Does China’s University Science and Technology Investment Facilitates Its New Quality Productive Force Development Objectives?

Over the past few decades, “governing by numbers” in higher education has made significant strides. In this context, Chinese universities have actively responded to national policy demands, represented by the “New Quality Productive Force” (NQPF) strategies. Drawing on panel data from 30 Chinese provinces, municipalities, and autonomous regions from 2012 to 2022, this study employs two-way fixed-effects and mediation-effects models to empirically investigate the impact of university science and technology investment (USTI) on regional NQPF (RNQPF). The results demonstrate that USTI significantly promotes RNQPF, with basic research investment having the most pronounced effect. Mechanism analysis reveals that USTI facilitates RNQPF by promoting scientific research output, fostering high-tech industry supply and demand, and driving regional development. However, the mediating effects of talent cultivation, attracting high-level talent, and the transformation of scientific and technological achievements are not significant. This study posits that university functions are characterized by loosely coupled systems in the field of higher education; thus, quantifiable indicators only measure limited objectives of higher education development while overlooking more complex and latent functions. The findings suggest that increasing investment in basic research and optimizing technology resource allocation, focusing on scientific output and the cultivation of high-tech industries, can enhance RNQPF.