Building a new pattern of China’s economic development From The 14th five year plan

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The following is the Building a new pattern of China’s economic development From The 14th five year plan recommended by recordtrend.com. And this article belongs to the classification: Chinese economy, Securities report.

China and the United States have changed and remained unchanged. The rise of China’s economy is the biggest event in a century. The current economic structure and the degree of mutual integration between China and the United States determine that China and the United States are unlikely to go to the Thucydides trap. At present, some changes have taken place in China and the United States, but there are also some unchangeable parts. For China, what remains unchanged is the pattern of growth and the direction of reform; what changes is that the advantages of China’s model are prominent. For the United States, what remains unchanged is the combination of idealism and realism after World War II; what has changed is its strategy toward China, and the United States has gradually begun to contain China with cold war thinking. We believe that, unlike the Soviet Union, the cold war thinking adopted by the United States towards China is not necessarily effective. In the short term, Sino US relations have deteriorated rapidly, but we think it is possible to reach the bottom after the election. In the medium and long term, both the Democratic Party and the Republican Party will take tough measures, and there will continue to be uncertainty in Sino US relations.

The theme of the fourteenth five year plan is to build a new pattern of economic development, which mainly includes three main lines: Main Line 1: consumption main line with internal circulation as the core. In the past, China’s economic growth depended on fixed asset investment models such as exports, infrastructure and real estate. At present, it is gradually turning to a new growth model based on consumption; the second main line is scientific and technological innovation to improve total factor productivity. From the internal point of view, the “extension type” economic growth mode that simply depends on increasing the number of factors to drive economic growth has been unable to meet the needs of our country, and we need to rely on scientific and technological innovation to turn our country into the “connotation type” growth mode. From the external point of view, the decoupling and industrial transfer between China and the United States also need to strengthen their own scientific and technological capacity building; the third main line: green economy, promoting the new energy revolution. Develop green economy, increase the proportion of renewable energy, improve the quality of energy, promote the new energy revolution and improve the quality of development. In terms of economic growth, the economic growth target of the 14th five year plan is expected to be about 5%, and GDP will double again in 2035.

Build a big consumption market and improve the consumption ability of residents. Since 2011, the pulling effect of final consumption expenditure on economic growth has begun to exceed the total amount of capital formation, and consumption plays an increasingly important role in economic growth. In the next five years, reform should be carried out to enable residents to consume, be willing to consume and dare to consume. We should optimize the income distribution structure, improve the consumption environment, improve the quality of goods and service supply, constantly improve the social security system, and increase the Consumption Willingness of residents.

Scientific and technological innovation to further improve total factor productivity. We will focus on tackling technology in the “neck” field and accelerate the transformation and upgrading of the manufacturing industry. We will increase investment in basic research, research in cutting-edge science and technology fields, and tackling key technology problems (such as chips and semiconductors, software, precision machinery, fine chemicals, advanced robot technology, new materials, aerospace technology, etc.), and focus on supporting the “four basic” fields (core basic parts, key basic materials, advanced basic processes, industrial technology, etc.).

Regional coordinated development, focusing on key urban agglomerations. 1) Yangtze River Delta: all regions of the Yangtze River Delta give full play to their respective advantages and strengthen economic cooperation.

Second, the Pearl River Delta: Guangdong, Hong Kong, Macao and Dawan district closely integrate the cross regional governance of urban agglomerations with the further deepening of reform and opening up, promote the co construction, sharing and interconnection of regional public service resources, accelerate the free flow of elements and the improvement of resource allocation efficiency; third, Chengdu Chongqing urban agglomerations: Chengdu Chongqing urban agglomerations are located in the important economic hinterland of the silk road, It is an important fulcrum for the western region to open up to the outside world.

We will deepen the reform of the financial system and strengthen support for the real economy. 1) We will deepen the reform of the financial system. During the 14th Five Year Plan period, we will promote the structural reform of the financial supply side, accelerate the opening of the financial service industry, diversify the financial supply, and strengthen financial support for the development of science and technology industry; 2) deepen the reform of the capital market. It is expected that the reform will be accelerated around the financing side, investment side and institutional side in the future. Among them, financing end (registration system reform); investment end (expanding long-term capital into the market); institution end (enhancing the competitiveness of domestic financial institutions). 3) Further improve the banking system. The banking system will continue to focus on getting rid of the false to the real, preventing and resolving risks, improving corporate governance, and further increasing the proportion of manufacturing loans.

We should coordinate monetary and fiscal policies, continue to increase fiscal leverage, relax monetary structure, optimize taxation and reduce financing costs. During the fourteenth Five Year Plan period, monetary policy will adhere to the normal operation, focusing on structural easing. To support key areas and weak links as the starting point, in order to do a solid job in the “six stabilities” work, to fully implement the “six guarantees” task to provide greater support, to reserve enough policy space for possible risk response.

Fiscal leverage will continue, and it is expected that the fiscal deficit ratio and government leverage ratio will rise further. The tax structure will be further optimized. In order to improve the tax system and adjust the balance between supply and demand in the real estate market, it is expected that the real estate tax legislation will be steadily promoted in the next five years.

Progress has been made in the reform of the factor market to improve the relationship between residents, enterprises and the government. The reform and opening-up started with the opening-up of the commodity market. The opening-up of the factor market is relatively slow, and part of the current factors are still controlled markets. From the perspective of income distribution, the lag of factor market reform is relatively beneficial to the enterprise sector, and causes certain suppression to the resident sector. The key points of factor market reform include: optimizing land market elements and promoting population urbanization; guiding labor market reform with both structure and quality; promoting the reform of capital elements, technology elements and data elements.

Strengthen international ties and learn to be an influential power. Under the background of low global growth, low inflation and low interest rates, China’s advantages are prominent. In the future, on the global stage, China will continue to learn to be an influential power and play a more active role in global affairs.

China, Japan and South Korea promote the “free trade partnership” and have broad prospects for cooperation. China and the EU have extensive cooperation space in the “post epidemic era”. “One belt, one road” will accelerate China’s industrial reform and upgrading.

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