论坛观点

: China's Reform in International Context

Editor's notes: In Mr. Morrison’s account, the Asia-Pacific region is going to be the core at the level of global leadership. Therefore, countries within the region have unique leadership, responsibilities, and we need to think and act with broader global, systematic interest in mind. Increasingly economic integration and social innovations that not only need governmental efforts but also social contributions, are essential in restore faith in today’s world.

: Exploring the Market of Ideas and Researching the Fundamentals in China’s Long-term Development

: On Advancing the Supply-Side Structural Reform

I would like to talk about a few viewpoints of minesome of my viewpoints on the supply-side structural reform. The supply-side reform is dedicated to solving major structural problems by pushing forward major reform programs from the supply-side. It is of great strategic significance for China to transform the economic growth pattern and realize the sustainable and healthy development of the national economy during the “13th Five-Year Plan” period. Featuring precise exertion of strength and correct direction, the reform is aimed at resolving prominent contradictions and outstanding problems currently existing in the operations of key fields, key industries and key enterprises, focusing on the five great tasks of “cutting over-capacity, de-stocking, de-leveraging, reducing cost and shoring up weak spots”, and promoting transformation, upgrading and structural optimization through making big increments and shoring up weak spots.

: Understanding Economic Operations under the New Normal

What I would like to share with you today is my understanding of the economic operations in China under the New Normal mode. The Q3 statistics released by State Statistics Bureau (SSB) this year attractour attention. The share of the output from the tertiary industry in GDP has reached 51%. This is a key signal, as the development of society usually experiences three stages: 1. Agricultural society where the primary industry plays the major role; 2. Industrial society where the share of secondary industry is growing up, and the industrial output is playing a key role; 3. Post-industrial society where the tertiary industry’s output rises to over half of the GDP. In developed western countries, this share is around 60%-70%. In the third stage, the economic growth is bound to slide in western countries, as they used to enjoy a rapid growth in the 2nd stage. Therefore, when the share of tertiary industry reaches 60-70%, the growth remains at around 3%, which is nice, while a 4% growth is usually considered quite rare.

: Learn from Deng Xiaoping’s Theory and Firmly Promote the Reform

Facing with complicated social and economic conflicts and changing social trends, we have to stick to our stand fast to avoid misjudgment. As once there is any mistake, we may either miss the opportunity or make serious mistake and fail in the reform and the planning for the rise. Therefore, we need to review Deng Xiaoping’s theory on reform and opening up, stick to the right strategy, and create the sound environment domestic and overseas for institutional innovation.