On October 9, according to Xinhua News Agency, the Central Committee of the Communist Party of China and the State Council issued the "Opinions on Developing New Quality Productive Forces," which consists of seven sections and nineteen articles. The guidelines propose leading with technological innovation and focusing on significantly enhancing total factor productivity as a core indicator. They emphasize innovation-driven development, reform as a key priority, adapting to local conditions, and establishing foundations before breaking new ground. In terms of industry, the guidelines call for cultivating and expanding emerging industries, strategically planning for future sectors such as quantum technology, biomanufacturing, hydrogen energy, nuclear fusion energy, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communications. They also advocate for the comprehensive implementation of the "AI+" initiative to accelerate the application of new-generation intelligent terminal scenarios like humanoid robots. Regarding incentives and financial support, the guidelines propose establishing a corporate R&D reserve fund system, increasing the proportion of deductible R&D expenses for enterprises, and improving support policies for long-term capital investment in early-stage, small-scale, long-term, and hard technology projects. They aim to strengthen patient capital, enrich the system of technology innovation bond products, support quality tech enterprises in going public for financing, and optimize systems for mergers, acquisitions, and equity incentives for tech companies. The guidelines also stress the importance of avoiding superficiality, seeking grandiosity, and creating bubbles. They strictly prohibit the abuse of policies under the guise of developing new quality productive forces and will hold serious accountability for significant losses caused by blind investments and herd behavior.
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