During China`s “two sessions” in 2018, Chongyang Institute for Financial Studies at Renmin University of China (RDCY) launches a series of seminars to interpret hot topics. On the evening of March 13, the third lecture was given by Professor Zheng Xinye, associate dean of School of Economics at Renmin University of China, analyzing how the five development concepts will change China.
Professor Zheng said that the five development concepts are the ideas that the CPC and Chinese people have summed up on the basis of a profound analysis on the domestic and international situation in the new era, which will play an important role for the current and future reform of China.
He said that for four decades since the reform and opening up, China has indeed made great progress. In 1978, China`s real GDP accounted for 1.12% of the global total GDP, ranking 13th in the world. In 2016, China’s real GDP accounted for 12.26%, rising to the second in the world. However, China’s per capita GDP has not yet reached the world`s average level due to the weakness of development foundation, and therefore development is still our top priority.
However, he pointed out that China has appeared some problems in the process of development, such as environmental pollution, unbalanced income distribution, insufficient investment in infrastructure, unbalanced regional development, and debt problems.
Against this background, China’s development philosophy has also shifted from focusing on economic growth before to focusing on comprehensive development now. In the Deng Xiaoping era, the main goal was to achieve the growth of the economy. Now we are coordinating the overall layout of economic construction, political construction, cultural construction, social construction, and ecological civilization construction, and striving to implement the five concepts of innovative, coordinated, green, open, and shared development, Professor Zheng said.
He added that the five development concepts will cause the profound changes in China. One of the changes is the people’s core values. The second change is to establish a modern economic system, and promote an innovative and open markets. The third change is the government`s reform on income and expenditure. The fourth change is to realize the sharing and green development, which requires the restructuring of central and local relations. The fifth change is the global governan system. In addition, there can be an additive effect between the five development concepts.
In short, the five development concepts conform to the needs of the people`s and the country`s development, and guide China’s reform in ideas, markets, government and organizations. While maintaining the high economic growth rate, we will effectively solve the problems of income distribution, regional unbanlance, environmental pollution, and global position, he said.