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Waiting for the “XIV Five-Year Plan” | China Han Wenxiu Finance Bureau: To build a new pattern of development, it is necessary to deeply participate in the international cycle
The first press conference of the Communist Party of China Central Committee was held in Beijing on October 30, introducing the spirit of the Fifth Plenary Session of the 19th Party Central Committee and answering questions from journalists.
From October 26 to 29, the Fifth Plenary Session of the XIX Central Committee of the Communist Party of China was held in Beijing. The Central Committee of the Communist Party of China reviewed and approved the Fourteenth Five-Year National Economic and Social Development Plan and the 2035 Recommendations for long-term goals.
The plenary session laid out the ideology and guiding principles to be followed for economic and social development during the period of the “XIV Five-Year Plan”, including general planning for development and security, accelerating the construction of a modern economic system and the acceleration of the construction of a new development with the national and international cycles as the main axis and the mutual promotion of the national and international cycles. Pattern, etc.
Han Wenxiu, deputy director of the Central Finance and Economic Committee Office in charge of daily work, said at the press conference:Building a new pattern of development is a strategic choice made by General Secretary Xi Jinping and the Party Central Committee to actively respond to changes in the international and domestic situation, move forward with the times to improve the level of economic development of China and shape new advantages in international economic cooperation and competition.This has the role of outline and plan in “Proposal” planning.
Why is it necessary to promote the “dual cycle” and is this a passive response from China?
Han Wenxiu said that the current economic globalization is facing a counter-tide, unilateralism and protectionism are on the rise, the new corona pneumonia epidemic has had a widespread and far-reaching impact, and the traditional international business cycle has weakened. significantly or even blocked. In such circumstances, the strengthening of the internal economic cycle favors the improvement of the resilience of economic development and also favors the impulse of the international economic cycle and the mutual promotion of the internal cycle and the international cycle.
At the same time, a common characteristic of the economies of the major powers is domestic recyclability.
Han Wenxiu pointed out that China, as the world’s second largest economy, is just like other major economies. Domestic supply and demand play an important role in supporting business cycles. After the international financial crisis of 2008, China’s economic rebalancing has made remarkable progress. For example, the share of the current account surplus in GDP has fallen from around 10% in 2007 to around 1% in 2019. The ratio of total exports to GDP has fallen from more than 60% in the gone down to just over 30% today.
Furthermore, China’s economic growth is increasingly dependent on domestic consumption and investment.
Han Wenxiu said that since the 18th National Congress of the Communist Party of China, we have always emphasized the fundamental role of consumption and the key role of investment. In recent years, the rate of contribution of domestic demand to economic growth has mostly remained above 90% and in some years it has exceeded 100%. Therefore, the kinetic energy of the domestic cycle has increased significantly.
“Proposing to build a new development pattern with the great national cycle as the main body and the national and international dual cycles promoted is the correct understanding and practical application of the objective laws of economic development by our party.This is a proactive action, not a passive response, a long-term strategy, not an interim measure.“Han Wenxiu said in response to questions from reporters.
Han Wenxiu also emphasized,The new development pattern emphasizes the double national and international cycle, not the single cycle of the national economy. The great national cycle is also a great cycle built on the basis of a unified internal market. Not all places are involved in their own small cycle, and that does not mean that a cycle within the province, within a city or within a county must participate at all levels.
The 21st Century Business Herald reporter noted that some experts pointed out that they all said that China has a very large domestic market, but this large market has so far become fragmented and fragmented: the flow of factors between regions faces great obstacles. For example, the interregional movement of commodities and factors of production faces expensive tolls on roads, and the interprovincial commodity flow faces complicated and strict inspection and quarantine regulations. Thus,To fully explore the potential of a unified domestic market and allow the free flow of factors to accumulate freely, it is inevitable that a new round of regional integration will emerge.
How to build a new development pattern?
Han Wenxiu said that we must first adhere to the expansion of domestic demand as a strategic basis, smooth the circulation of the national economy, and open the locks in many links from production, distribution to circulation and consumption. To build a new pattern of development, we must also participate deeply in the international cycle. This is the meaning of the question of building a new pattern of development.
1. In the first place, we must insist on expanding domestic demand as a strategic base, unlocking the national economic cycle and opening the blocking points in many links of production, distribution, circulation and consumption.
Specifically, breaking the deadlock depends on deepening supply-side structural reforms and making significant progress in reforming key areas and links.It is necessary to strengthen key core technology research, maintain the security and stability of the industrial supply chain, optimize the income distribution structure, expand the middle income group, and build a modern circulation system. It is also necessary to optimize the consumption environment, promote consumption improvements, and take full advantage of the large-scale market in China.This will not only stimulate the national economy, but will also create greater market opportunities for countries around the world.
2. To build a new pattern of development, we must also participate deeply in the international cycle. This is the meaning of the question of building a new pattern of development.
Specifically, it is necessary to broaden openness to the outside world to a higher level, expand market access for foreign-financed companies, and make better use of domestic and international markets. The market is a scarce resource in the world. We must create a market-oriented, legalized international business environment, relying on a strong domestic market to make China a strong gravitational field to attract high-quality global factor resources, a fertile ground for foreign investment International circulation and circulation they promote and complement each other to promote mutual benefit, prosperity and common development for all and all countries.
“The construction of a new development pattern does not mean in any way a decrease in the state of openness. On the contrary,Looking to the future, the scale of China’s foreign trade imports and exports, the use of foreign capital and foreign investment will continue to expand, and its international status will continue to increase. This is also an important feature of the economy of a large country.Han Wenxiu emphasized.
(Author: Zhou Xiao Xiao)
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