The Annual Meeting of China’s Economy (2015-2016) Focuses on the New Normal and Looks Forward to the 13th National Five-year Plan

On 26 December 2015, the Annual Meeting of China’s Economy (2015-2016) hosted by CCIEE was held in Beijing. With Leading the New Normal and Winning the War during the 13th Five-year Plan Period as its theme, the meeting interpreted the spirit of the Central Economic Work Conference. A heated discussion was conducted with such focuses as five visions of innovative, coordinating, green, open and inclusive development and structural reforms, supply side management and new growth momentum. Mr. Zeng Peiyan, Chairman of CCIEE attended the opening ceremony and delivered a keynote speech. About 300 delegates from relevant government agencies, academic institutions, enterprises and think tanks were present.

Participants believed that the global economy would present a situation of low growth, low inflation, low trade, low investment and high debt next year, namely, four lows and one high. The economic recovery momentum will be still weak. The falling international oil price aggregates uncertainty for the global economy. The judgment that US dollar would go into interest raising cycle may intensify the risk of imported deflation. Structural vulnerability of emerging economies will further highlight. Multiple point breakthrough and integration of internet, new energy, big data and inclusive economy will become the new development potential for the world economy.

Participants pointed out that China is in the first year of the 13th Five-year Plan. It’s at the critical stage of building a well-off society in an all-round way. In the process of economic transformation to the new normal, we can’t solve new problems with old method. We need to explore new ways of macro regulation and control. We need to adjust the baton for economic assessment and take total factor productivity into key indicators to formulate a Double Target System with equal emphasis on GDP growth and total factor productivity. The regulation and control model balancing effective supply and effective demand should be established. The coexistence situation of structural surplus and structural short slab should be reversed. Through factor market reform to reduce labor, capital, land, energy and logistics costs, and by selecting the right breakthrough of short board, we can bring about impetus and provide sound environment for supply side reform. A considerable proportion of the existing investment for infrastructure, hard investment, should go to soft investment for innovative R & D, human capital and other soft investment. We need pay attention to the spillover effect of China's economic policy and actively seek external dividends.

During the Annual Meeting, CCIEE also held its annual General Meeting and Council Meeting with participation of CCIEE advisors, council members and representatives of corporate members. Participants hope that CCIEE should seize the opportunity of establishing a national high-end think tank to improve its operating mechanism and cultivate its talent team so as to come up with more high quality research proposals focusing on the key tasks of the CPC and the State Council. CCIEE should play the role of advising the government and inspiring the citizens and actively conduct external exchanges in order to make due efforts and contributions to national development and social progress.