Viewpoint | The first meeting of the 20th Central Finance and Economics Committee proposed the profound meaning of building a modern industrial system
Published:
2023-05-06
On May 5, 023, the 20th Central Finance and Economics Committee held its first meeting. This meeting was of far-reaching significance and was also the first appearance of the current Central Finance and Economics Committee. The meeting emphasized speeding up the construction of a modern industrial system supported by the real economy, which is related to our winning strategic initiative in future development and international competition. Why should we emphasize the "modern industrial system" supported by the "real economy"? What is the significance? 1. focus on the real economy to prevent delinquency From the perspective of the external environment, there are two kinds of backflows in the global wave of "manufacturing return", one is the "return" of high-end manufacturing to developed countries, and the other is the "flow" of low-and middle-end manufacturing into low-and middle-income countries, forming a "two-way squeeze" on China ". This requires us to continue to pay attention to the real economy and improve the industrial chain. From the perspective of internal state, there is a situation of "delinquency" in the process of China's rapid economic growth, and there are also two states. One state is that financial institutions deviate from real enterprises, and a large number of enterprises, especially small and medium-sized enterprises, have difficulties in financing, and financial assets are more Use securities and other financial instruments to flow; the other state is that entity enterprises with sufficient funds also use a large amount of funds for financial products to profit, there is a tendency towards the financialization of real enterprises. The Provisions of the Supreme People's Court on Several Issues Concerning the Application of Law in the Trial of Private Lending Cases (2020 Amendment) specifically stipulates that "lenders who have not obtained the qualification to lend in accordance with the law provide loans to unspecified objects in society for the purpose of making profits", and curb the disorderly borrowing and lending between enterprises for profit. Without the support of the real economy, or if finance does not serve the real economy, the risk of economic bubble will increase significantly. Paying attention to the real economy has become the top priority, and it is necessary to reshape the modern industrial system, turn "made in China" into "created in China", and change from a "manufacturing power" to a "manufacturing power". 2. attention to stability and progress, adhere to the integration of development "To the virtual" easy to "out of the virtual" difficult, to the virtual process is easy to fall into the middle-income trap. Only innovation is always the direction of the development of the real economy, but the investment preference is risk-free and high-yield. Innovation means high risk, which may have huge returns, but it is more likely to lose money. For riskier projects, they are often avoided by social capital. Object. Vice versa, it is easier to "get rid of reality" than to "get real". We say that reshaping modern industries is a system problem, which requires progress in stability and the integrated development of primary, secondary and tertiary industries, not simply elimination but industrial upgrading. 3. Paying Attention to Scientific and Technological Innovation to Rebuild Modern Industrial System It is necessary to grasp the wave of new scientific and technological revolutions such as artificial intelligence, adapt to the requirements of harmonious coexistence between man and nature, maintain and enhance the advantages of a complete industrial system and strong supporting capabilities, efficiently gather global innovation elements, and promote industrial intelligence, greening, and integration. A modern industrial system with integrity, advancement, and safety. The establishment of this modern industrial system requires not only the "national system", but also the stimulation of market vitality and the development of "specialized and special new" enterprises. It is necessary to identify the pain points and layout in advance. The key industrial areas with clear strategy of manufacturing power are the basic chains to realize the role of "supplementing the chain", "extending the chain" and "strengthening the chain. In other words, the Outline of the Strategic Plan for Expanding Domestic Demand (2022-2035) refers to "strengthening the root base, raising advantages, making up for shortcomings, and strengthening and weakening", so as to effectively respond to external risks and challenges with its own stable development. All in all, in the process of reconstructing the modern industrial system, the economy and society will undergo further changes, but no matter how it changes, for us who are in it, we must not only go against the trend and accelerate breakthroughs in short-board areas; but also follow the trend. Do it and become bigger and stronger in advantageous areas. Only the industry that is consistent with the development trend of the industry is the most viable industry.
On May 5, 023, the 20th Central Finance and Economics Committee held its first meeting. This meeting was of far-reaching significance and was also the first appearance of the current Central Finance and Economics Committee. The meeting emphasized speeding up the construction of a modern industrial system supported by the real economy, which is related to our winning strategic initiative in future development and international competition. Why should we emphasize the "modern industrial system" supported by the "real economy"? What is the significance?
1. focus on the real economy to prevent delinquency
From the perspective of the external environment, there are two kinds of backflows in the global wave of "manufacturing return", one is the "return" of high-end manufacturing to developed countries, and the other is the "flow" of low-and middle-end manufacturing into low-and middle-income countries, forming a "two-way squeeze" on China ". This requires us to continue to pay attention to the real economy and improve the industrial chain.
From the perspective of internal state, there is a situation of "delinquency" in the process of China's rapid economic growth, and there are also two states. One state is that financial institutions deviate from real enterprises, and a large number of enterprises, especially small and medium-sized enterprises, have difficulties in financing, and financial assets are more Use securities and other financial instruments to flow; the other state is that entity enterprises with sufficient funds also use a large amount of funds for financial products to profit, there is a tendency towards the financialization of real enterprises. The Provisions of the Supreme People's Court on Several Issues Concerning the Application of Law in the Trial of Private Lending Cases (2020 Amendment) specifically stipulates that "lenders who have not obtained the qualification to lend in accordance with the law provide loans to unspecified objects in society for the purpose of making profits", and curb the disorderly borrowing and lending between enterprises for profit.
Without the support of the real economy, or if finance does not serve the real economy, the risk of economic bubble will increase significantly. Paying attention to the real economy has become the top priority, and it is necessary to reshape the modern industrial system, turn "made in China" into "created in China", and change from a "manufacturing power" to a "manufacturing power".
2. attention to stability and progress, adhere to the integration of development
"To the virtual" easy to "out of the virtual" difficult, to the virtual process is easy to fall into the middle-income trap. Only innovation is always the direction of the development of the real economy, but the investment preference is risk-free and high-yield. Innovation means high risk, which may have huge returns, but it is more likely to lose money. For riskier projects, they are often avoided by social capital. Object. Vice versa, it is easier to "get rid of reality" than to "get real". We say that reshaping modern industries is a system problem, which requires progress in the midst of stability and the integrated development of primary, secondary and tertiary industries, not simply elimination but industrial upgrading.
3. Paying Attention to Scientific and Technological Innovation to Rebuild Modern Industrial System
It is necessary to grasp the wave of new scientific and technological revolutions such as artificial intelligence, adapt to the requirements of harmonious coexistence between man and nature, maintain and enhance the advantages of a complete industrial system and strong supporting capabilities, efficiently gather global innovation elements, and promote industrial intelligence, greening, and integration. A modern industrial system with integrity, advancement, and safety.
The establishment of this modern industrial system requires not only the "national system", but also the stimulation of market vitality and the development of "specialized and special new" enterprises. It is necessary to identify the pain points and layout in advance. The key industrial areas with clear strategy of manufacturing power are the basic chains to realize the role of "supplementing the chain", "extending the chain" and "strengthening the chain. In other words, the Outline of the Strategic Plan for Expanding Domestic Demand (2022-2035) refers to "strengthening the root base, raising advantages, making up for shortcomings, and strengthening and weakening", so as to effectively respond to external risks and challenges with its own stable development.
All in all, in the process of reconstructing the modern industrial system, the economy and society will undergo further changes, but no matter how it changes, for us who are in it, we must not only go against the trend and accelerate breakthroughs in short-board areas; but also follow the trend. Do it and become bigger and stronger in advantageous areas. Only the industry that is consistent with the development trend of the industry is the most viable industry.
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