On March 23, Han Wenxiu, Deputy Director of the Office of the Central Committee on Finance and Economics and Director of the Office of the Central Leading Group on Rural Work, delivered a keynote speech entitled "Dealing with the Uncertainty of the External Environment with the Certainty of High-quality Development" at the Symposium of the China Development Forum. He said that in order to comprehensively rectify the "involution" competition, we will standardize the behavior of local governments and enterprises, govern the vicious competition of ultra-low prices according to law, standardize the competition order, advocate "high quality and high price", oppose low quality and low price, promote the survival of the fittest enterprises, and clear the market dynamics.
The following is the full text of the speech:
Distinguished guests, ladies and gentlemen,
it is a great pleasure to attend the China Development Forum Annual Conference 2025 in this spring March. The theme of this forum is "comprehensively releasing the momentum of development and jointly promoting stable growth of the global economy", which is very much in line with the actual needs.
Not long ago, China's two sessions were successfully held, and the main expected targets for this year's economic and social development were defined, including economic growth of about 5%, surveyed urban unemployment rate of about 5.5%, consumer price increase of about 2%, basic balance of payments, and energy consumption per unit of GDP reduction of about 3%. It takes into account not only the needs of stabilizing employment, benefiting people's livelihood and preventing risks, but also the potential of China's economic growth, the motive force of deepening reform and opening up, and the effectiveness of incremental and stock policies. In short, in the face of a marked increase in external uncertainties and instability, we will unswervingly handle our own affairs, respond to the uncertainties of the external environment with the certainty of high-quality development, and strive to provide a "stable anchor" for world economic development. Here, I will focus on five aspects of "certainty".
First, we should adhere to the long-term strategy of expanding domestic demand and strive to make consumption the driving force and ballast stone of economic growth. The Central Economic Work Conference proposed that we should expand domestic demand in an all-round way and vigorously boost consumption. At present, China's consumption scale is very large, but the proportion of consumption in the national economy and total demand is still relatively low, with a gap of about 20 percentage points with developed countries, and the potential for expanding consumption is huge. Holiday consumption in
the Spring Festival has brought us a lot of inspiration. Starting from this year, we will increase the number of statutory holidays by 2 days every year. Not long ago, the state issued the special action plan to boost consumption. Recently, many central departments and local governments are taking action. We will take comprehensive measures to expand consumption. The situation of high-quality development and high-quality life promoting each other and complementing each other. One is to enhance consumption capacity. On the basis of promoting economic growth and improving labor productivity, we should increase the income of urban and rural residents, optimize the income distribution structure, increase the proportion of residents'income in national income, and enable consumers to have money to consume. The second is to expand service consumption. We will actively develop the initial economy, healthy consumption, ice and snow economy and silver-haired economy, and develop cultural tourism into an important pillar industry. Create more high-quality service consumer products and scenarios, so that consumers have more high-end services to consume. Third, optimize the consumption environment. This year's "3.15" exposed a number of typical cases of infringement of consumer rights and interests, forming a strong deterrent to protect consumer rights and interests. We should turn every day into "3.15" so that consumers can rest assured of their consumption. Fourth, reduce worries. This year, we will raise the minimum standard of basic pension for urban and rural residents, appropriately raise the basic pension for retirees, and accelerate the development of the third pillar of pension insurance. In the future, we should steadily improve the level of public services and social security. At the same time, there is still much room for China to expand investment. For example, investment in social and livelihood areas needs to be increased, the task of urban renewal is arduous, and there is a great demand for investment in new infrastructure and industries such as digital. In short, expanding domestic demand is not an expedient measure, but a long-term strategy. We will "stick to the green hills and not relax" to speed up the formation of a domestic demand-supported and consumption-driven economic growth model.
Second, we should continue to deepen the structural reform of the supply side, constantly renew the old kinetic energy and develop the new kinetic energy. The smooth circulation of the national economy requires coordinated efforts and dynamic balance between supply and demand, so as to enhance the adaptability of supply and demand. China has a complete range of industries, a complete industrial chain system, strong supporting capacity and obvious integration advantages, which are unique in the world. We have the foundation and conditions to continue to deepen the structural reform of the supply side and promote the continuous improvement of the quality and efficiency of the supply system. One is to promote the continuous transformation of new and old development momentum. In recent years, we have turned pressure into motivation and made positive progress in promoting scientific and technological self-reliance. We will adhere to the principle of technology-led and innovation-driven, develop new quality productivity according to local conditions, vigorously develop emerging industries, actively cultivate future industries, and actively transform and upgrade traditional industries with digital technology, green technology and artificial intelligence. Standardize fees and law enforcement related to enterprises, and effectively reduce the burden on enterprises. The second is to comprehensively rectify the "involution" competition. We will standardize the behavior of local governments and enterprises, govern the vicious competition of ultra-low prices according to law, standardize the competition order, advocate "high quality and high price", oppose low quality and low price, promote the survival of the fittest enterprises, and clear the market dynamics. Vigorously promote entrepreneurship, promote the old, middle-aged and young entrepreneurs to work hand in hand, coordinate the development of large and medium-sized enterprises, and create more enduring "century-old shops".
