The Quality Of Economic Growth Is More Important Than Speed.

China's economy enters a new normal and future

How much can it achieve? How can finance support economic development? Professor Ba Shu song, member of the 13th Five-Year plan expert committee, put forward his own views on this issue. Please read this article.

The CCP concluded on 29 the fifth Plenary Session of the 18th CPC Central Committee.

The plenary communique put forward that the "13th Five-Year" period is the decisive stage for China to build a moderately prosperous society in an all-round way.

One of the new goals of building a well-off society in an all-round way is to maintain rapid economic growth. By 2020, the gross domestic product (GDP) and per capita income of urban and rural residents have doubled in 2010.

In recent years, due to the weakening of traditional growth momentum such as investment and exports, China

The growth rate continued to slow down, from 9.5% in 2011 to 7.4% in 2014, and further down to 6.9% in the first three quarters of 2015.

Professor Ba Shu song pointed out that from the current trend, the potential growth rate of China's economy will fall to 6%-6.5% in the next five years, which is a "probability event".

Although this growth rate has been reduced compared with the previous one, it is still strong globally, and China will remain one of the fastest growing economies in the world.

He believes that in view of the biggest structural change in the economy during the 13th Five-Year period, the official stable economic growth policy in the next five years will be more in reform.

The reform should be based on the principle of marketization, pay more attention to adjusting the supply side, and speed up the elimination of "zombie enterprises" to resolve excess capacity.

Specific to financial reform, we will focus on encouraging financial innovation, developing multi-level capital markets, and accelerating the market-oriented reform of interest rate and exchange rate.

The capacity of the real economy.

Professor Ba Shu song, member of the expert committee of the 13th Five-Year plan, pointed out that to achieve this goal, China's economy needs to maintain an average annual growth rate of about 6.5% during the period of 13th Five-Year.

He also cautioned that as China's economy gradually entered the "new normal", the quality of economic growth is more important than speed.

In fact, the main concern of the current market is no longer whether the economic growth is down, but whether the quality of growth has been improved, and whether economic restructuring and reform have made new progress.

In view of this, "even setting up growth targets is mainly referential."

The communique also made it clear that we should develop a higher level of open economy and actively participate in global economic governance and public goods supply, and for the first time propose to improve China's "institutional discourse power" in global economic governance.

Professor Ba Shu Song said that the current global economic governance structure is being restructured, "this provides a rare time window for China's global layout."

Under the background that China has become a major commodity consuming country and a large financial asset country, the right to speak in financial field deserves special attention.

He suggested that the decision-making level should win the pricing and discourse power in the financial field in an open field of vision, including building a commodity trading platform with international influence, forming a diversified investor structure and conducting a deep market paction.