SHANGHAI: China is expected to improve its total factor productivity (TFP) – a main gauge of productive efficiency – as the country advances Chinese-style modernisation and nurtures new drivers of high-quality development, experts say.
Measures adding to growth impetus include increasing investment in science and technology, improving resource allocation, and raising the quality of education, they said.
Liu Qiao, dean of the Guanghua School of Management at Peking University, which organised the seminar, said that although most countries experienced a drop in TFP after becoming industrialised economies, China might be able to take a different development path.
Such a path might feature a higher TFP if the country could leverage its advantages and strengths to realise the re-industrialisation process. At the same time, as part of its pursuit of Chinese modernisation, the country could nurture new growth engines by deepening reforms and expanding low-carbon development. — China Daily/ANN