CCIEE Holds the 138th Monthly Economic Talk

On March 12, 2021, the China Center for International Economic Exchanges (CCIEE) held the 138th Monthly Economic Talk online under the theme of “Interpreting the Spirit of the Two Sessions”. The meeting was presided over by Bi Jingquan, Executive Vice Chairman of CCIEE and Deputy Director of the Economic Committee of the CPPCC, Han Yongwen, Vice Chairman of CCIEE and representative of the National People’s Congress, Yang Weimin, Vice Chairman of CCIEE and Deputy Director of the Economic Committee of the CPPCC, Chang Zhenming, Vice Chairman of CCIEE and member of the National Committee of the CPPCC, and Wang Yiming, Vice Chairman of CCIEE and member of the National Committee of the CPPCC, delivered speeches respectively.

Han Yongwen pointed out that the Government Work Report of this year (referred to as the “Report”) has set an economic growth target of more than 6% and the government will put more effort and financial resources on adjusting the economic structure and improving the quality of development. Grain production indicators are reflected in the “Report”, showing that great importance has been attached to stabilize food production and ensure national food security. The “Report” suggests that macroeconomic policies should be adjusted on time according to the changing environment and a sharp U-turn should be avoided. At present, the external environment is still complicated and unstable, thus, we should focus on the development of the real economy, improve manufacturing and the quality of development.

Yang Weimin stated that “The Outline of the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035” (the Plan) puts forward a series of proposals based on the new development stage, concepts, and pattern. For the very first time, the “Plan” did not set quantitative economic growth indicators, implying a major change in national governance. He pointed out that the key to constructing a new development pattern of “Dual Circulation Economy” is to ensure mutual promotion of the “dual circulations”.

Chang Zhenming pointed out that China achieved great achievements in fighting the COVID-19 pandemic, reducing poverty and improving economic growth last year. The “two sessions” this year emphasized the importance of promoting common prosperity, increasing the incomes of low-income people and expanding middle-income group, implementing rural revitalization strategies, increasing scientific and technological innovation, and promoting high-quality development, product structure, and high-tech products. He believes that as long as market entities implement the policies and guidelines designed by the central government, the plans and goals set out in the “14th Five-Year Plan” will be accomplished.

Wang Yiming believes that the purpose of the 6% economic growth target set by “Report” is to shift our focus to the quality and efficiency of development, so as to achieve a more efficient and sustainable growth and leave enough room for reform and innovation. Macroeconomic policies must maintain their stability but adjustment should be made when it is necessary. The “Report” proposes to expand domestic demand and promote high-quality development of the real economy through innovation. On the demand side, the focus is to stabilize and expand consumption, and on the supply side, the focus is to improve technological innovation. Therefore, we must continue to promote cooperation in science and technology to absorb international innovation resources.

After the speeches, the experts answered various questions from the audience. Researchers from CCIEE, representatives from CCIEE member units, research institutions, enterprises and media participated in the online conference.