Interpreting the Spirit of the Fifth Plenary Session of the 19th CPC Central Committee

On November 5, 2020, the China Center for International Economic Exchanges (CCIEE) held the 134th “Monthly Economic Talks” online, under the theme of Interpreting the Spirit of the Fifth Plenary Session of the 19th CPC Central Committee. The meeting was presided over by Bi Jingquan, Executive Vice-Chairman of CCIEE and Deputy Director of the Economic Committee of the National Committee of the Chinese People’s Political Consultative Conference(CPPCC). Zhang Xiaoqiang, Executive Vice-Chairman of CCIEE and Director of the CCIEE Executive Board, Yang Weimin, Vice-Chairman of CCIEE and Deputy Director of the Economic Committee of the CPPCC National Committee, Wang Yiming, Vice-Chairman of CCIEE and former Deputy Director of the Development Research Center of the State Council, delivered speeches respectively.

Zhang Xiaoqiang pointed out that the “Recommendations of the Central Committee of the Communist Party of China on Formulating the 14th Five-Year Plan for National Economic and Social Development and the Long-term Goals for 2035” (hereinafter referred to as the “Recommendations”) put forward the persistence on innovation-driven development and comprehensive development, which is of great significance for China to embark on a new journey of comprehensively building a modern socialist country. China attaches great importance to innovation and the investment in innovation and patent ownership has risen sharply, but the gap is still significant compared with developed countries. We must adhere to the innovation-driven modernization, strengthen science and technology, enhance corporate technological innovation capabilities, stimulate talent innovation vitality, improve scientific and technological innovation systems, and allow innovation-driven strategies to play a better role.

Yang Weimin said that China is about to achieve the goal of building a moderately prosperous society in all respects and the first of the two centenary goals. During the “14th Five-Year Plan” period, China will enter a new stage of development of building a modern socialist country in an all-round way. We must implement the new development concepts of innovation, coordination, greenness, openness, and sharing, adhere to the principle of seeking progress while maintaining stability, and promote high-quality development. In the face of the new situation, China must accelerate the construction of a new development pattern based on both domestic and international cycles, which requires a good grasp of the relationship between three important aspects. Firstly, to insist on expanding opening-up. Secondly, to adhere to the supply-side structural reform so that the supply structure can better adapt to demand, especially the changes in the consumption structure. Finally, to expand domestic demand.

Wang Yiming pointed out that the world today is undergoing unprecedented changes, the international environment has become increasingly complex and geopolitical uncertainty is on the rise. However, peace and development are still the themes of the times, and China is still facing important strategic opportunities. We must strive for an international environment that is conducive to our development, concentrate on our affairs, nurture opportunities in crises.

At present, China has shifted to the stage of high-quality development, which requires the shifting from quantity to quality, from scale expansion to structural upgrading, from factor-driven to innovation-driven, from distribution imbalance to common prosperity, and from high-carbon growth to green and low-carbon development. The core of high-quality development is to improve total factor productivity and innovation capabilities is the key. It is necessary to promote the formation of a new development pattern by further opening-up and removing obstructions in the economic cycle of production, distribution, circulation, and consumption.

At the Q&A sections, speakers answered various questions from the audiences. Representatives from research institutions, companies and news media also participated in the online conference.