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Economics of a Great Nation

Oct 27-2023   



On October 21, 2023, ‘PKU Chengze – NIO seeds Lecture Hall’ held its fourth edition, in which Prof. Lu Ming and Prof. Yang Rudai gave lectures decoding the growth of the Chinese economy over the decades and analyzing its development direction in the future. The Lecture Hall is jointly hosted by the NSD and the public welfare division of NIO, a leading new energy automaker.

 

The two speakers based their speeches on the new book, Great Nation Economics: Long-Term, All-Rounded, and Multi-Dimensional Development of China, to which they contributed their research. Prof. Lu Ming, who is Distinguished Professor of Antai College of Economics and Management, Shanghai Jiao Tong University, told the audience that the book was intended to tell the stories of China’s transitions from the perspective of it being a large country, and explored the impacts and suitability of policies and institutions on its development. He said that the exceptional success of the Chinese economy over the last few decades dovetails with economic principles, by harnessing comparative advantages to jump start and then drive growth through urbanization and industrialization. To achieve future success, it needs to deepen reforms, leverage its advantages and mitigate its disadvantages, push for high-quality development, and take advantage of its enormous market. He believed that the government and the market should supplement each other effectively and efficiently, and external political environment and climate changes must be addressed.

 

Prof. Yang Rudai, who is Peking Universiy Bo Ya Distinguished Professor, shared his thoughts and findings on the predicament facing China’s economic growth, inter-provincial trade and the construction of a unified domestic market, as well as the digital economy. He said that the Chinese economy will need to shift from being factor input-driven to efficiency-driven. The challenges lie in the lack of new growth drivers, continuous rise in labor and capital costs, and severe structural imbalances among regions and groups. He pointed out that a unified national market and its integration with the digital economy will generate major growth opportunities. Given that a unified market will significantly reduce factor costs but cannot rectify insufficient demand, he suggested that government policies should pivot to the demand side.

 

As a top think-tank, the NSD has the intrinsic responsibility to promote public discussions and enlightenment. Through the Lecture Hall, a series of lectures will be delivered by PKU professors and renowned scholars to unlock beneficial perspectives on history, sociology, philosophy and other fields.

Economics of a Great Nation

Oct 27-2023   



On October 21, 2023, ‘PKU Chengze – NIO seeds Lecture Hall’ held its fourth edition, in which Prof. Lu Ming and Prof. Yang Rudai gave lectures decoding the growth of the Chinese economy over the decades and analyzing its development direction in the future. The Lecture Hall is jointly hosted by the NSD and the public welfare division of NIO, a leading new energy automaker.

 

The two speakers based their speeches on the new book, Great Nation Economics: Long-Term, All-Rounded, and Multi-Dimensional Development of China, to which they contributed their research. Prof. Lu Ming, who is Distinguished Professor of Antai College of Economics and Management, Shanghai Jiao Tong University, told the audience that the book was intended to tell the stories of China’s transitions from the perspective of it being a large country, and explored the impacts and suitability of policies and institutions on its development. He said that the exceptional success of the Chinese economy over the last few decades dovetails with economic principles, by harnessing comparative advantages to jump start and then drive growth through urbanization and industrialization. To achieve future success, it needs to deepen reforms, leverage its advantages and mitigate its disadvantages, push for high-quality development, and take advantage of its enormous market. He believed that the government and the market should supplement each other effectively and efficiently, and external political environment and climate changes must be addressed.

 

Prof. Yang Rudai, who is Peking Universiy Bo Ya Distinguished Professor, shared his thoughts and findings on the predicament facing China’s economic growth, inter-provincial trade and the construction of a unified domestic market, as well as the digital economy. He said that the Chinese economy will need to shift from being factor input-driven to efficiency-driven. The challenges lie in the lack of new growth drivers, continuous rise in labor and capital costs, and severe structural imbalances among regions and groups. He pointed out that a unified national market and its integration with the digital economy will generate major growth opportunities. Given that a unified market will significantly reduce factor costs but cannot rectify insufficient demand, he suggested that government policies should pivot to the demand side.

 

As a top think-tank, the NSD has the intrinsic responsibility to promote public discussions and enlightenment. Through the Lecture Hall, a series of lectures will be delivered by PKU professors and renowned scholars to unlock beneficial perspectives on history, sociology, philosophy and other fields.