王立非 | Move Faster to Create a New Development Dynamic

嘉宾简介：

       王立非，南京大学博士、北京语言大学高级翻译学院教授、博士生导师，国际语言服务研究院院长，国家语言服务出口基地首席专家。兼任中国对外贸易与经济合作企业协会商务英语专业委员会会长、中国英汉语比较研究会语言服务研究专业委员会副会长、国家应急语言服务团专家组成员等。

英文文本：

The key to building a new development dynamic is to ensure unimpeded economic flow, as is the case in traditional Chinese medicine, one must remove blockages to stimulate the free flow of vital energy and maintain the body's balance. Economic activity requires the integration of various production factors at all stages, from production through distribution and circulation to consumption, in order to realize a smooth economic cycle. Under normal circumstances, this will lead to greater material production, greater social wealth, greater wellbeing for the people, and greater national strength, giving rise to an upward spiral of development. When obstructions and breakdowns occur, economic flow is disrupted. From a macroeconomic perspective, the economic growth rate drops, unemployment rises, risks arise, and the balance of payments falls into disequilibrium. At the microeconomic level, it leads to problems such as overcapacity, declining enterprise returns, and falling personal incomes.

In the present stage of China's development, the most important task in ensuring smooth economic flow is maintaining effective operations on the supply side. If we have a strong capacity for effective supply we can clear obstructions, resolve bottlenecks, create jobs, and provide incomes, which will increase our capacity to create demand. To this end, we must treat further supply-side structural reform as our main task and continue to carry out the priority tasks of cutting over- capacity, reducing excess inventory, deleveraging, lowering costs, and strengthening areas of weakness. We must comprehensively improve and upgrade the industrial structure, increase our capacity for innovation, our competitiveness, and our overall strength, boost the resilience of the supply system, and ensure that inputs produce higher-quality outputs with greater efficiency, so as to achieve a dynamic economic equilibrium at a high level.

I have said that the essence of the new development dynamic is realizing a high level of self-reliance. The environment for our economic development is changing, particularly with respect to our comparative advantages in production factors. As labor costs are rising and the carrying capacity of our resources and environment have reached a limit, the production function formula of the past is no longer sustainable, and science and technology are becoming more and more important on all fronts. In these circumstances, it is important to put more emphasis on home-grown innovation. As a result, the Recommendations present two major measures – promoting scientific and technological innovation, and removing bottlenecks in industry.

We must understand that these issues are vital to the survival and development of our nation. We should comprehensively strengthen planning for scientific and technological innovation to bring together superior resources, and implement a competitive mechanism to award research projects in order to promote strong and steady progress in innovation. We must better align the chains of innovation and industry, and draw up roadmaps, timetables and systems of responsibility. Where appropriate, relevant departments and local governments should play the leading role in this effort. Where it is appropriate for enterprises to take the lead, governments should give them their full support. State-owned enterprises directly administered by the central government and other state-owned enterprises must have the courage to shoulder their responsibilities and take the lead in making themselves the source of original technologies and the leaders of the modern industrial chain.

In today's world, markets are the scarcest resource. China's market is thus a huge advantage for our country. We must make full use of this factor and steadily consolidate it to make it a strong pillar of the new development dynamic. Expanding domestic demand is not a temporary policy to cope with financial risks and external shocks, nor is it about unleashing a deluge of strong stimulus policies or increasing government investment. Rather, it is about establishing an effective institutional framework to boost domestic demand based on our country's actual economic status, moving to tap the potential of demand, working faster to build a complete demand system, strengthening demand-side management, and expanding consumer spending while also upgrading the level of consumption, so that the development of our vast domestic market becomes a sustainable process.

To create a new development dynamic and pursue high-standard opening up, we require a robust domestic economic flow and stable economic fundamentals. On this base, we can create a strong pull for global production factors and resources, the ability to hold our own amid intense international competition, and powerful momentum for the allocation of global resources. We should continue to expand opening up based on the flow of production factors such as goods, services, capital and talent, and steadily expand institutional opening up with regard to rules, regulations, management and standards. We should ensure that China's domestic economy plays a stronger role in guiding the double development dynamic, and foster new strengths for China's participation in international economic cooperation and competition. We should work to harness international engagement as a means for improving the efficiency and level of the domestic economy and the quality and allocation of our production factors. Through competition in the international market we will boost the competitiveness of our export products and services, and promote industrial transformation and upgrading to increase China's influence in global industry chains, supply chains, and innovation chains. Chinese enterprises now have interests that extend to many countries around the world. This requires that we pay more attention to under- standing international affairs and carrying out thorough studies on countries that are our stakeholders, trading partners, and investment destinations, in order to establish a clear picture of potential benefits and risks.