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The 5th China Economic Development Forum Opens

Apr 18-2013   



 

By YU Wenxin

 

At 10am on December 13th, 2007, the 5th China Economic Development Forum was officially launched at Langrunyuan, Peking University. At the turn of the year, this forum gathers experts and scholars from various fields to hold dialogic seminars on the important issues in the economic reform and development of China, commenting on the hot spots in 2007 and speculating on the development trends in 2008.

 

The theme of this forum was about development strategy and changing growth pattern. Special guests Professor ZHENG Xinli, Deputy Director of the Policy Research Office of CPC Central Committee, and Professor Justin Yifu Lin, Director of China Center for Economic Rearch at Peking University, each delivered a speech. They summed up China’s major economic achievements in 2007, commented on the eye-catching issues, such as the 17th national congress of the CPC, efforts of enterprises to raise energy efficiency, cut down resource consumption and reduce pollution discharge, expansion of the foreign exchange reserve, drastic rise of the CPI, and reform of the financial system, as well as forecasting about the development trends of Chinese economy in 2008.

 

In Professor ZHENG Xinli’s opinion, the year 2007 is the fifth year for this round of economic growth of China. In this year, the national economy has maintained its trend of fast but steady growth. As a result, for the fifth consecutive year, the economic fluctuation has been controlled within a range of no more than 1%, and the two-digit economic growth rate of the country has been maintained for 5 years, which is the first time since the beginning of the reform and opening up campaign. As for the problems, such as inflation, Professor Zheng believed that they could be solved through implementing a steady fiscal policy and a moderately tight monetary policy, which would effectively prevent the relatively fast economy from becoming overheated and prevent the structural rise of prices from evolving into severe inflation. In terms of changing the development strategy of China’s economy, Professor Zheng made proposal, “In the future, we should take comprehensive measures to improve the demand and supply structure, raise the quality of the productive factors, and combine the productive factors in a better way, so as to put in practice the scientific outlook on development and ensure fast and healthy development of the economy of China.”

 

Professor Lin summarized the economic development of China in 2007 in three aspects. First of all, the redundant productivity of the national economy has been gradually digested, which is a great achievement. But the ensuing fast growth of investment and export has caused high levels of inflation. Secondly, this year has seen rather rapid rise of both income and consumption as we wished. In the meantime, however, a trend of inflation mainly driven by food prices has already appeared. Thirdly, in terms of environment and sustainable development, the campaign of saving energy and reducing pollution under the “11th Five-Year Plan” has passed a milestone and achieved gratifying progresses in this year. Nonetheless, problems also lurk around. The “blue algae event” in Wuxi and other events like this have happened, indicating that many places are already on the brink of their environment carrying capacity. 

 

As for the development strategy of China, Professor Lin emphasized development based on “comparative advantage” and relevant policy measures to match this developing pattern. On his part, Professor Zheng mentioned three ideas, namely, to “boost the free flow of productive factors among the regions, speed up the planning of the major function regions, and reform the pricing mechanism for resources”. The two professors also shared their opinions as to how to solve the problems that would be dominant and urgent for China in the upcoming years. Professor Lin said, “In next year, the focus will be placed on implementing the report of the 17th CPC national congress. For it not only has comprehensively summarized the achievements and problems, but also has accurately analyzed where the challenges are and has made scientific plans about how to surmount them. To implement this report, study of this report is necessary, and so is the guarantee by the systems.” Then Professor Lin said that it was essential for the small and medium enterprises, labor-intensive and enjoying comparative advantage, to prosper. He hoped that considerable progresses would be made in financial reform, especially the reform of financial structure, in next year. Besides, he said that the welfare mechanism of the labor market and the innovation mechanism in the field of philosophy and social sciences should also be vigorously developed. On the other side, Professor Zheng held that three measures should be adopted: The first was to encourage technical innovation. The R&D investment should be radically increased and the open-style innovation should be pursued. The second was to adjust the structure of investment and consumption. The ratio between export and domestic demand should be adjusted so that the national economy could more depend on the domestic market and the growth of domestic consumption for its growth. And the third was to strengthen the development of the tertiary industries and facilitate agricultural modernization.

 

At last, each of the two professors gave a one-sentence comment on the economic development in 2008 to conclude the first seminar of the 5th China Economic Development Forum. Professor Zheng said, “Chinese economy can overcome the unhealthy and negative factors in early 2008, and then continue its 5-year good trend of steady and fast growth.” And Professor Lin believed that, “Next year will still see rapid economic development, and better development on that, thanks to the guidance by the scientific outlook on development.”

