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New and old kinetic energy rapid conversion, development potential is further released

May 16, 2019 03:12
Author: Dan Jiang Yi Yong Ying

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While some people are horrified at the good start of China's economy this year, others have seen the certainty factor of long-term sustainable, stable and healthy development of the economy – development potential. From the supply side, technological innovation is brewing a powerful force. Since the beginning of this year, the pace of transformation and upgrading of China's traditional industries has accelerated, and new kinetic energy has grown rapidly. From the perspective of consumption, the consumption of “Troika” has further enhanced its contribution to economic growth. From the perspective of spatial layout, a series of major regional development strategies have been effectively implemented and regional coordinated development has been further promoted to further release development potential.

  Innovation is essential

According to data released by the National Bureau of Statistics, the new kinetic energy index for China's economic development has increased year by year. The new kinetic energy index of China's economic development in 2015~2017 was 123.5, 156.7, and 210.1, respectively, up 23.5%, 26.9%, and 34.1% over the previous year. The index has been rising year by year, indicating that China's new economic development momentum has accelerated its growth and development, and has become an important driving force for promoting high-quality development. Behind the support of the new and old kinetic energy to accelerate the transformation is technological innovation and successive policy dividends.

In 2018, China's R&D investment was second only to the United States, ranking second in the world. The total R&D expenditure was as high as 1,965.7 billion yuan, a year-on-year increase of 11.6%, accounting for 2.18% of the total economic output, which exceeded the EU average.

Zhang Zhanbin, dean of the School of Marxism of the National School of Administration, recently pointed out that innovation has continuously released the vitality, power and potential of economic development, which has greatly enhanced the innovation and competitiveness of China's economy.

From the country's heavy equipment to private enterprises, innovation has been placed in the most important position. In Zhangheng Road, Pudong, Shanghai, there is a circular building with a diameter of more than 160 meters. It looks like a nautilus, which is a Shanghai synchrotron radiation source. Shanghai Light Source is the first medium-energy third-generation synchrotron radiation device in mainland China, with leading performance indicators. The high-speed running electrons emit more than 100 million times of synchrotron radiation in the normal X-ray, which can illuminate the microscopic world that ordinary technology cannot see.

It is understood that Shanghai Light Source has been operating for 10 years, and the annual supply of light for about 5,500 hours has greatly supported the development of China's life sciences, materials science, biomedicine and other disciplines. The Zhangjiang Science City, where it is located, has gathered a large number of similar world-class scientific facilities. When these facilities are completed and put into use, they will form the largest concentration, the most comprehensive and the most comprehensive photonic science facilities in the world.

The Securities Times reporter found a common point when interviewing a number of private enterprises in Jiangsu. The investment in R&D of enterprises has increased year by year, and the emphasis on R&D has also brought inexhaustible power to the development of enterprises. Jiangsu Feizhou Technology (Jiangsu) Co., Ltd. mainly produces niche instruments. Currently, its products are exported to more than 30 countries and regions, with an export value of more than 30 million US dollars a year. The export business accounts for two-thirds of the total business, in the international market. It is Yamaha's main competitor. Fan Tingguo, general manager of 吟飞科技, told the reporter: “Yufei Technology has been doing this for more than 30 years, and attaches great importance to research and development. The products need to be upgraded. The annual R&D investment accounts for 3.5% of the total expenditure, and this year we strive to increase it to 4%.”

In recent years, China has intensified its structural reforms on the supply side, continuously deepened the reform of “distribution management”, continuously improved the business environment, increased tax reduction and fee reduction, and enhanced the ability of financial services entities. These measures have injected new sources into the momentum of growth. Constant motivation. With the continuous policy dividend, the new momentum will accelerate the formation, which will lead to more new economic growth points.

  Consumption first

While promoting technological innovation and industrial transformation and upgrading, China is also vigorously developing the application of new technologies such as 5G and artificial intelligence in production and life. Just after the May 1st holiday, the reporter experienced a variety of emerging consumption methods such as online ticket purchase, face scanning code entry, AR navigation, audio navigation, and hotel smart occupancy. A mobile phone can meet a variety of needs and greatly improve the consumer experience.

According to the Ministry of Culture and Tourism, the total number of domestic tourist receptions during the “May 1st” holiday in 2019 was 195 million, an increase of 13.7% in comparable terms; the tourism income was 117.67 billion yuan, an increase of 16.1%. With the rapid development of online services such as travel online services, online marketing, and online booking, online travel has developed rapidly.

Zooming in to the overall consumption, official statistics show that in the first quarter of 2019, the total retail sales of consumer goods reached 902.75 billion yuan, an increase of 9.8%. Structurally, in the first quarter of 2019, the online retail sales of non-physical goods reached 475.1 billion yuan, an increase of 38.7%. The new consumption model is becoming the daily life of the people and opening up new consumption potential. In the first quarter of this year, the contribution rate of final consumption expenditure to GDP growth was 65.1%, which continued to be the main engine of economic growth.

“The potential of domestic demand continues to be strong.” Zhang Zhanbin analyzed in the article, according to the world.bankDividing the standard, more than 400 million people in China are in the middle income stage. With the improvement of the consumption environment and the follow-up of quality supply, the potential for growth in consumer demand, especially for residents, has much room for growth.

