China鈥檚economyhasbeentransitioningfromaphaseofmiraculousgrowthtoastageofhigh-qualitydevelopment.Insidersbelievethatthisisapivotalstagefortransformingthegrowthmodel,improvingtheeconomicstructureandfosteringnewdriversofgrowth.Promotinghigh-qualitydevelopmenthas,therefore,becomethetoppriorityfor2018.AccordingtotheReportontheWorkoftheGovernment2018deliveredbyChinesePremierLiKeqiangonMarch5,Chinashoulddevotegreatereffortstoaddressingimbalanceandinadequaciesinitsdevelopment,andgiveprioritytoqualityandperformanceinpromotingeconomicstructuralupgrade.
DuringtheTwoSessionsoftheNationalPeople鈥檚Congress(NPC)andtheNationalCommitteeoftheChinesePeople鈥檚PoliticalConsultativeConference(CPPCC)heldfromMarch3to20,NPCdeputiesandCPPCCNationalCommitteememberssharedtheirinsightsonhigh-qualitydevelopment.Excerptsoftheirviewsfollow:
High-qualitydevelopmentaimsformaximumeconomic,socialandenvironmentaloutcomesbymeansofimprovingtechnologyandmanagement.
ChenBaoshan
NPCDeputyandProfessorwithGuangxiUniversity
High-qualitydevelopmentmeanstoachievequalityyieldswithinputsaslowaspossible.Itaimsformaximumeconomic,socialandenvironmentaloutcomesbymeansofimprovingtechnologyandmanagement.Socialharmonyandpeople鈥檚strongsenseofhappinessarealsomanifestationsofhigh-qualitydevelopment.
Evaluationonhigh-qualitydevelopmentshouldbecomprehensive.Economicgrowthatthecostofenvironmentandhighenergyinputsdoesnotequaltohigh-qualitydevelopment,neitherdoesasituationwheretheenvironmentiswell-preservedbuttheeconomyisunderdeveloped.Forexample,thehousingpriceisabout2,000-3,000yuan($317-475)persquaremeterinmyhomecityofLaibin,southwestChina鈥檚GuangxiZhuangAutonomousRegion.Anordinaryfamilycouldaffordtobuyabigapartment.Butthepricehasbeenatthatlevelfornearly10years,andjobopportunitiesarealsoscarce,becausethecity鈥檚economicdevelopmentqualityisnothigh.
ThedevelopmentoftheInternetanddatatechnologieshavechangedpeople鈥檚lifestyleandspurredinnovation.
CaoHuiquan
NPCDeputyandDirectorofHunanEconomicandInformationTechnologyCommission
AsChinesePremierLiKeqiangsaidintheReportontheWorkoftheGovernment2018,transitioningtohigh-qualityeconomicdevelopmentistheinevitablerequirementofthetimewearelivingin.Chinanowhasthelargestmiddle-classpopulationintheworld,whosedemandsonproductsandservicesareincreasinglyhigher.Thehigh-qualitydevelopmentistosatisfythedemandsofsuchapopulation.Animprovedstandardofdemandsisreflectednotonlyintheconsumptionsector,butalsointhemanufacturingsec-tor.Theyounggenerationsofthepost1990sand2000spreferundertakinginnovativeandenterprisingtasksinbigcitiestoworkinginmanufacturingfactorieswheretheconditionsarerelativelyharsher.Theyaredemandingabetterlivingenvironmentaswellasaworkingone.ThedevelopmentoftheInternetandbigdatatechnologieshastremendouslychangedpeople鈥檚lifestyleandspurredinnovation.Inturn,innovationmakesitpossibleforafurtherimprovedlifestyle.Itisadynamicinteraction.Pursuingabetterlifeisoneofthegoalsforhigh-qualitydevelopment.YangWeimin
CPPCCNationalCommitteeMemberandDeputyDirectoroftheOfficeoftheCentralLeadingGroupforFinancialandEconomicAffairs
High-qualitydevelopmenthastwoaspects.Ontheonehand,inputs,includingcapitals,labor,resourcesandenergyshouldbeefficient.Ontheotherhand,theperformanceshouldbeoutstanding.High-qualitydevelopmentshouldberewarding,withinvestmentsgainingreturns,enterprisesmakingprofits,employeeshavingmoreincomes,andthegovernmentshavingtaxrevenue.TheChineseeconomyusedtobeheavilydrivenbylow-costlaborandhighmoneysupply.Inthefuture,thedriverswillshifttohi-techdevelopmentandimprovementoflaborproductivity.Themainreasonisthatthepreviousedges,likeabundantlaborforces,low-costlandandnaturalresources,andfavorablemonetarypolicy,arediminishing.
