Liu He Davos elaborates on China's economic policy: will increase the degree of openness

From January 23 to 26, the 2018 Annual Meeting of the World Economic Forum was held in Davos, Switzerland. The theme of this Davos Forum is: "To create a common destiny in a divided world", this is the resounding and continuation of the keynote speech of Chinese President Xi Jinping at the Palais des Nations in Geneva on January 18, 2017. On the morning of January 24, Liu He, member of the Political Bureau of the CPC Central Committee and director of the Central Financial and Economic Leading Group Office, delivered a special speech in Davos to interpret China's economic policy. The "Chinese Voice" represented by Liu He’s speech has become one of the core highlights of this Davos Forum.

On January 24, 2018, Liu He, member of the Political Bureau of the CPC Central Committee and director of the Central Financial and Economic Leading Group Office, attended and made a special speech on "China's economic policy." In his speech, Liu He introduced the main spirit of the report of the 19th National Congress of the Communist Party of China and China's economic policy in the coming years.

Liu He said that the 19th National Congress of the Communist Party of China established a new central leadership group with President Xi Jinping as the core, and Xi Jinping’s new era of socialism with Chinese characteristics as a guide to China’s development, and determined that by 2020, a well-off society will be built and will be completed until 2050. It is an ambitious goal of building a socialist modernization power in two steps, and clarifies China's economic policy direction in the next few years.

Liu He suggested that the report of the 19th National Congress of the Communist Party of China is a highly transparent policy agenda. Everything mentioned in it is a solemn commitment to the Chinese people and must be done. And doing these things will provide new opportunities for the development of countries around the world.

Liu He said that China's top-level design of economic policy in the next few years is formulated around the above objectives. The key is to implement "one general requirement", "one main line" and "three major battles."

In this regard, Liu Shijin, vice chairman of the China Development Research Foundation, told the 21st Century Business Herald that the 19th National Congress report proposed that the Chinese economy should achieve high-quality development and propose a "three major battles" during the tackling period. These things are simpler than speed. It's more difficult, more needs to make a difference, and it will have a greater sense of accomplishment.

In addition, Liu He revealed, "We must continue to promote comprehensive opening up to the outside world, strengthen the docking with international economic and trade rules, greatly relax market access, expand the service industry, especially the financial industry to open to the outside world, and create an attractive domestic investment environment. We firmly believe Open and inclusive institutional arrangements and orderly and free flow of elements are necessary conditions for long-term economic growth."

From "have no" to "good"

According to the report of the 19th National Congress, "one general requirement" is that the Chinese economy has shifted from a high-speed growth phase to a high-quality development phase.

Liu He further explained that China's macroeconomic policies, structural policies, reform policies, and social policies will all be built around this general requirement in the next few years. The transition from high-speed growth to high-quality development is an inherent requirement of economic development. China is in the historical stage of moving from a per capita income of more than 8,000 US dollars to 10,000 US dollars and then to a higher level. Under this circumstance, the main connotation of high-quality development is to change from total expansion to structural optimization, that is, from “having no” to “good”.

Liu Shijin analyzed that from the perspective of industrialization and economic growth, the transformation of China's economic development stage is in line with the law, and there are international experiences to draw on. This transformation has not changed the judgment that China's development is still in an important strategic opportunity period, but the connotation of the opportunity period has undergone major changes. If it used to be mainly "shopping the stalls", it will be mainly "up the steps" in the future.

“This is to explore new development models in an open state and will create huge space for the development of many new industries, such as manufacturing and service industries related to consumption upgrading, energy-efficient buildings related to new urbanization, intelligent transportation, new Energy and many other green and low-carbon industries not only create new opportunities for China but also for global enterprises. Of course, the actual associated industries are far more than this, because this is the process of modernizing the entire economic system." Liu He said.

Liu He believes that the transformation of China's economy from high-speed growth to high-quality development has taken place. China's domestic economic demand has steadily expanded. At present, the contribution rate of Chinese consumption to economic growth has reached 58.8%, which is nearly 4 percentage points higher than five years ago. The added value of the service industry accounted for 60% of GDP, which was more than 5 percentage points higher than five years ago. In the past five years, more than 80 million agricultural transfer populations have become citizens, and the urbanization rate of permanent residents has reached 58.52%, an increase of nearly 6 percentage points over five years ago. At the same time, the intensity of energy consumption has dropped by 23.9%.

