Chinese economy to highlight quality and efficiency: expert

Wang Yiming, Deputy Director of the Development Research Center at the State Council, speaks at the Annual Conference on China’s Economy and International Cooperation (New Bashan Cruise Conference - 2017) in Beijing, on October 28, 2017. [Photo: sina.com.cn]

The Annual Conference on China's Economy and International Cooperation has been held in Beijing, focusing on China's interactions with the world after the 19th CPC National Congress.

During the event, the concept of a modern economic system, raised by General Secretary Xi Jinping during his report to the Congress, became a hot topic for discussion.

CRI's Guan Chao has more. 

Speaking at the annual conference, Wang Yiming, Deputy Director of the Development Research Center at the State Council, says a focus on quality and efficiency will drive China's future economic development. 

"The Chinese economy will maintain a medium-to-high growth rate under the new normal. Enhancing quality and efficiency will likely become a main theme of economic development. Traditional industries are either peaking or about to peak. The emerging industries will enter a round of expansion."

General Secretary Xi Jinping emphasized the idea of building a modern economic system for China during the 19th CPC National Congress. 

Wang Yiming is now sharing his ideas on how to build such a system, based on his analysis of China's economic trends after the conclusion of the Congress. 

"The report stressed quality and efficiency. It also emphasized the deepening of supply-side structural reform. It proposed to build an industrial system. I think such a system would highlight the coordination of real economy, science and technology innovation, as well as modern finance. It also proposed to build an economic system, featuring effective market mechanisms, dynamic micro-economic entities, and strong macro-economic measures."

Former Secretary of Nanjing University, Professor Hong Yinxing, further points out that building a modern economic system also requires innovation-driven development.

"Chinese enterprises going international does not simply mean they are buying a foreign football team, a hotel or a club. It should also involve moving toward the higher end of the value chain. A higher place on the global value chain means more opportunities for Chinese industries, as well as countries and regions along the 'Belt and Road.'"

Also present at the conference, former Slovenian President Danilo Türk believes as China shifts its focus from economic output to development quality, it also needs more cooperation with other countries and regions.

"We need more development channels of scientific exchange between the European Union and China for the future. We have heard that the 19th (National) Congress of the CPC has moved the emphasis from applied research toward more fundamental research for the future. What does that mean for cooperation with partners in Europe? I think this is a challenge which all universities in China and in the European Union must give attention to. We will need to think about how to develop that cooperation further to new levels."

Türk adds that China-EU cooperation should also be expanded to the innovation of social policies and the rule of law. 

For CRI, I'm Guan Chao.