 

The 5th China Economic Development Forum Opens

Apr 18-2013   



 

By YU Wenxin

 

At 10am on December 13th, 2007, the 5th China Economic Development Forum was officially launched at Langrunyuan, Peking University. At the turn of the year, this forum gathers experts and scholars from various fields to hold dialogic seminars on the important issues in the economic reform and development of China, commenting on the hot spots in 2007 and speculating on the development trends in 2008.

 

The theme of this forum was about development strategy and changing growth pattern. Special guests Professor ZHENG Xinli, Deputy Director of the Policy Research Office of CPC Central Committee, and Professor Justin Yifu Lin, Director of China Center for Economic Rearch at Peking University, each delivered a speech. They summed up China’s major economic achievements in 2007, commented on the eye-catching issues, such as the 17th national congress of the CPC, efforts of enterprises to raise energy efficiency, cut down resource consumption and reduce pollution discharge, expansion of the foreign exchange reserve, drastic rise of the CPI, and reform of the financial system, as well as forecasting about the development trends of Chinese economy in 2008.

 

In Professor ZHENG Xinli’s opinion, the year 2007 is the fifth year for this round of economic growth of China. In this year, the national economy has maintained its trend of fast but steady growth. As a result, for the fifth consecutive year, the economic fluctuation has been controlled within a range of no more than 1%, and the two-digit economic growth rate of the country has been maintained for 5 years, which is the first time since the beginning of the reform and opening up campaign. As for the problems, such as inflation, Professor Zheng believed that they could be solved through implementing a steady fiscal policy and a moderately tight monetary policy, which would effectively prevent the relatively fast economy from becoming overheated and prevent the structural rise of prices from evolving into severe inflation. In terms of changing the development strategy of China’s economy, Professor Zheng made proposal, “In the future, we should take comprehensive measures to improve the demand and supply structure, raise the quality of the productive factors, and combine the productive factors in a better way, so as to put in practice the scientific outlook on development and ensure fast and healthy development of the economy of China.”

 

Professor Lin summarized the economic development of China in 2007 in three aspects. First of all, the redundant productivity of the national economy has been gradually digested, which is a great achievement. But the ensuing fast growth of investment and export has caused high levels of inflation. Secondly, this year has seen rather rapid rise of both income and consumption as we wished. In the meantime, however, a trend of inflation mainly driven by food prices has already appeared. Thirdly, in terms of environment and sustainable development, the campaign of saving energy and reducing pollution under the “11th Five-Year Plan” has passed a milestone and achieved gratifying progresses in this year. Nonetheless, problems also lurk around. The “blue algae event” in Wuxi and other events like this have happened, indicating that many places are already on the brink of their environment carrying capacity. 

 

As for the development strategy of China, Professor Lin emphasized development based on “comparative advantage” and relevant policy measures to match this developing pattern. On his part, Professor Zheng mentioned three ideas, namely, to “boost the free flow of productive factors among the regions, speed up the planning of the major function regions, and reform the pricing mechanism for resources”. The two professors also shared their opinions as to how to solve the problems that would be dominant and urgent for China in the upcoming years. Professor Lin said, “In next year, the focus will be placed on implementing the report of the 17th CPC national congress. For it not only has comprehensively summarized the achievements and problems, but also has accurately analyzed where the challenges are and has made scientific plans about how to surmount them. To implement this report, study of this report is necessary, and so is the guarantee by the systems.” Then Professor Lin said that it was essential for the small and medium enterprises, labor-intensive and enjoying comparative advantage, to prosper. He hoped that considerable progresses would be made in financial reform, especially the reform of financial structure, in next year. Besides, he said that the welfare mechanism of the labor market and the innovation mechanism in the field of philosophy and social sciences should also be vigorously developed. On the other side, Professor Zheng held that three measures should be adopted: The first was to encourage technical innovation. The R&D investment should be radically increased and the open-style innovation should be pursued. The second was to adjust the structure of investment and consumption. The ratio between export and domestic demand should be adjusted so that the national economy could more depend on the domestic market and the growth of domestic consumption for its growth. And the third was to strengthen the development of the tertiary industries and facilitate agricultural modernization.

 

At last, each of the two professors gave a one-sentence comment on the economic development in 2008 to conclude the first seminar of the 5th China Economic Development Forum. Professor Zheng said, “Chinese economy can overcome the unhealthy and negative factors in early 2008, and then continue its 5-year good trend of steady and fast growth.” And Professor Lin believed that, “Next year will still see rapid economic development, and better development on that, thanks to the guidance by the scientific outlook on development.”