Comparative advantage supports medium and high-speed growth of China's economy
——Interview with Justin Yifu Lin, member of the Standing Committee of the National Committee of the Chinese People’s Political Consultative Conference and economist
Our reporter Zhu Wei
Since last year, in the face of a century of changes and the epidemic of the century, my country has actively coordinated epidemic prevention and control and economic and social development. The economic operation has continued to maintain a stable and positive trend, and it has continuously demonstrated new looks and achieved new results in accelerating the construction of a new development pattern.
On the new road to "take the test", how to speed up reforms in important areas and continue to promote high-quality economic development?
A few days ago, a reporter from Economic Daily interviewed Lin Yifu, member of the Standing Committee of the National Committee of the Chinese People's Political Consultative Conference and dean of the Institute of New Structural Economics at Peking University.
Reporter: High-quality development is development that reflects new development concepts, and includes five dimensions: innovation, coordination, greenness, openness, and sharing.
To achieve high-quality development, how to achieve overall planning?
Justin Yifu Lin: To achieve high-quality development, the key is to give full play to my country's own comparative advantages.
High-quality development must take innovation as the starting point. In the process of innovation, following comparative advantages can form a competitive advantage and achieve sustainable economic development.
As the competitiveness of enterprises increases, they will be more willing to adopt green and environmentally friendly technologies, comply with environmental laws and regulations, and implement the requirements of green development.
Following the development of comparative advantages, products that conform to my country's comparative advantages are competitive in domestic and international markets, and can make full use of both domestic and international markets. Products without comparative advantages can also use international resources to meet demand and achieve open development.
Following the development of comparative advantages is more conducive to realizing the unity of fairness and efficiency.
To give full play to its comparative advantages, first, it can create employment opportunities to the greatest extent and allow more low-income groups to achieve full employment.
Second, with the acceleration of capital accumulation, labor force will change from relative abundance to relative shortage, and capital will change from relative shortage to relative abundance. This change will increase the wage level of laborers, while the return on capital will decline relatively. High-income groups and low-income groups Income gaps among income groups will narrow.
The third is the increase in government revenue and the ability to spend more financial resources on public services and social security, all of which are conducive to shared development.
Reporter: To achieve high-quality development, how should efforts be made in economic restructuring and industrial transformation and upgrading?
Especially for the development of the new economy, what advice do you have?
Justin Yifu Lin: In many traditional industries, my country is still in the stage of catching up. Compared with developed countries, there is still a certain gap between manufacturing and service industries.
Developed countries have provided my country with development goals and paths that can be used for reference. In these industries, China has the advantages of latecomers, and there are many opportunities for introduction, digestion, absorption and re-innovation. The development cost is relatively low and the risk is relatively small.
The new industrial revolution and the new economy are characterized by a short technology and product development cycle, and human capital investment is the mainstay, which brings opportunities for my country to change lanes and overtake.
First of all, as a country with a large population and a large talent pool, China has a large number of high-quality talents.
Secondly, China has the world's largest market, providing broad application scenarios for new technologies, new products and new formats.
In addition, many technologies and products in the new economy field require hardware support. China also has the world's most complete industrial system and strong industrial supporting capabilities, which is conducive to the development of technological innovation.
Therefore, in the new economic field, China has the advantage of changing lanes and overtaking.
To achieve high-quality development, we must make full use of these advantages in terms of technological innovation and industrial upgrading.
Reporter: In the face of the epidemic of the century and the changes of the century, the external environment for my country's development has become more complex and severe.
Under such circumstances, to promote high-quality development, what favorable conditions and unfavorable factors are my country facing, and how should we seize the opportunities and deal with the challenges?
Justin Yifu Lin: At present, the new crown pneumonia epidemic is still ongoing, bringing many difficulties and uncertainties to the development of the world economy. my country's foreign trade and foreign exchanges may be affected to some extent.
In addition, increased uncertainty in the international situation and geopolitical tensions will also affect economic development.
These are the challenges our country faces in development.
As a developing country, my country has the advantage of latecomers in traditional industries.
In terms of the new economy, my country not only stands on the same starting line as developed countries, but also has human capital advantages, a huge domestic market and complete industrial supporting capabilities, so it has the advantage of changing lanes and overtaking.
my country is building a new development pattern with the domestic cycle as the main body and the domestic and international dual cycles promoting each other.
The larger the domestic market, the stronger the ability to digest the product.
No matter how the outside world changes, as long as we stay determined, do our own affairs well, make good use of the advantages of the large domestic market, as well as the advantages of latecomers in industrial upgrading and technological innovation, and the advantages of changing lanes and overtaking, we will unswervingly deepen reforms, By expanding opening up, my country is fully capable of maintaining a reasonable medium-to-high rate of growth despite the uncertain international environment, bringing opportunities for the development of other countries, and becoming the main force driving the recovery of the world economy.