The report of the 20th National Congress of the Communist Party of China (CCP) determined that the CCP's mission is to lead the Chinese nation to establish a strong and modern socialist state and achieve the second-century goal. High-quality development must be given importance in the building of a modern socialist state.
Over the past 10 years, China has achieved remarkable success in the high-quality development of the economy. The ratio of China's low value-added rework trade in the Chinese economy is constantly decreasing, and the share of high value-added products such as machinery manufacturing in the economy is constantly increasing. The Chinese economy has now entered a new phase of its development. But with the epidemic and the effects of the world economy, the Chinese economy faced great downward pressures.
What should China's high-quality development look like in the future, in terms of the economic concept? In my opinion, the added value of Chinese products should continue to increase in the coming period. The quality of Chinese products should be constantly upgraded. A better industrial system should be created. The rational order of agriculture, industry and third sectors should be preserved.
In concrete policy terms, China will further regulate the open, just and equitable socialist market economy system. While the public economy will be consolidated, the development of the private economy will be supported. Trade liberalization will be accelerated, investment will be facilitated, and civilian consumption will be encouraged. China's super-large market will be thoroughly exploited and a unified national market will be established.
We should pay attention to this. Some think that China's internal circulation is a closed policy. But on the contrary, internal circulation should be the basis of further opening up. Advanced technology, finance and management should be brought to the country from abroad. Thus, China's market advantages and potential will be thoroughly developed.
High-quality development aims to resolve the contradiction between regional imbalance and underdevelopment. Therefore, China's quality development in the future should be based on the new development concept of innovation, coordination, green, openness and common sharing. Thus, a dual circulation model can be developed.
Apart from that, China's high-quality development focuses on innovation based on its own strength. Therefore, talent is also given importance. As an economist and a rector, I invite outstanding youth to China to contribute to human civilization.
Source: China Radio International / Author: Yu Miaojie (Rector of Liaoning University)
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