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Chinese Academy of Governance and Counsellors’ Office of the State Council Co-organized the Seminar on Reform, Innovation and New Economy

Source: Counsellor-Service Department Date: 2016-07-21

On July 19, the Seminar on Reform, Innovation and New Economy took place at the Chinese Academy of Governance (CAG), co-organized by CAG and COSC. CAG Executive Vice President Ma Jiantang attended the seminar and delivered a keynote speech. COSC Chairman Wang Zhongwei offered a written statement titled “Deepening Reform, Promoting Mass Innovation and Developing a New Economy”. COSC Vice Chairman Zhao Bing attended the seminar.

Ma Jiantang said, since the 18th Party Congress, the CPC Central Committee and the State Council has attached great importance to developing a new economy. Under the new economic normal, deepening reform, promoting innovation and accelerating the growth of a new economy is an important task now and in the future. Mr. Ma elaborated on the new economy, current economic situation in China and how to grow the economy. As he put it, the new economy encompasses new products, new services, new industries, new business forms and new models generated by the new round of scientific and technological revolution and industrial revolution. The Chinese economy now displays a sound momentum and an improved structure and has become a major employer. Ma stressed the need to focus on the supply-side structural reform and innovation driven development.

In his written statement, Chairman Wang underscored the need to understand President Xi’s instructions on reform and innovation and implement Premier Li’s instructions on fostering new growth drivers and accelerate the development of the new economy. This will be of crucial importance for implementing the central government’s plan on deepening reform, carrying out the innovation-development strategy and creating new engines for economic growth and upgrading.

Wang Zhongwei said, developing a new economy is the sure way to adapt to the new normal. And the key is to grasp the trends of productivity growth. A new economy means creating new supply for new demand. A new economy is what is needed for ensuring stable growth and making structural adjustment. Wang stressed that deepening reform provides important guarantee for the new economy. One needs to look at economic growth from the perspective of productivity and productive relations. To grow the new economy, it is important to make supply-side structural reforms. This is dictated by the law of economics. The new economy should be an economy by all and for all. Now conditions are ready for the new economy. To grow the economy, it is also important to pursue innovation-driven development and unleash the potential for mass entrepreneurship and innovation.

COSC Research Fellow Zhang Yuxiang and Counsellors Chen Quansheng, Tang Min, and Shi Yong made presentations respectively on “promoting structural supply-side reform and agricultural modernization”, “institutional innovation before technological innovation”, “New Internet Banking and Financial Inclusion” and “Big Data, Belt and Road Initiative and Beijing-Tianjin-Hebei Coordinated Development.”

Israeli Ambassador Matan Vilnai, NDRC Vice Minister Lin Nianxiu, Mayor of Shenzhen Xu Qin, Alibaba President Jin Jianhang, and Royalstar Executive Vice President Ma Rui attended the meeting and delivered keynote speeches. The meeting is chaired by CAG Vice President Li Ji.

The meeting has two parallel forums on “China’s present economic situation and global trends” and “policy advice on unleashing economic vitality.” About 50 participants from government departments, research institutes, businesses and governance academies attended the meeting.