China’s Communist Party and State Council Issue Opinion on Developing New Quality Productive Forces

The framing here is notable: total factor productivity, not GDP or investment volume, is positioned as the core marker of success. That signals a policy emphasis on efficiency and technological upgrading rather than scale, which matters for how capital-intensive sectors—including those adjacent to blockchain and digital infrastructure—may be evaluated under future industrial guidance. The breadth of the 19 measures across innovation, institutions and talent suggests a coordinated rather than sector-specific push. The open question is how these principles translate into concrete implementing rules that reach emerging technology industries.