ThelastannualCentralEconomicWorkConferenceheldinlate2017pledgedtocreateafavorableinstitutionalenvironment,forexample,intermsofperformanceevaluationsystem,forhighqualitydevelopment.Fromthegoalofcompletingthebuildingofthemoderatelyprosperoussocietyinallrespectsin2020andbasicallyrealizingthesocialistmodernizationin2035,todevelopingChinaintoagreatmodernsocialistcountrythatisprosperous,democratic,culturallyadvanced,harmoniousandbeautiful,itisaprocessofpursuinghighqualityeconomicdevelopment.
DavidDaokuiLi
CPPCCNationalCommitteeMemberandDirectoroftheCenterforChinaintheWorldEconomywithTsinghuaUniversity
Toachievehigh-qualitydevelopment,prioritiesshouldbegiventothreefields.First,economicstructureshouldbefurtherupgraded.Second,economicgrowthshouldbedrivenbyconsumptioninsteadofinvestment.Third,againstthebackdropofaneconomicupwardtrend,long-termpotentialrisksshouldbemitigated.Forexample,themacroleveragestructureneedstobechanged.Althoughtheleverageratiofromthemacroaspectwillnottakeaplunge,somelow-qualityloansshouldberesolved.
Inmyopinion,thekeytohigh-qualitydevelopmentistomakepeoplehavethesenseoffulfillment.Iftheybecomewelloff,orfinditaffordableandconvenienttobediscerningconsumers,thatwillbetruehigh-qualitydevelopment.TheChineseeconomyhasgrowntoanewstagewherepeople鈥檚livingnecessitiesarenolongissues,butdiversedemandsarecallingforbetterproductsandservices,includingapleasantenvironment,high-qualitymedicalservicesandgoodeducation.Withchangedconsumerdemands,theextensiveeconomicgrowthmodelshouldbeupgradedaccordingly.Previously,producersdidn鈥檛havetoworryaboutthesaleoftheirproducts;butnowadays,theyneedtotailortheirproductsandservicestoconsumers鈥檇emands.
PengShou
NPCDeputyandVicePresidentofChinaNationalBuildingMaterialGroupCo.Ltd.
Cementandglassmanufacturingarewidelyregardedassectorswithovercapacityissues.However,throughdeepeningsupply-sidestructuralreformin2017,theexcessiveproductioncapacityinthesectorshasbeencut,whiletheenvironmenthasbeenbetterprotectedandmanufacturingperformancesimproved.Reducingovercapacitydoesn鈥檛meantotallyeliminatingthesectors,butaimstochangethepreviouspracticeofexcessivelypursuingyieldsandencouragebusinessestoimprovethequalityofproducts,reduceenergyconsumptionandbetterprotecttheenvironment.Fromthispointofview,technologicalinnovationisparticularlyimportanttohigh-qualitydevelopment.
Itisaqualitativeupgradebytransitioningfromhigh-speedeconomicgrowthtohigh-qualitydevelopment.Howcanthisberealized?Ithinkbusinessesshouldalwayspursuehighqualityproductsinlinewithinternationalupmarketstandards,anddeveloptechnologyandproductswhicharerecognizedbytheworldmarket.Qualityproductsandenterprisesarevitaltohighqualitydevelopment.DespiteagreatnumberofChineselistedcompanies,fewofthemarefromthemanufacturingsector.Companiesintherealeconomyshouldbemadestrongerandlargertoservethevisionofhigh-qualitydevelopment.