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Original title: The “fourteenth five-year plan” of the “fourteenth five-year plan” to establish a new pattern of development
Adhere to the strategic foundation of expanding domestic demand, accelerating the cultivation of a complete domestic demand system, organically integrate the implementation of the domestic demand expansion strategy with deepening supply-side structural reforms, and lead and create new demand with high-quality supply driven by innovation. It is necessary to smooth the domestic cycle, promote the national and international double cycle, comprehensively promote consumption and expand the investment space. The Fifth Plenary Session of the XIX Central Committee of the Communist Party of China outlined a specific route for the formation of a strong domestic market and the construction of a new pattern of development during the period of the “XIV Five-Year Plan”.
The analysis pointed out that the construction of a new development pattern with the great internal cycle as the main body and the mutual promotion of the national and international double cycles is the result of China actively responding to changes in the international and internal situation, advancing with the times and fostering new advantages in international economic cooperation and competition. The choice made. In the face of the “Fourteenth Five-Year Plan”, the basic role of consumption and the key role of investment will be further strengthened. Although a market with strong domestic demand is forming, more open and effective financing measures will also be implemented, promoting the national and international dual cycle.
Take advantage of the potential of domestic demand to smooth national circulation
“One minute after opening, sales of domestic brands such as Cobos and Pechoin rushed to exceed 100 million yuan.” “In the first 111 minutes, the turnover of 100 brands exceeded 100 million yuan.” “Live room super shopper, 150 minutes of sales exceeded Billion” … On November 1, the annual “Double Eleven” promotion has just started, and major e-commerce platforms have been reported frequently.
This is a microcosm of the gradual recovery of China’s strong domestic market. Data shows that total retail sales of consumer goods in the third quarter increased 0.9% year-on-year, and the quarterly growth rate went from negative to positive for the first time during the year, 4.8 percentage points faster than in the second trimester.
Investment data is also “popular”. In the first three quarters, national investment in fixed assets increased by 0.8% year-on-year and the growth rate went from negative to positive for the first time in the year. “Overall, the contribution of domestic demand continues to recover and continues to increase, which is very beneficial for us to build a new dual-cycle development pattern,” said Liu Aihua, spokesman for the National Bureau of Statistics and Director of the Department. of Comprehensive National Economic Statistics.
Achieving this achievement is inseparable from China’s long-term plan to harness the potential of domestic demand, build a strong domestic market, and enhance the endogenous power of the economy.
Han Wenxiu, deputy director of the Central Finance and Economic Commission Office in charge of daily work, said that since the 18th National Congress of the Communist Party of China, we have always emphasized the basic 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 has exceeded 100%. The momentum of the domestic cycle has increased significantly. Economic growth is increasingly dependent on domestic consumption and investment.
Zhu Keli, executive director of the National New Economy Research Institute, noted that China has entered a high-quality development stage and is in a critical period to transform the development mode, optimize the economic structure, and transform the momentum of the increase. Through supply-side structural reforms and institutional innovations, with new consumption and new infrastructure as wings, promote new consumption and promote the construction of a new generation of information infrastructure, will accumulate new momentum for the Chinese economy and build a new pattern of development.
Expand openness and strengthen international circulation
The experts pointed out that the new development pattern emphasizes the double national and international cycle, and deep participation in the international cycle is also the meaning of the theme of building a new development pattern.
Han Wenxiu said that it is necessary to expand the openness to the outside world to a higher level, expand market access for foreign-financed enterprises, and make better use of domestic and international markets. Create a market-oriented, rule-of-law, international business environment, relying on a strong domestic market, make our country a strong gravitational field that attracts high-quality global factor resources, and become a fertile ground for investment and foreign businesses, so that national and international cycles can promote and complement each other.
“The construction of a new development pattern does not mean a decline in the state of openness to the outside world. 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. It is also an important feature of the economy of a great country, “Han Wenxiu said.
In fact, since this year, while stabilizing domestic economic development, China has also put in place multiple measures to maintain the stability of the global industrial chain and supply chain, continue to increase foreign trade and foreign investment, and inject a new boost to global economic and trade cooperation. Statistics show that in the first three quarters, China’s total volume of imports and exports increased 0.7% year-on-year, and the real use of foreign capital increased 5.2% year-on-year, both achieving positive growth. Foreign funds entering the Chinese market continued to increase. Since September, exports increased 8.7% and imports increased 11.6%.
Ning Jizhe, deputy director of the National Development and Reform Commission and director of the National Bureau of Statistics, believes that the acceleration of exports has benefited from objective factors such as the prevention and effective control of epidemics and the high levels of resumption of the work and business production. At the same time, as China’s domestic economy recovers and demand recovers, our demand for foreign imports has also increased. “So overall, China’s current economic recovery not only leads to China’s own growth, but also has a positive pull effect on the global economic recovery,” he said.
In the face of the “14th Five-Year Plan”, this attraction effect will continue to be reinforced through a more active opening. Persist in opening up ever wider areas and deeper levels, relying on the advantages of the large Chinese market to promote international cooperation and achieve mutual benefit and win-win … The Fifth Plenary Session of the 19th Party Central Committee has released an important high level opening signal.
Bidirectional force to open locking points
Build a new pattern of development
The analysis pointed out that to build a new development pattern, it is necessary to further break the blockage points in all links, promote the integration of the two national and international markets and two resources, in order to explore greater development potential.
“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 national and international cycles”. Han Wenxiu said that in order to build a new development pattern, we must first insist on expanding domestic demand as a strategy The basic point is to smooth the circulation of the national economy and break the blockage points in many links from production and distribution to circulation. and consumption.
In his opinion, breaking the deadlock depends on deepening structural reforms on the supply side and making great strides in reforming key areas and links. It is necessary to strengthen key core technology research, maintain the security and stability of the industrial chain and 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.
Lin Yifu, a professor and dean of the Institute of New Structural Economics at Peking University, said that focusing on the internal cycle does not mean that the original national and international markets and the two resource needs are not important, because the economy must develop well. . Each country must make the most of its own comparative advantages. In Lin Yifu’s view, if China can make full use of the domestic and international dual cycle, China’s development will also bring development opportunities to other countries.
Liu Shangxi, secretary of the Party Committee and dean of the Chinese Academy of Fiscal Sciences, said that “domestic circulation as a pillar” does not mean closing the country and it does not mean closing the door on construction. It requires a higher level of openness and the need to expand internal circulation through external circulation. Spread and strengthen the integral strength of the country.
