In the 70 years since the founding of the People’s Republic of China, especially in the 40 years of reform and opening up, with the strong leadership of the Communist Party of China and the unremitting efforts of the Chinese people, China has risen from a low-income country with low incomes to a middle-income country. Achievements. In 2018, China’s total economic output crossed the 90 trillion yuan mark, and the per capita GDP was close to 10,000 US dollars. The economic growth rate of 6.6% was in the forefront of the world, and the contribution rate to world economic growth was around 30%. At present, China is the world’s second largest economy, the largest manufacturing country, the largest country in terms of trade in goods, and the largest foreign exchange reserve. It has achieved the largest poverty reduction in the history of mankind.
At present, the outstanding advantages of China’s economy are characterized by good resilience, sufficient potential, and large room for manoeuvre. The effect of superimposing these advantages is also very obvious. Based on this advantage, facing the global economic growth and the slowdown of international trade, the external economic environment is generally tightened, the structural contradictions of the domestic economy are more prominent, and the downward pressure on the economy still exists. In the first quarter of this year, China’s national economy still operates. Achieved a generally stable, stable and progressive development trend, economic data was better than expected, and the start was good. GDP growth was 6.4%, consumer prices rose by 1.8%, urban new jobs were 3.24 million, and foreign exchange reserves continued to remain above $3 trillion. Since April, foreign financial institutions such as the International Monetary Fund, Citibank, and JP Morgan Chase have raised their expectations for the Chinese economy and expressed optimism about China’s economic prospects.
The advantages of good toughness, sufficient potential and great room for maneuvering make us more confident in our confidence, keep our strength, adhere to the bottom line, work hard to do our own thing, and constantly consolidate the economy to continue to improve.
China’s economic development has good resilience and strong adaptability
Good economic development and resilience means that the economic development has strong ability to adjust and adapt, and has strong ability to withstand risks. When encountering difficulties and risks, it can take effective measures in time to promote the economy to return to normal state quickly.
China’s economic development has good resilience, the reason is comprehensive, but the most important are the following three aspects:
The advantage of the socialist system with Chinese characteristics is an important guarantee for achieving sustained and stable economic development. The leadership of the party is the most essential feature of socialism with Chinese characteristics and the greatest advantage of the socialist system with Chinese characteristics. To do a good job in economic work, we must strengthen the centralized and unified leadership of the Party Central Committee and improve the ability and level of party leadership economic work. Since the founding of the People’s Republic of China, especially in the past 40 years of reform and opening up, it is under the leadership of the party that we have adhered to economic construction as the center, the ability to control the economy has been continuously improved, the efficiency of economic decision-making and the execution of work have been continuously enhanced, making our economy very Strong ability to respond to a variety of risk challenges. For example, in the field of macro-control, after years of reform and exploration, we have focused on releasing the energy of the market economy and giving full play to the important role of macro-control. The macro-control policy choices do not engage in “drip irrigation” but “drip irrigation” and “sprinkler irrigation”. “The implementation of the policy is more precise, flexible and effective. In addition, governments at all levels have been steadily strengthening their physical fitness during the reform of the “distribution service” and the level of policy implementation has also been continuously improved.
Reform and opening up is a magic weapon for us to keep pace with the times and constantly gain momentum. Reform and opening up is China’s basic national policy, a key measure to determine the destiny of contemporary China, and a winning weapon for China’s big country’s economic development. Over the past 40 years, we have continuously improved the socialist market economic system, liberated, developed and protected productivity through reform and opening up, and effectively released the reform dividend and promoted economic development. We emphasize the advantages of the economic development of the big countries, and we must never forget to fill our own shortcomings. While realizing the overall economic development, the economic adjustment and adaptability is also constantly increasing. Regardless of the Asian financial crisis of 1998 or the subprime mortgage crisis of the United States in 2008, we all found the key points and breakthroughs in economic development through reforms, and finally realized the crisis in taking the opportunity, turning the crisis into opportunity, and turning the crisis into safety. Today, we have raised the banner of reform and opening up, and we will surely achieve new achievements through reform and opening up.
Relying on economic structure optimization and industrial structure upgrading has enhanced the stability and flexibility of economic development in the new era. Since the 18th National Congress of the Communist Party of China, we have continuously deepened the supply-side structural reforms, strengthened the drive for innovation, and effectively promoted major changes in the economic structure: economic growth has shifted from relying mainly on industry to industrial and service industries. In the quarter, the added value of the secondary and tertiary industries accounted for 96% of the gross national product. The economic support shifted from relying mainly on investment to consumption and investment. In addition, China has transformed from a major exporting country to a major exporting and importing country. In the first four months of this year, the total value of China’s import and export of goods reached 9.51 trillion yuan, a year-on-year increase of 4.3%, of which exports were 5.06 trillion yuan. Compared with 53.2%, the import is 4.45 trillion yuan, accounting for 46.8%. The structural change from “one big” to “two-wheel drive” has greatly enhanced the stability and flexibility of economic development.
