A New Round Of Industrial Revolution And Digital Economy Bring New Opportunities

The "China Development Forum 2017 Annual Meeting" hosted by the Development Research Center of the State Council and organized by the China Development Research Foundation was held in Diaoyutai State Guesthouse in Beijing. At the meeting, "supply side structural reform" became an important topic of discussion. Participants believed that the current phenomenon of China's economy "turning from reality to emptiness" is quite prominent, and we should focus on innovating institutional supply, implementing innovation driven, expanding effective demand, and preventing and controlling potential risks. We should use more market-oriented and legal means to promote the supply side structural reform by means of reform and grasp the new round industrial revolution , digital economy and other opportunities, vigorously promote scientific and technological innovation, institutional innovation to reshape the driving force of economic development.

He Lifeng, director of the National Development and Reform Commission, said that China's economic development is currently facing three structural imbalances: first, the structural supply and demand imbalance of the real economy. Although the capacity of the supply system is very strong, most of them can only meet the needs of the middle and low end, low quality and low price, which is difficult to meet the escalating multi-level, high-quality and diversified consumption needs of the public. The second is the imbalance between finance and the real economy. There is a phenomenon that funds go from real to virtual. A large amount of funds circulate within the financial system, which not only increases the risk of the financial system, but also further aggravates the financing difficulties of the real economy. The third is the imbalance between real estate and the real economy. A large amount of funds poured into the real estate market, which once drove the house prices of first tier cities and hot second tier cities to rise too fast, further pushing up the cost of real economy development.

He Lifeng said that in order to resolve the above three major imbalances, we must aim at the main contradictions, find a way to optimize the structure, and work on the supply side. We must adhere to the coordination of all parties, strengthen the joint force, and adhere to the goal of leading, maintain calm, and constantly push forward the supply side structural reform to achieve our expected goals. In order to implement the decision and deployment of the Central Committee, this year we will focus on five aspects: first, we will focus on innovating the supply of systems and optimizing the allocation of factors. Accelerate the reform of state-owned enterprises and state-owned assets, finance and taxation, finance, investment and financing, price, social security and other important areas and key links, strengthen the construction of property rights protection system, eliminate hidden barriers to concentration, better stimulate the vitality of non-public economy, deepen the reform of factor market, play the decisive role of price mechanism on factor allocation, guide the free flow of factors, Promote the concentration of factors to industries and enterprises with high productivity, improve labor productivity, improve total factor productivity, and increase potential economic growth rate.

The second is to focus on implementing innovation driven and revitalizing the real economy. Seize the bull's nose of zombie enterprises, and make full use of market-oriented and legal means to resolve excess capacity. We should optimize the distribution of productive forces and the structure of industrial organizations, strengthen financial support for the real economy, curb the rising leverage of non-financial enterprises, and reduce the asset liability ratio. We should increase efforts to cut taxes and fees, especially the clearing up of fees charged by enterprises, reduce factor costs and various transaction costs, especially institutional transaction costs, so that the real economy can glow with new vitality Form new advantages. We should deepen the supply side structural reform of agriculture, actively adjust the agricultural structure, reform and improve the price formation mechanism and storage system of grain and other important agricultural products, improve agricultural subsidies, investment, credit, insurance, land use and other policies, support agricultural technology innovation, deepen the reform of rural collective property rights system, and accelerate the development of rural primary, secondary and tertiary industries, Accelerate the cultivation of new driving forces for agricultural development.

Third, focus on expanding effective demand and stabilizing the macro environment. We should maintain steady growth of consumption, continue to promote the expansion of consumption, accurately expand effective investment, promote coordinated and coordinated development between urban and rural areas and regions, solidly promote the three major strategies, create new functional platforms such as national level new areas and comprehensive innovation and reform experimental areas, and constantly cultivate new growth axes and growth belts.

Fourth, focus on preventing and controlling potential risks and firmly hold the bottom line. Prevention and control financial risk Put it in a more important position, deepen the reform of the financial system, accelerate the establishment of a regulatory coordination mechanism, properly dispose of non-performing assets, and ensure that no systemic risks occur through sound monetary policies, precise industrial policies, and land policies. We should adhere to the policy of de stocking based on the city and the land, follow the orientation of "houses are for living, not for speculation", regulate and control the policy by category based on the city, speed up the improvement of the long-term mechanism to promote the steady and healthy development of real estate, and control the excessive flow of credit funds to the real estate industry.

Fifth, focus on ensuring and improving people's livelihood and enhancing people's sense of gain.

Yang Weimin, Deputy Director of the Office of the Central Leading Group for Finance and Economics, said that this year is the year of deepening the supply side structural reform. Deepening has two meanings: first, the expansion of scope and tasks, from last year's "three reductions, one reduction and one subsidy" to this year's "three reductions, one reduction and one subsidy", agricultural supply side structural reform, revitalization of the real economy Promote the steady and healthy development of the real estate market in four aspects, and expand the industries that reduce production capacity; Second, the means should be deepened, and more market-oriented and legalized means and reform methods should be used. For example, in terms of capacity reduction, we should not only focus on capacity reduction for target management, but also study what kind of market-oriented means to achieve. We can't just remember the goal and forget the reform.

He said to promote the structural reform of supply-side First, there are short-term problems in the operation of China's economy, which are deeply rooted in major structural imbalances, such as the structural imbalance between supply and demand in the real economy; Second, the fundamental reason for these major structural imbalances is the institutional and institutional barriers, which make the market not fully play the decisive role in allocating resources, and the government not better play its due role. China's supply side structural reform is to solve this major structural imbalance through institutional and mechanism reform. Although great progress has been made since the comprehensive deepening of reform, further efforts should be made to reduce the direct allocation of resources by the government.

Zheng Zhijie, President of the National Development Bank, said in his speech that the key to promoting the supply side structural reform is to improve industrial innovation capability and core competitiveness. Whether it is "addition" to complement weaknesses, "subtraction" to reduce costs and increase efficiency, "multiplication" of reform and innovation, and "division" to eliminate excess capacity, all are aimed at improving industrial innovation capability and core competitiveness. We should seize the opportunities brought by the new round of industrial revolution and digital economy, vigorously promote scientific and technological innovation and institutional innovation, develop advanced manufacturing industry, focus on transforming traditional industries with new technologies and new formats, promote economic development from low-end industrial chain to medium and high-end, and reshape the new driving force of economic development. Zheng Zhijie said that more efforts should be made to support the improvement of weak points, solidly promote the major projects of the "13th Five Year Plan", vigorously promote the development of the new generation information technology industry of intelligent manufacturing, and promote the new urbanization of people first, and support the construction of underground utility tunnels, sponge cities, and characteristic towns.

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