‘New normal’ needs ‘new thinking’
Print Edition
CHINA will work to unleash new vitality in economic growth in an economy under increasing downward pressure, Vice Premier Zhang Gaoli said yesterday.
“New normal” calls for new thinking and new measures, Zhang said at the opening ceremony of the China Development Forum in Beijing, an annual gathering of academics, entrepreneurs and representatives of multilateral organizations.
He called for more efforts to actively adjust to and lead the “new normal,” a term referring to the shift from a focus on the quantity and speed of growth to quality and efficiency.
China will deepen reform to unleash, to the greatest extent, new growth vitality from entrepreneurship, innovation and creativity, he said, while speeding up the formation of new engines for maintaining a medium-high level of growth and moving toward a medium-high level of development.
Zhang highlighted the role of opening up to the outside world, saying it is a major engine for achieving a prosperous economy and also an inevitable requirement for China and the world to share development opportunities.
China will explore new moves to make its economy more open and create a stable, fair, transparent and predictable business environment, he said.
China’s proposals to build the Silk Road Economic Belt and the 21st Century Maritime Silk Road, known as the “Belt and Road” initiative, and to set up the Asian Infrastructure Investment Bank and Silk Road Fund had met with a positive response from a number of countries, he said.
He told the forum that environmental protection and sustainable development will be priorities.
China “should always put the environment and our ecological system at a prominent place in our agenda,” he said.
He listed no-carbon development, green development and sustainable development as China’s future path for economic growth.
International Monetary Fund chief Christine Lagarde told the forum that China can contribute to global prosperity despite the economic slowdown.
She praised Beijing for its work to build a legal system and address pollution and welcome efforts to boost investment outside China, referring to the AIIB.
She said that China was “clearing the path to further engagement with the world through investment, trade and more participation in the multilateral dialogue.”
China will accelerate reform and opening up of its capital market in 2015, aiming to make the yuan convertible on the capital account, central bank governor Zhou Xiaochuan told the forum.
Despite the People’s Bank of China’s prudent monetary policy, reform and opening up in the capital market will be accelerated, Zhou said.
In the final year of the 12th Five-Year Plan, the central bank will try to realize the yuan’s capital account convertibility.
The bank will first work to make it easier for Chinese investors to invest overseas and foreign residents to invest in China.
He said China’s monetary policy is still “quite prudent” despite recent cuts in the reserve requirement ratio and interest rates.
Meanwhile, a forum in Shanghai yesterday heard Lin Yifu, former chief economist and vice president at the World Bank, say that it was possible for China to see annual economic growth of 8 percent in the next 10 years. “Growth is largely driven by frontier technology skills and related industries,” Lin told the Shanghai Macroeconomics Forum. “China doesn’t hold the priority on that but can imitate the process of innovation from developed countries with less risk and higher return.”
Lin said the government should increase investment in infrastructure at home and abroad. He said the establishment of the AIIB would be the next step for the state to boost Asia’s and the world’s economies.
Wei Jianing, vice minister of the State Council’s development research center, said economic growth potential should be based on the government’s administrative and economic structural reform.
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