心，再到设立企业总部的链式发展全过程。首发经济具有时尚、品质、新潮等特征，是消费升级趋势和高质量发展要求的重要体现，能够迅速吸引目标消费者，引领消费潮流。发展首发经济对于激发消费潜力、扩大消费需求、推动产业转型升级具有重要意义。通过供给侧结构性改革，首发经济能够为消费者提供更加丰富多彩、高品质智能化的消费选择，满足消费者对新鲜事物和高品质生活的追求。同时，首发经济也有助于形成围绕新产品、新业态、新模式的产业生态圈，提升产业集群的竞争力。政府和社会各界积极支持首发经济的发展，出台了一系列优惠政策。随着消费者需求的日益个性化和多元化，首发经济将迎来更加广阔的发展前景。

Low-altitude economy

低空经济

The low-altitude economy is a comprehensive economic form that relies on low-altitude airspace, takes low-altitude flight activities of manned and unmanned aerial vehicles as the traction, and radiates and drives the integrated development of related fields. This economic form is widely reflected in primary, secondary and tertiary industries, and has the characteristics of a long industrial chain, complex application scenarios, and diverse users. As an important participant in the development of the low-altitude economy, in recent years, China's low-altitude economy industry scale has grown rapidly. New types of aircraft such as drones and eVTOL (electric vertical take-off and landing aircraft) have been widely used in agriculture, low-altitude tourism, logistics and distribution, emergency rescue and other fields, promoting the development and improvement of related industrial chains. The low-altitude economy has significant strategic significance. It can promote high-quality economic development and become a new engine of economic growth; promote the optimization and upgrading of industrial structure and enhance international competitiveness; expand new market space and cultivate new drivers. However, the development of the low-altitude economy also faces many challenges, such as an imperfect airspace management system, weak infrastructure, and low degree of technical standardization. To promote the healthy development of the low-altitude economy, efforts are needed in many aspects, such as improving the policy system, strengthening infrastructure construction, promoting technological research and development, and strengthening safety supervision. With the continuous advancement of technology and the gradual relaxation of policies, the low-altitude economy is expected to usher in a broader development space and a more stable development trend.

低空经济是一种依托低空空域，以有人驾驶和无人驾驶航空器的低空飞行活动为牵引，辐射带动相关领域融合发展的综合性经济形态。这种经济形态广泛体现于一二三产业之中，具有产业链条长、应用场景复杂、使用主体多元等特点。作为低空经济发展的重要参与者，近年来，我国的低空经济产业规模迅速增长，无人机、eVTOL（电动垂直起降飞行器）等新型飞行器在农业、低空旅游、物流配送、应急救援等领域得到广泛应用，推动了相关产业链的发展和完善。低空经济具有显著的战略意义，能够推动经济高质量发展，成为经济增长的新引擎；促进产业结构优化升级，提升国际竞争力；拓展新的市场空间，培育新动能。然而，低空经济的发展也面临着诸多挑战，如空域管理体系不完善、基础设施薄弱、技术标准化程度低等。推动低空经济的健康发展，需要完善政策体系、加强基础设施建设、推动技术研发和加强安全监管等多方面的努力。随着技术的不断进步和政策的逐步放开，低空经济有望迎来更加广阔的发展空间和更加稳健的发展态势。

[The author is a researcher at the Research Center for Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, Central Party School (National Academy of Governance), and Deputy Director of the Research Office of the Scientific Research Department.]

【作者系中央党校（国家行政学院）习近平新时代中国特色社会主义思想研究中心研究员，科研部中心研究室副主任】

Online editor: Huihui

网络编辑：慧慧