“十五五”经济社会发展主要目标解读｜稳步提升全要素生产率

Core Points - The 20th Central Committee's Fourth Plenary Session emphasizes "steady improvement of total factor productivity" as a key goal for the 14th Five-Year Plan period [1][2] - Total factor productivity (TFP) reflects the efficiency of all inputs in producing outputs and is a measure of economic development quality and technological innovation [1][4] - The report indicates that enhancing TFP is crucial for achieving sustainable economic growth amid complex internal and external challenges [3][4] Group 1: Importance of Total Factor Productivity - TFP is a core indicator of production factor quality and efficiency, essential for high-quality economic growth [4] - The Chinese government aims to increase TFP growth to around 2% annually by 2035 to achieve modernization [3] - The focus on TFP aligns with the broader goal of transitioning to a modern economic system and promoting high-quality development [2][3] Group 2: Strategies for Improvement - Innovation is key to enhancing TFP, including technological advancements and efficient resource allocation [5][6] - The manufacturing sector's significant scale and technological capabilities provide a strong foundation for improving TFP [5] - Digitalization and green development are identified as areas that can further enhance TFP through new efficiency gains and structural benefits [5][6]