China News Service, Beijing, December 4 (Reporter Liu Liang) What does China's new development pattern, which is based on the domestic cycle as the main body and promotes the mutual promotion of domestic and international double cycles, means to the economy?
Huang Qifan, Chairman of the Academic Committee of the International Finance Forum (IFF) and Distinguished Professor of Fudan University, explained this when attending the 18th Global Annual Meeting of the International Finance Forum on the 4th.
Huang Qifan pointed out that the "dual cycle" new development pattern is dominated by internal circulation, which means that China's economic operation will have five new characteristics in the future.
One is that China will form an industrial system that is more resilient, more efficient, and safer.
China will form a globally competitive industrial chain cluster by expanding, supplementing, and strengthening the chain.
The second is that China will shift from being highly dependent on the external circulation of the international market to relying more on the internal circulation of the domestic market and the domestic economic circulation system.
In the future, with the further increase of middle-income people, the advantages of China's super-large-scale market will be further highlighted.
The third is the shift from the pursuit of high-efficiency circulation in the product market to the pursuit of higher-efficiency allocation in the factor market.
The external cycle drives the level of input of the elements, and the internal cycle drives the efficiency of the allocation of elements. In-depth supply-side structural reforms are required and a more complete socialist market economic system is established.
Fourth, with the accelerated cultivation of a number of new R&D institutions, the unilateral "stuck neck" situation will be greatly changed. At the same time, the innovation chain from basic research to technological development to industrialization will also accelerate.
Fifth, the proportion of per capita disposable income to GDP will increase substantially.
The proportion of labor income in GDP is expected to rise to 50% by 2030, and reach 52% after 2035.
With the increase in the disposable income of residents, it is estimated that by 2035, the current 400 million middle-income groups will increase to 800 million, the 600 million low-income groups will be halved, and the domestic consumption capacity will be greatly improved.
He emphasized that the new development pattern based on internal circulation is not "involving" or "laying flat", but a larger, broader, and deeper opening up to the outside world. It is to form a new pattern of mutual promotion of internal and external circulation.
Under this circumstance, the pattern of China's opening-up will also form new features in various aspects.
For example, China’s economy will shift from the focus of attracting foreign investment to the introduction of foreign investment and foreign investment; from expanding exports to both encouraging exports and increasing imports; and from opening coastal areas to coastal and inland coordinated opening, Overall opening, simultaneous opening of east, middle and west; from the GATT and WTO framework of goods trade to the common development of goods trade and service trade; from integrating and adapting to the global economic governance system to actively participating in or even leading international investment And the formulation and revision of trade rules.
(over)