China’s economic development potential is sufficient, and there is a broad space for steady growth.
China’s economic development potential is sufficient because the conditions necessary to support a stable and sustainable economic development are fully and forceful, and there is still room for improvement in high-quality economic development.
First, the market resources are vast. After 70 years of construction in New China, especially the 40 years of reform and opening up, China has formed an unparalleled market space in other countries: nearly 1.4 billion people, 900 million laborers, 800 million netizens, 170 million highly educated and owned The talent resources of skills and more than 100 million market entities, which are hundreds of millions of market resources and space, are important competitive advantages in participating in global economic competition. In accordance with the requirements of “market decision, government initiative”, we will eventually be able to release the power of moving mountains and reclamation to maintain steady economic growth.
Second, the potential of domestic demand continued to be strong. In terms of consumption, according to the World Bank classification, more than 400 million people in China are in the middle income stage. With the improvement of the consumption environment and the follow-up of quality supply, the potential for growth in consumer demand, especially for household consumption, has much room for growth. In terms of investment, fixed asset investment in the first quarter of this year increased by 6.3% year-on-year, and the growth rate accelerated by 0.4 percentage points over the previous year, further consolidating the steady state. At present, the space for supplementing shortcomings in the infrastructure and people’s livelihood areas is still large, and the traffic conditions in the central and western regions and border areas are still relatively backward; in many areas, water infrastructure is under-represented; urban underground pipe network transformation, rural road hardening, The investment needs of infrastructure construction such as waste water treatment, earthquake-resistant reinforcement of rural houses, and rural power grid reconstruction are still very large and urgent. In the next step, we will focus on the fight against poverty and pollution prevention, focus on key areas and weak links, and focus on shortcomings, and will continue to stimulate more endogenous incentives to promote investment growth.
Third, the new vitality is more abundant. The implementation of innovation-driven development strategy, the promotion of mass entrepreneurship and the policy of innovation for many people have greatly stimulated the vitality of entrepreneurship and innovation in the whole society. In 2018, China’s R&D investment was second only to the United States, ranking second in the world. The total R&D expenditure was as high as 1,965.7 billion yuan, up 11.6% year-on-year, accounting for 2.18% of the total economic output, which exceeded the EU average. Entrepreneurial innovation is pushing China’s past demographic dividend to talent dividend, which will continuously release the vitality, power and potential of economic development, greatly enhance the innovation and competitiveness of China’s economy, and effectively improve the ability to cope with complex situations.
China’s economic development has a large room for manoeuvre, with strategic depth
First, the development space is large. China has a vast territory with a land area of about 9.6 million square kilometers. The development gradient of the region is obvious. With the effective implementation of a series of major regional development strategies and the in-depth development of regional coordinated development, it will continue to expand the development space, further release the development potential, and accelerate the cultivation of new regional growth poles. In the first quarter of this year, the four major sectors of the East, Central, West and Northeast regions achieved positive interaction.
The coordinated development of Beijing-Tianjin-Hebei has made new progress, the Yangtze River Economic Belt has accelerated development, the integration of the Yangtze River Delta has been steadily advanced, and the development plan of Guangdong, Hong Kong, Macao and Dawan District has been released. Hainan Free Trade Zone is in an orderly construction, and the spatial development pattern is more optimized and expanded. In addition, there are large differences in the level of development and problems faced by different regions, and these differences often create many development opportunities. For example, when some industries lose their development advantages in coastal areas, they still have a lot of room for development in some inland areas; for example, when some areas face economic downward pressure due to relatively large structural adjustments, others are due to problems. Exposure and adjustment started earlier, and structural upgrades may have begun to bear fruit. Entering a stable growth period, we can export effective development experience, thereby improving the overall development level.
Second, the industry is complete. After the founding of the People’s Republic of China, China’s continuous efforts in the industrial field laid the foundation for the rapid development of China’s industrialization after the reform and opening up. After more than 40 years of reform and opening up, China has become a world industrial power and manufacturing power, and is currently in the world. The only country with all the industrial categories in the UN industry classification, among the world’s 500 major industrial products, 220 industrial products rank first in the world, and the industrial chain is very complete. Industrialization has also accumulated a solid material foundation for the country, so that China has the ability to transform industrial support, technological achievements and anti-risk that other countries cannot match. Even if some industries are affected by some external influences, they can not only make up for the accelerated development of other industries. Promote and support these industries to overcome difficulties and effectively hedge their impact on the overall economy.
