China's Economy: Structural Adjustment As The Main Direction

"When Former international financial crisis The impact is still continuing. We believe that the outbreak of the crisis and its impact are so intense and lasting that the root cause is the long-term accumulation of structural imbalance in the world economy. At the 2012 China Development Summit Forum, Li Wei, director of the development research center of the State Council, said.

He believes that the short-term macroeconomic recovery is very important, but if the deep-seated structural contradictions are not resolved, the foundation for recovery will not be stable and the momentum can not be maintained for a long time. Therefore, the task of economic restructuring is both arduous and urgent for China and the world.

The Forum on China's development is hosted by the State Council Development Research Center and hosted by the China Development Research Foundation. The theme of this annual meeting is "China and the world: macroeconomic adjustment and structural adjustment". Chinese and foreign experts, scholars, government officials, representatives of international organizations and entrepreneurs jointly take the pulse of China's economy.

　 Fundamentals have not changed for a long time.

Zhang Ping, director of the national development and Reform Commission, said that development is the key to solving all the problems in China, and the fundamentals of China's long-term development are unchanged.

Ma Jiantang, the head of the National Bureau of statistics, believes that the basic factors for the long-term and steady development of China's economy are urbanization, industrialization, marketization and internationalization. These basic factors have not changed.

He selected the data of the urbanization rate of major countries in 2010 to compare, of which less than 50% of China and 66% of developed countries. Therefore, he believes that there is still much room for urbanization in China, which will greatly change the mode of production and consumption. At the same time, the industrialization process has not ended. In terms of marketization, we need to further strengthen all aspects of reform, which will surely stimulate vitality and improve the efficiency of resource allocation. In the aspect of internationalization, China will become more and more integrated into the world integration process.

The trend of economic development in the future will be as follows: industrialization will have new characteristics, and the acceleration of domestic labor costs will increase. The huge traditional manufacturing industries are increasingly constrained by resource and environmental factors such as land, water, energy and air quality. The contribution and flexibility of human capital and technological innovation to economic growth will be increasing. The trend of urbanization is still the main feature of future economic development, will release huge potential of investment and consumption demand, and at the same time, new changes will take place in the pattern of urbanization. The contents of internationalization will undergo relatively large changes. The most important thing is that the balance of payments will gradually move towards a basic balance. The process of marketization will continue, and the reform will also accelerate, and the reform will be deepened according to the principle of combining value orientation with problem orientation. Liu He, deputy secretary of the CPC Central Committee and deputy director of the development research center of the state Council and deputy director of the office of the central financial and economic leading group, said that China

　 Challenges have increased.

Zhang Ping believes that the current international environment for China's development is still grim and complex, and the domestic development is also facing the contradictions of imbalance, uncoordination and unsustainability. Price and structure The three party relationship still faces many challenges.

Ma Jiantang believes that the restrictive factors restricting China's rapid economic growth are increasing. First, the strength of labor resources is weakening. The aging of China's population will further accelerate, and the labor force as a factor of production is decreasing, and the aging population that needs to be burdened is unlikely to have an impact on the future of China's economy. Second, the constraints of resources and environment are increasingly prominent. Behind the rapid growth of China's economy is a strong consumption of energy resources. In 2011, the standard coal consumed by China's economy was 35 million tons. Compared with the world, China had less per capita resources, but the energy consumption was large and the environmental pollution was serious. The cost of pollution control increased rapidly.

Structural adjustment urgently needs to be promoted

Joseph Stiglitz, a professor at Columbia University, believes that the way China responds to the global economic crisis is to maintain growth, at least with quality growth, and at the same time, carry out economic restructuring to ensure sustainable growth.

Professor, School of economics and management, Tsinghua University Li Tai Wu The main objective of China is not only to control prices, to maintain growth, but also to adjust the structure.

Morgan, a professor at Yale University and a non executive chairman of the Stanley company (Asia), Stephen Hroch believes that China must shift more from external demand to domestic demand.

Christina Lagarde, President of the International Monetary Fund, said China should work in three areas to accelerate economic transformation. First, China should continue to support growth, which is enviable in China because of its ability to provide moderate financial support to its country. Second, we should change the driving force of economic growth from investment and export to domestic demand. Third, to raise the living standard of the people, so that the people of the whole country can share the benefits brought by sustained high-speed growth.

Gulya, Secretary General of the organization for economic cooperation and development, believes that the current slowdown in economic growth is actually a good thing and helps China speed up its economic transformation. Innovation is a very important part of China's reform process. China's innovation has already benefited the whole world. Innovation is the core of China's new development strategy. Since the late 90s of last century, China has been pursuing strategic transformation from a low cost labor economy to an economy based on science and innovation.

　　 Zhang Ping It is necessary to vigorously promote the upgrading and optimization of industrial structure. Adhere to independent innovation as an important support, and strive to promote the healthy development of high-tech industries and strategic emerging industries, accelerate the transformation and upgrading of traditional industries, and promote the development of the service industry.

Wan Gang, vice chairman of the CPPCC National Committee and Minister of science and technology, said there are some deep-seated structural problems in the world economy. To solve these structural problems and restore economic growth, the key is to rely on scientific and technological innovation, reshape the engine of economic growth, and promote industrial transformation. China's science and technology must shoulder the important mission of driving development. We need to continue to deepen the reform of the science and technology system and expand the opening and cooperation of science and technology.

　 Deepening reform and striving for new breakthroughs

Wu Jinglian, a researcher at the State Council Development Research Center, said that during the opening year of 12th Five-Year, the transformation of the mode of economic development and industrial upgrading have made some achievements, but the investment is too high and the cost is too high. The main reason is that the economic system obstacle has not been eliminated.

Qian Yingyi, Dean of the school of economics and management of Tsinghua University, thinks that China's structural adjustment is quite diverse. Generally speaking, there are three aspects: the imbalance of the structure lies in the fact that the investment is too high, the consumption is too low, and the economic growth is too dependent on exports. The structural adjustment is not only the adjustment of these three aspects, but also needs deep level reform. It is to adjust the relationship between the government and residents, enterprises and the market.

　　 Chairman of CIC International (Hongkong) Co., Ltd. Liu Zunyi believes that there are three areas to be reformed, one is to reform the tax system, such as the real right tax, and to introduce a comprehensive personal income tax system, regardless of interest rates, cash income or capital gains, the tax rate is progressively progressive; two is the increase in the service sector income tax rate, the balance of the tax burden; and the three is the realization of capital account convertibility.

Gao Yiya, chairman of the Bloomberg company, believes that three pillars should be established: the first pillar is the internationalization of the RMB. China has begun to try to settle RMB in cross-border trade, and is building a standardized offshore RMB market, helping to further integrate domestic and overseas markets; the second pillar is a more profound and clear understanding of the needs of the capital market, especially for SMEs to provide more capital sources; and the third pillar is to improve the risk management and supervision system, which is conducive to the global and even better development of China's financial market.

Zhang Ping said that he will focus on promoting the reform of key areas and key links, especially in the reform of product prices, health care system, income distribution system and fiscal and financial system, and so on, and make further progress in the socialist market economic system.