To promote the comprehensive revitalization of Northeast China in the new era, it is necessary to optimize the allocation of production factors, build a modern industrial system, and innovate institutional mechanisms to foster qualitatively new productivity and achieve new breakthroughs.

Optimizing production factors

The micro foundation for forming qualitatively new productivity is the optimized allocation of production factors. In the new era, promoting the comprehensive revitalization of Northeast China requires not only unleashing the vitality of traditional production factors, but also accelerating the cultivation and growth of new production factors.

On the one hand, it is suggested to deepen the market-oriented reform of production factors and continuously improve their allocation mechanism. In terms of land factors, the northeast region should enhance the flexibility of land management, and increase the supply of mixed-use industrial land. In terms of labor factors, the region should focus on attracting, retaining, and utilizing talent, while continuously improving talent incentive mechanisms. Regarding capital factors, the region needs to accelerate the construction of a multi-level capital market system and provide greater support for the financing needs of emerging industries, innovative fields, private enterprises, and small and micro enterprises. In terms of technological factors, the region should leverage its own advantages in scientific research and education resources, and transform more sci-tech resources into new driving forces for economic and social development.

On the other hand, it is crucial to seize the opportunities presented by the development of the digital economy and vigorously promote the optimization and development of new production factors such as data. As the foundation of digitalization, the internet, and intelligence, data is profoundly transforming production methods, lifestyles, and social governance, and is a key emerging factor for the development of qualitatively new productivity in Northeast China. The region needs to intensify efforts to promote data sharing and integration, establish a new concept of “data public ownership” and “sharing added value,” and focus on building an integrated big data exchange and sharing platform, unifying standardized regulations, and breaking down technical and institutional barriers to data sharing. Meanwhile, the northeast region should expedite the improvement of the market-oriented allocation system and mechanism for data factors, fully tap into the potential of big data applications in industrial manufacturing, continuously enrich data application scenarios, continuously unleash the value of data, effectively align with the needs of the real economy, and enhance the efficiency of factor allocation in the region to a new level.

Leveraging industrial system

The northeast region should leverage its strengths in science and education resources to expedite the development of strategic emerging industries and future industries, thereby fostering the formation of qualitatively new productivity.

We must accelerate the transformation and upgrading of traditional industries, improve quality and efficiency, and demand qualitatively new productivity from traditional industries. The transformation of traditional industries towards high-end, intelligent, and green development should be promoted. Supply-side structural reform should be continuously deepened in accordance with the actual conditions in Northeast China.

Furthermore, we need to execute effectively in terms of connecting, sharing, and coordinating, as well as demand qualitatively new productivity from new forms and models. It is suggested that we leverage leading enterprises, promote high-level collaboration between upstream and downstream industries, optimize the layout of regional industrial chains, build modern industrial clusters that reflect the advantages and characteristics of Northeast China, and cultivate more new business forms. We should also accelerate the sharing and interconnection of public service resources.

Innovating institutions

Going forward, it is suggested to accelerate institutional innovation and streamline the relationship between a proactive government and an efficient market. Furthermore, we should strengthen policy innovation and implement a comprehensive set of macroeconomic policies. It is suggested to expedite the construction of the “six types” of government and advance the modernization of governance systems and capabilities. To comprehensively promote the construction of a learning-oriented, service-oriented, rule-of-law-oriented, innovative, responsible, and clean government, we must not only support the formation of qualitatively new productivity, but also ensure the construction of new production relations.

Zhou Xueren (professor) and Zhang Jiaxin are from the Institute for Northeast Full Revitalization at Dongbei University of Finance and Economics.