Boao Forum For Asia: What Are The Economic Signals?

On March 24, 2016, Premier Li Keqiang of the State Council on the 24 day

A keynote speech was delivered at the opening ceremony of the 2016 annual conference. The new economic signals conveyed aroused great concern from all walks of life.

In the complex situation of the world economic growth rate reaching a 6 year low, the international financial market turbulent and the trend of emerging economies differentiation, what are the prospects of China's economic pformation and upgrading? How to overcome the difficulties faced by the Asian economy?

Facing the "gateway", China's economic prospects are greater than difficulties.

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During the opening year, China's economy faced many difficulties, but there were many positive changes as well.

This is the two set of contrasting data: in the first two months of this year, China's export growth was negative, and industrial growth rate continued to fall.

But the key to steady growth is the first two months of fixed asset investment growth, the first rebound since last year, the planned investment growth of new projects is 40%, the broad money supply growth is higher than the expected target, the liquidity support is more abundant, the service industry is growing faster than the industry by 2.7 percentage points, the high-tech industry is growing faster than the industry by 3.6 percentage points, and the industrial structure is constantly optimized and upgraded.

On the whole, China's economic hopes outweigh its difficulties.

Premier Li Keqiang pointed out that since the beginning of this year, China's economic operation has been generally stable and new positive changes have taken place.

The speech responds to some people's worries about China's economy. It emphasizes the confidence in China's economy from three aspects: looking at the whole, looking at the trend and looking at the long term, and releasing the clear signal of our policy reserve to prevent economic stall, which has given the market a "reassurance".

Wang Jun, deputy director of information department, China International Economic Exchange Center

Throughout the history of world economic development, in the process of economic pformation and upgrading, from the middle income level to the high income level, there will be the throes of traditional economic reduction and the pformation of emerging economies.

While facing difficulties in pformation, we should also see that the positive forces of the economy are accelerating growth.

In terms of consumption, the growth rate of consumption of enjoying type goods is obviously faster than that of the whole consumption growth. The box office of the national film market ranks first in the world in February. In terms of investment, the proportion of investment in service industry and high technology industry in fixed assets increased by 0.5 and 0.4 percentage points respectively over the first two months.

The global economic development potential of DDT is huge, especially the strong domestic consumption and the prosperity of the service sector, which will greatly help China's economic pformation and growth.

China's economy can be stabilized.

We have every reason to believe that China's policymakers, entrepreneurs and ordinary people believe that China's economy can become the "fixed sea god needle" of this round of global economic adjustment.

Li Daokui, Professor of economics and management, Tsinghua University

Excavate "power" to stimulate endogenous force to initiate new kinetic energy

China's economy should not only keep up with the immediate pains, but also maintain rapid growth.

The key is to dig out the driving force and potential energy of China's economic pformation.

In his speech, Premier Li Keqiang took the "EMU" to compare the Chinese economy.

China's economy should not only be stable, but also be motivated, at least in three ways: reform and opening up, restructuring and improving people's livelihood.

The motive force to stimulate the future development of China's economy depends fundamentally on reform, especially the structural reform on the supply side, and also on opening up, especially in further opening up the service industry.

Chi Fulin, President of China Institute of reform and development

Decentralization and decentralization, multi-level capital market development and comprehensive promotion of business pformation and upgrading will intensify the efforts of a series of reform measures, which will further release the vitality of enterprises, stimulate the creativity of hundreds of millions of people, and inject a new source of power into the Chinese economy.

"China has the largest number of engineers and scientists in the world, and Chinese young people have a real thirst for entrepreneurship."

Mr Ke said that the huge scale of the Chinese market made it feasible to diversify business models.

As long as a series of reform measures are in place, especially the development and perfection of multi-level capital market, China's huge talent pool and innovation spirit can be pformed into more efficient economic output.

"A new round of reform and opening up will spout the new economy."

Zhang Yaqin, President of Baidu, believes that, like the growth of China's Internet industry, the rise of the new economy and the integration of new economy with traditional industries will fundamentally change China's economic structure and lay a solid foundation for China's economy to move from middle income to high income level.

Chen Jingwei, vice president of the China Federation of enterprises, also pointed out that the new economy is not just pursuing high-end technology. It is more important to upgrade the traditional economy with new technologies.

The process itself can lead to structural reforms such as capacity reduction and cost reduction, and it will help improve people's livelihood by solving a large number of jobs.

People's livelihood is forced to develop and reform.

The people's livelihood problem has been solved, and we can gain more popular support and build more consensus and development momentum.

In improving people's livelihood, more emphasis should be placed on the government's "bottom line".

Zhang Liqun, a researcher at the State Council Development Research Center, said that there are still many short boards to fill in the basic public services such as poverty alleviation, infrastructure and medical education in the central and western regions, while improving people's livelihood and enhancing people's sense of gain, they can also play an important role in stimulating effective investment and hedging the downward pressure on the economy.

Promoting "sharing" and building a community for development and cooperation

At the Boao forum for Asia, delegates from Asian countries generally indicated that at present, China's economic development has encountered some difficulties, and the development of the entire Asian economy has encountered many challenges.

But Asia is still one of the largest economic circles in the world, and the momentum of development is far from being stopped.

Asia has played a strong role in coping with the international financial crisis. In the past two years, it has encountered some difficulties, some of which have been hit by exchange rate fluctuations and serious capital outflows, and some economic growth has also experienced negative growth.

But the recovery of the world economy requires a greater role of the Asian economy.

As premier Li Keqiang said at the opening session, Asia is an important force for world peace and development, an important engine for world economic growth, and an important promoter of world civilization and progress.

The confidence and solidarity of Asian countries will surely overcome difficulties and usher in bright prospects.

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Compared to a high-speed train, China is the front end.

Zhang Yunling, director of the Department of international studies of the Chinese Academy of Social Sciences, said China should develop itself and let neighboring countries ride the "ride" of development.

Other carriages have to work together to run faster. Although each country has different stages of development, environment and culture and customs, it is necessary to seek common opportunities while seeking common ground while reserving differences.

Representatives from Southeast Asia said that "one belt and one road" and Asian investment bank are good carriers for Asian countries to strengthen cooperation.

By carrying out capacity cooperation in infrastructure, industrial equipment and other fields, Asian countries will win cooperation and share the dividends of integration development.

The two initiatives of the Asian Financial Cooperation Association and the Asian civilizations dialogue conference deserve special attention.

This is to promote the integration and development of Asia at the two levels of economic, financial and cultural civilization. It will become the two important "starting point" for the next Asian countries to carry out pragmatic cooperation.

Deputy director, information department, China International Economic Exchange Center

At present, some emerging Asian countries are facing higher debt rates, especially the decline in oil prices which aggravate the financial situation of some countries.

According to Wang Jun analysis, in order to guard against possible financial risks, we should communicate and coordinate with the platform of the Asian Financial Cooperation Association in order to avoid financial turbulence, and to strengthen the discourse power and influence of Asia as a whole in the international financial system, so as to better and more effectively participate in international economic governance.

"The Chinese market itself is a very large driver, and its own energy can drive the development of the global economy."

John Odem, global president of the six flag group, said: "we are optimistic about this opportunity, so investing in the Chinese market is the embodiment of" Chinese style sharing ".