According to the report of the 19th National Congress, "one main line" is to promote the supply-side structural reform as the main line. Starting from the reality of China, the main contradiction of economic development lies in the need for timely adjustment of the supply body. Therefore, improving the quality of the supply system through reform is the basic path for us to achieve high quality development.

Liu He explained that the phased focus of the supply-side structural reform is “three to one, one reduction and one supplement”, that is, “to de-capacity” in the field of overproduction, to remove excess inventory in the real estate sector, and to reduce excessive leverage. The whole society will reduce costs, make up the public service, infrastructure and institutional shortcomings in the entire economic structure, and comprehensively improve the adaptability and innovation of the supply system.

Statistics show that since 2016, China has reduced steel production capacity by more than 115 million tons, banned 140 million tons of “strip steel” production capacity, and reduced coal production capacity by more than 500 million tons.

To this end, Liu He emphasized that “we have adjusted the supply and demand relationship through market clearing, which has driven the price recovery in some areas. The growth rate of total factor productivity has turned from a turning point in 2016. This has already produced global Positive spillover effect. We will continue to work steadfastly in this work."

Complement the three most prominent short boards

According to the report of the 19th National Congress of the Communist Party of China, "three major battles" is China's decision to lay a good fight against major risks, precision poverty alleviation, and pollution prevention.

Liu He explained that according to the "cask principle", "three major battles" is to fill the three most prominent shortcomings in our development, thus ensuring the comprehensive construction of a well-off society.

First, continue to lay a good job in preventing and resolving major risks. Among the various risks facing the Chinese economy, financial risks are particularly prominent. We will adhere to the general tone of the work, and focus on the outstanding issues such as shadow banking and local government implicit debts, and strive to effectively control the macro leverage ratio in the next three years or so, improve the financial structure adaptability, and financial services to the real economy. The ability is enhanced, systemic risks are effectively prevented, and the virtuous circle of the economic system rises.

Second, continue to lay a solid foundation for the fight against poverty and reduce the number of people living in poverty. In the next three years, China's mission is to basically eliminate absolute poverty and achieve the poverty alleviation of the rural poor under the current standards. This year, China will reduce 10 million people in absolute poverty, including 2.8 million people who have achieved relocation and poverty reduction.

Third, continue to fight the battle against pollution. In the next three years, China will increase pollution prevention and control efforts, so that the total discharge of major pollutants will be greatly reduced, the intensity of resource consumption will be reduced, the quality of ecological environment will be improved overall, and the level of green development will be significantly improved. The focus will be on winning the blue sky defense war. In fact, what China has done is to take concrete actions to abide by the commitments to address climate change and implement the Paris Agreement. China will unswervingly do this and hope to strengthen cooperation with the international community.

China Academy of Environmental Sciences Research Institute Chai Fahe analyzed the 21st Century Business Herald reporters. The task of the Air Pollution Prevention Action Plan in 2017 was successfully completed, exceeding the expectations of many people. This strengthened our confidence in winning the blue sky defense war.

Further strengthen reform and opening up

Liu He revealed, "We must continue to promote comprehensive opening up to the outside world, strengthen the docking with international economic and trade rules, greatly relax market access, expand the service industry, especially the financial industry, and create an attractive domestic investment environment."

In the Q&A session, Liu He revealed that the Chinese government is preparing to further expand its opening in two aspects: the first is the commitment made by the internship President Nan Ping in his speech in Davos last year and the series of major decisions made after opening the country. . The second is to introduce new reform and opening up measures in commemoration of the 40th anniversary of China's reform and opening up.

In response to the first aspect, Liu He introduced that the decision made by President Xi Jinping will focus on the opening up of the financial industry, manufacturing and service industries, protection of property rights, especially intellectual property rights, and expansion of imports.

Liu He explained, "We have promised to expand our openness in China's banking, securities, insurance and other fields. What I understand is that many foreign friends ask you when you have made so many promises when they can be implemented? I want to say that we must be responsible Implement it one by one this year, if it can be better sooner."

Liu He said that China is preparing to hold its first import fair in Shanghai at the end of this year. More than 120 countries have expressed their willingness to participate, and they hope to use this opportunity to expand imports and achieve the balance of current projects in China's trade, while also providing opportunities for more countries.

2018 is the fortieth anniversary of China's reform and opening up. Liu He said, "We have seen that reform and opening up have created a miracle of China's economic growth, so this day is a grand commemoration. At the same time, the best way to commemorate is to introduce new and more powerful reform and opening up measures."

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