Third, there is room for macroeconomic regulation and control. The market economy needs timely and moderate counter-cyclical adjustment and camera choices. There are still more policy reserves in the “toolbox” of China’s government macro-control, and there are more tools to choose from. Can play “combination boxing” or directional policy. Judging from the data released in the first four months of this year, we have more room for manoeuvre in the next step of macroeconomic regulation: from January to April, the general public budget revenue after tax reduction and fee reduction still increased by 5.3%, showing that fiscal policy still remains. There is a large space; CPI rose moderately by 2.5% in April and M2 increased by 8.5% year-on-year. Stable prices and expectations also reserved for monetary policy. From January to April, the total value of foreign trade imports and exports increased by 4.3%, at the end of April. The scale of foreign exchange reserves reached 305 billion US dollars, the balance of payments continued to stabilize and upgrade, and trade and exchange rate policies also left room for them to maintain stability.
Grasp the new connotation of important strategic opportunities, focus on doing your own business
The Chinese economy is still in a period of important strategic opportunities. The long-term trend of the economy will not change. We have the ability to stabilize the economic operation in a reasonable range.
In recent years, despite the increase of global turbulence sources and risk points, Sino-US trade and economic frictions continue, there are many difficulties and challenges in the economic field, and indeed face new downward pressure, which has brought new challenges to China’s economic development. However, we must see that these are all problems in the process of advancement and the pains that must be experienced in the process of economic structural change. China’s development is still in an important period of strategic opportunities. We must firmly grasp this new connotation. China has accelerated the optimization and upgrading of its economic structure, enhanced its ability to innovate in science and technology, deepened reform and opening up, accelerated green development, and participated in the reform of the global economic governance system. A lot of new opportunities, the long-term trend of the economy will not change, we have the ability to stabilize the economic operation in a reasonable range.
The National Bureau of Statistics summarized the data of the first quarter with “relatively bright” in the first quarter of the national economic operation. For example, the growth of the added value of industrial enterprises above designated size accelerated, the investment rebounded slightly, and the consumption also increased slightly. Larger, significantly better than expected. On April 19th, when the Central Political Bureau meeting talked about the economic operation in the first quarter, it used the words “total stability, better than expected, and good start”. These achievements were derived from the party’s centralized and unified leadership over economic work. It is derived from the maturity of macro-control measures, and it is also derived from the fundamentals of China’s economic resilience, potential, and room for maneuver. After all, a country with a population of nearly 1.4 billion is inherently stable enough to withstand most external risks. The Central Political Bureau meeting proposed that it is necessary to consolidate the overall situation of economic and social stability through new progress in reform, opening up, and structural adjustment. This can be said to have firmly grasped the “outline” of China’s economic development. To achieve the high-quality development of China’s economy, the most important thing is still to do its own thing. As long as we adhere to the general tone of steady progress, we must adhere to the supply-side structural reform as the main line, and continue to deepen reform and expand openness. The road to high quality development will surely become broader and broader.
This year is the key year for deciding to build a well-off society in an all-round way and achieve the goal of the first century. To consolidate the momentum of economic stability and stability, we need to conscientiously implement the spirit of the Central Economic Work Conference and the various arrangements of the “Government Work Report”. Refine the major ideas and measures put forward by the central government, highlight the implementation of key tasks, and concentrate on doing their own things. Continue to deepen the structural reform of the supply side, and more use the methods of marketization and rule of law to consolidate the achievements of “three to one, one reduction and one supplement”, enhance the vitality of the micro-subjects, upgrade the level of the industrial chain, and smooth the circulation of the national economy to a greater extent; Policy counter-cyclical adjustment, fiscal policy should be strengthened to improve efficiency, tax reduction and fee reduction should be implemented as soon as possible, monetary policy should be tight and appropriate, maintain a reasonable supply of funds, timely adjustment and fine-tuning according to changes in economic growth and price situation, financial Leverage should be more precise, increase financial support for the high-quality development of the real economy, especially the manufacturing industry; lay down three major battles and ensure important progress in accordance with the established deployment, especially to adhere to the bottom line thinking, strategic thinking, and focus on preventing major economic risks. Promote reform and opening up to achieve new major achievements, continue to create a market-based legal business environment; seize new opportunities, accelerate economic structure optimization and upgrading, enhance scientific and technological innovation capabilities, participate in global economic governance system reform, and promote high quality Great efforts have been made in development.
Looking back at the beginning of the founding of New China, China’s gross national product was only over 10 billion U.S. dollars. Heavy industry is almost blank, and light industry is only a few industries such as textiles. Under the strong leadership of the Communist Party of China, the country has become self-reliant, hard-working, and cohesive, and the country’s appearance and people’s lives have undergone fundamental changes. In his speech at the 40th anniversary of the reform and opening up, General Secretary Xi Jinping pointed out: