China Pins Hopes on Tech and Green Industries to Power Future Economic Growth

China identifies "new productive forces" like green investments, digital economy, and science & technology as potential new engines of economic growth amid recent slowdown
The concept gained prominence after President Xi called them a "leading factor" for high-quality development
Challenges include boosting R&D spending and developing supportive "productive services" like cloud computing to aid manufacturing
Phrase signals China's pursuit of tech self-reliance amid tensions with U.S. and need to modernize outdated economic policies
Xi won't tolerate underperforming economy anymore; expects "new theories" around state ownership and resource allocation