The term "new quality productivity" has emerged as a buzzword within academic and industrial circles, marking a significant shift in our understanding of productivityBy prefixing "new quality" to the concept of "productivity," the intention is to highlight the distinctions between this contemporary approach and the traditional forms of productivityThis suggests a comparative framework, where "new" denotes advancements against existing benchmarksAn intriguing question then arises: can we establish quantifiable metrics to evaluate new quality productivity? If so, how might these indicators contribute to a theoretical framework that guides technological innovation and economic growth?

The Chinese government has been actively promoting research and practical application of new quality productivity

Its goal is to unify societal consensus on the directives for technological advancement and the optimal allocation of production factorsThe emphasis is on leveraging innovation as a driving force to spur industrial evolution, accelerate modernization efforts, improve total factor productivity, and generate new momentum for developmentThe three main drivers behind the emergence of new quality productivity can be identified as: revolutionary breakthroughs in technology, innovative arrangements of production factors, and profound transformations in industryA key characteristic of new quality productivity is a substantial enhancement in total factor productivity.

The realization of new quality productivity can be simplistically described as a progression from the non-existence of technological products to a remarkable leap in production efficiency or output by multiple orders of magnitude

• Broad-based Dominance, Affordable Accessibility
• Political Power Shifts Reshape Global Trade
• US Stocks Decline Further
• China A-Shares: Growth Prospects and Headwinds
• Fed to Raise Rates Again, Gold Soars

The term "new" is inherently relative; it can signify either a disruptive transition from 0 to 1 or a substantial increase from 1 to 10. Corresponding to new quality productivity are concepts like "secondary new productivity" and "old quality productivity." The novelty reflected here spans across new manufacturing techniques, enhanced service models, innovative energy solutions, new materials, evolving business models, advanced processes, and technologies, as well as creative configurations of production factorsThe essence of new quality productivity lies in breakthroughs that create something from nothing and in significant jumps in efficiency or output.

A fascinating metaphor to illustrate the concept of new quality productivity involves the invention of spinning technologyThe initial invention represented a revolutionary breakthrough—from no spinning to spinning, signifying a complete transformation

The transition from manual spinning to the use of a spindle, which multiplied daily production from one to ten rolls, exemplified a leap in productivity by an entire order of magnitudeSubsequently, the introduction of the spinning wheel, capable of producing one hundred rolls per day, represented yet another level of efficiencyFinally, with the advent of modern spinning machines that can generate one thousand rolls, each innovation marked a profound enhancement in productivity.

As China’s GDP per capita has surpassed $12,000, the nation has firmly entered the ranks of middle-income countriesIts scientific and technological landscape has evolved from being inferior to the global average to reaching, and in some areas, exceeding itThis evolution signifies a shift where imitation suffices for success to a stage where originality is paramount

Strategies that previously relied on mimicry and price competition have become untenable and point to the necessity for new theories to chart the course for original technological advancements.

Amidst excess capacity in various sectors, a situation exacerbated by increasing supply over demand, many industries are plagued by severe pricing warsBusinesses adhering to traditional operational mindsets are at risk of losing their competitive edgeContinuous breakthroughs at the forefront of technology, substantial upgrades in industry efficiency, and innovative optimization of production factors are essential to maintaining competitive advantage in this new landscapeHowever, selecting appropriate technological pathways for original breakthroughs, establishing principles for optimizing production arrangements, and determining the foundational approaches for profound industry transformations require new guiding theories.

New quality productivity embodies high-quality development, as it not only represents an advanced technological ethos but also signifies the optimal configuration of production factors

By enhancing production methods through cutting-edge technology and increasing efficiency, traditional industries can be revitalized, while new sectors can achieve breakthroughs and foster innovationThe guiding principles of new quality productivity suggest a future where economic development increasingly hinges on technological innovation and scientific progress, aiming for a more sustainable, balanced, and efficient economyThis entails that economic growth must harmoniously coexist with the optimal allocation of production factors to enhance both efficiency and outcomes.

According to Wang Yu, Vice President and Secretary-General of the China Productivity Promotion Center Association, the introduction of new quality productivity as a new stage of productivity development (referred to as Productivity 3.0) reflects the Chinese Communist Party's profound understanding and innovative development of Marxist productivity theory throughout the process of advancing China’s socialist modernization

It showcases the theoretical confidence of socialist ideologies specific to Chinese contexts, revealing China's efforts to transition toward high-quality development amidst the shifting global political and economic landscapeNew quality productivity not only enriches and broadens the Marxist perspective on productivity in a theoretical dimension but also exemplifies the empirical integration of Marxist theory with Chinese practicesIt represents a continuation and development of Marxist productivity theories, effectively embedding them within the fabric of China's economic realities.

In observing the emergence of new quality productivity, it becomes evident that revolutionary breakthroughs in technology are essential, as are innovative configurations of production factors and deep industrial transformations

Moreover, optimization of traditional productivity through innovative combinations is vital for the formation of new quality productivity.

Can we then quantify new quality productivity through measurable indicators? Drawing from existing academic research, three preliminary quantitative metrics can be proposed: 1. The original revolutionary leap in technology products from 0 to 1; 2. The boost in production efficiency by an order of magnitude from 1 to 10; 3. The increase in production efficacy also achieving a leap from 1 to 10 by multiple degreesMeeting any one of these criteria can classify a productivity level as new quality productivityHowever, attaining these benchmarks necessitates the driving force of technologyAchieving a disruptive leap for technology products mandates adherence to fundamental principles, while achieving production efficacy improvements relies on innovative optimization based on industry essential theories.

The theory of essential industry holds the key to innovatively configuring and optimizing various production factors to accomplish leaps in efficiency or efficacy, thereby fostering the emergence of new quality productivity.