Third, adhere to open cooperation and promote mutual benefit and win-win results. Opening to the outside world is our basic state policy. No matter how the international situation changes, we will unswervingly promote high-level opening-up, steadily expand institutional opening-up, orderly expand independent opening-up and unilateral opening-up, deepen the reform of foreign investment promotion system and mechanism, create a market-oriented, legalized and internationalized first-class business environment, steadily promote the opening-up of service industries, including the financial sector, and actively develop green trade and digital trade. Recently, many international investors have been optimistic about China's economy and assets. We sincerely welcome the return of international capital to China to further cultivate China's fertile land for investment and share China's "development dividend".
At present, unilateralism and protectionism are on the rise, and economic globalization is encountering adverse currents. Historical experience and lessons have repeatedly proved that open cooperation is the way to win-win results, and that there are no winners in tariff wars and trade wars. For unreasonable suppression and containment, we will resolutely counter and effectively respond to it, and earnestly safeguard our own interests. We believe that multilateralism is the right path on earth, and the wider it goes, the more unilateralism will become a blind alley. Over the years, as a responsible big country, China has firmly acted as a defender of the multilateral trading system, demonstrating the role of a big country in promoting economic globalization. Significant progress has been made in China's economic rebalancing, and the proportion of current account surplus to GDP has dropped from about 10% in 2007 to about 2% at present. We are actively expanding imports. China International Import Expo is the world's first national exhibition with import as its theme. It has been successfully held for seven consecutive sessions since 2018. More and more countries and enterprises are participating in the exhibition, and the scale of transactions is getting larger and larger. We are willing to share the growing super-large-scale market opportunities with other countries in the world.
Fourth, we should persist in coordinating development and security and effectively guard against and defuse risks in key areas. In recent years, we have made great efforts to resolve the risks of the real estate market, local government debt and small and medium-sized financial institutions. Through arduous efforts, these three risks have been effectively controlled and are in a state of convergence. Since the fourth quarter of last year, there have been positive changes in real estate market transactions and prices, and the warming trend of first-tier cities is more obvious. We will continue to promote the stabilization of the real estate market, accelerate the construction of a new model of real estate development, and promote the long-term sustainable and healthy development of the real estate market. We will continue to do a good job in the replacement of implicit debt of local governments, persist in debt conversion in development, develop in debt conversion, and promote the market-oriented transformation of local financing platforms and debt risk resolution. We attach great importance to solving the problem of arrears in corporate accounts, and will make good use of fiscal and monetary policy tools as a whole and strive to make significant progress as soon as possible. We firmly believe that in the new journey, we will be able to continue to write a new chapter of rapid economic development and long-term social stability, and we will also be able to maintain the bottom line of no systemic risk.
Fifth, we should adhere to green and low-carbon development and accelerate the construction of a beautiful China. In recent years, we have steadily promoted the construction of ecological civilization. China's green industry, green technology and green finance are at the forefront of the world, and a good ecological environment is continuously creating comprehensive benefits and values. This year marks the 20th anniversary of the concept of "lucid waters and lush mountains are invaluable assets" and the 5th anniversary of the carbon neutralization target. We will continue to promote a comprehensive green transformation of economic and social development, coordinate efforts to promote carbon reduction, pollution reduction, green expansion and growth, and make green and low-carbon the most brilliant background of Chinese-style modernization. We will deepen the energy revolution, make good use of traditional energy in a clean and efficient manner, and continue to promote the development of new energy industries. We will actively and steadily push forward carbon peaking and carbon neutralization, build a number of zero-carbon parks and zero-carbon factories, actively participate in and lead global environmental and climate governance, and make contributions to tackling climate change.
Ladies and gentlemen,
the important speech delivered by the General Secretary of Xi Jinping Party at the Central Economic Work Conference and the Two sessions points out the direction for China's economic and social development and provides fundamental guidance. Since the beginning of this year, China's economy has continued to pick up and is expected to achieve a good start. There is still much room for counter-cyclical adjustment in our macro policy. We are confident to take advantage of the momentum, implement more active and promising macro-policies, further deepen reform in an all-round way, expand high-level opening-up, achieve a successful conclusion of the 14th Five-Year Plan with new achievements in high-quality development, lay a good foundation for the development of the 15th Five-Year Plan, and increase stability and certainty for the prosperity and development of the world.
Thank you all!
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