China's Central Committee and State Council issued Opinions on developing new
productive forces, directing local authorities and relevant departments under
unified central leadership to coordinate nationally, tailor measures to local
conditions, provide classified guidance and optimize major production-capacity
layouts. The document stresses setting policy frameworks before dismantling
existing rules and pursuing steady, real-economy-focused growth, warning against
financialization, scale‑for‑its‑own‑sake, bubble formation, industrial hollowing
or discontinuities, and blind novelty-seeking. It orders officials to adopt
correct performance metrics, strictly prohibit misuse of policies under the
Guise of developing new productive forces, and pledges strict accountability for
herd-driven or reckless investment that causes major losses. The Office of the
Central Financial and Economic Affairs Commission and the National Development
and Reform Commission will lead theoretical work, strategic planning, cross-regional
and cross‑department coordination, and monitoring and evaluation; major matters
must be reported to the Central Committee and State Council.