Su Jian, director of the Center for National Economic Research at Peking University, said that the Chinese economy has huge potential for consumption. From the historical experience, it is also a trend to stimulate economic growth by “expanding consumption”. According to the worldbankClassification, per capita national income between $3,896 and $12,055 is a middle-income country. According to data released by the National Bureau of Statistics, China’s per capita GDP in 2018 is about $9,000, but it is still far from the average level of developed countries. Therefore, just assume ChinaCommon peopleThe standard of living can catch up with the average level of developed countries, which means that there is still a lot of room for China to expand consumption. Therefore, from the perspective of demand, China has a large space for expanding domestic demand. Under the background of overcapacity, this is the space for China's economic growth. The relationship between income and consumption is mutually reinforcing. The key is how to form a virtuous circle, which requires appropriate policies.

This year's government work report mentioned that the measures to promote urban and rural residents to increase income, enhance consumption capacity; stabilize domestic effective demand, provide strong support for the smooth operation of the economy; adapt to new changes in consumer demand, increase the supply of quality products and services through multiple channels, Accelerate the elimination of the blockage of private capital entry. In order to promote consumption upgrades, the Ministry of Commerce launched a number of initiatives this year. With the introduction of a series of policies, the consumption potential will be further released.

  Regional coordination

The Political Bureau of the CPC Central Committee held a meeting on May 13 to review the Outline of the Regional Integration Development Plan for the Yangtze River Delta. This is another major regional development strategy after the Central Committee of the Communist Party of China and the State Council issued the Outline of the Development Plan for the Guangdong, Hong Kong and Macao Dawan District in February this year.

Hong Tao, director of the Institute of Business Economics of Beijing Technology and Business University, told reporters that with the launch of the coordinated development of Beijing-Tianjin-Hebei, the integration of the Yangtze River Delta, and the regional strategy of Guangdong, Hong Kong, Macao and Dawan District, the new regional economic map of China has gradually taken shape and regional economic development. The new kinetic energy is gradually speeding up.

The Yangtze River Delta is one of the regions with the most active economic development, the highest degree of openness, and the strongest innovation capability in China. Chen Yao, vice president and secretary general of the China Regional Economics Association, believes that in the integration of the Yangtze River Delta, the G60 Science and Technology Corridor, including Shanghai, has many bright spots, and will play a big role in leading the scientific and technological innovation in the future.

Public information shows that the worldrobotGiants and domestic leading companies have headquarters or R&D centers in the Yangtze River Delta region.robotProduction capacity accounts for more than 50% of the country. The G60 Kechuang Corridor has become a leader in advanced manufacturing clusters. Corporate gatherings have led to an increase in tax revenues and an increase in investment enthusiasm. The data shows that as of 2018, relying on the construction of the G60 Science and Technology Corridor in the Yangtze River Delta, only the strategic emerging industries in the Songjiang section have an average annual tax increase of 37%, and the total investment in industrial fixed assets has exceeded 167.7 billion yuan.

Guangdong, Hong Kong and Macau Bay Area has "Three places across the Taiwan StraitsWith the characteristics of “Guangzhou-Shenzhen-Hong Kong-Macau” as the support point, the Bay Area is positioned to build an international science and technology innovation corridor, which will also become a highland for China's technological innovation.

This year is the fifth year proposed by the Beijing-Tianjin-Hebei coordinated development strategy. Beijing's industrial migration and transfer, the first test flight successfully landed at Daxing International Airport, and the half-hour commuter circle coverage area of ​​the capital gradually expanded. A vivid portrayal of speeding up. In the past five years, the regional GDP of the three places has increased from 6.7 trillion yuan to 8.5 trillion yuan, with an average annual growth rate of 6.3%; the total tax revenue has increased from 1.7 trillion yuan to 2.1 trillion yuan, an average annual increase of 4.7%.

Hong Tao believes that to develop a regional economy, it is necessary to give full play to the radiation effect of the city, so that the urban agglomerations can be linked to each other and promote each other, and promote economic development by “taking the city with the county”.

In February of this year, the National Development and Reform Commission issued the "Guiding Opinions on Cultivating the Development of a Modern Metropolis", proposing to form a number of metropolitan areas with global influence by 2035. Chen Yao believes that the development of the metropolitan area is small and targeted, and it is an important starting point for promoting the integration of urban agglomerations.

Regional development also includes linkages at home and abroad. Chen Wenling, chief economist of China International Economic Exchange Center, believes that China's current regional layout has undergone major changes. The continuous driving force of China's economic development comes from advancing and optimizing regional development strategies, optimizing the spatial layout of the regional economy, and achieving a new regional layout of internal and external linkages.

The 2nd “Belt and Road” International Cooperation Summit has achieved fruitful results. According to the data of the Ministry of Commerce, China’s technology exports to the countries along the “Belt and Road” have grown significantly. In terms of import and export, in the first four months, China’s import and export growth rate along the “Belt and Road” countries was higher than the overall.

With the effective implementation of a series of major regional development strategies and the in-depth development of regional coordinated development, the development space will continue to expand, and further release of development potential, and accelerate the cultivation of new regional growth poles.

(Article source: Securities Times)

                (Editor: DF372)

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