Technical personnel monitor the rendezvous and docking of the ascender of China’s Chang’e-5 probe with the orbiter-returner combination at Beijing Aerospace Control Center in Beijing, capital of China, Dec. 6. Photo: Jin Liwang/XINHUA

Experts shed light on China’s high-quality growth during the 14th Five-Year-Plan (FYP) period (2021–2025) at a forum hosted by the Chinese Academy of Social Sciences (CASS) in late November.

In his keynote speech, CASS President Xie Fuzhan pointed out that the Fifth Plenary Session of the 19th CPC Central Committee has clearly declared that China has entered a new stage of development, proposing to facilitate a new development pattern that smooths domestic circulation and lets domestic and international circulations reinforce each other.

The new development pattern is a major decision made in accordance with China’s development stage, circumstances, and conditions, especially the changes in China’s comparative advantages, Xie explained. It will not only bring systemic and profound changes to China’s development during the 14th FYP period and beyond, but also bring many new opportunities to world economic development and global governance reforms.

To facilitate the new development pattern, Xie suggested expanding domestic demand, and focusing on the fundamental role of consumption in economic development, while highlighting the key role of investment in optimizing the supply structure. He also suggested sticking to high-level opening up and further expanding market access. It is also important to accelerate the development of trade innovation, promote the high-quality development of the Belt and Road, and achieve high-quality “bringing in” and high-level “going out.” The former policy encourages inward foreign investment as the latter encourages overseas investment.

It is necessary to solve key issues that restrict the innovative development of science and technology. The best way to approach this, is by implementing a strategy that invigorates China through science and education, a strategy which develops a quality workforce, and an innovation-driven development strategy. Xie also proposed deepening reforms to form a high-standard market-oriented, law-based, and international business environment, and to develop a high-level socialist market economy.

The 14th FYP period will face increasingly severe challenges from population aging, said Cai Fang, CASS vice president. Corresponding strategies involve birth policies, retirement systems, education and training systems, social pension insurance models, income distribution patterns, and the development of a service industry for seniors.

In the next stage, it is necessary to steadily advance reform of the childbirth policy, support public service systems, and reduce the costs of childbirth, nurturing, and education.

He also suggested redesigning pension payment methods to enhance enthusiasm of the elderly to participate in labor and to help them gain more benefits from delayed retirement. Training programs which improve the working skills and abilities of the elderly are advisable.

It is important to establish and improve policy support systems for the senior care industry and the senior service industry, while improving the basic public service supply system to achieve equal supply of basic public services and the sustainability of social security benefits.

Innovation-driven high-quality economic development is the core task of China's modernization construction, said Huang Qunhui, director of the Institute of Economics at CASS. During the 13th FYP period, China's overall innovation capability continued to rise, but it still cannot meet the requirements of high-quality development. During the 14th FYP period, to achieve innovation-driven high-quality economic development, efforts must be made to improve the innovation system and mechanisms.

Zhang Yuyan, director of the Institute of World Economics and Politics at CASS, said that security is the prerequisite for development, and development is the guarantee of security. In the current and future period, as the world is more unstable and uncertain, China is bound to seek its own development while also cooperating with other countries, and China must coordinate both development and security.

One core task during the 14th FYP period is to effectively align the consolidation and expansion of poverty alleviation achievements with rural vitalization, said Wei Houkai, director of the Rural Development Institute at CASS. During this period, China will enter a new stage of comprehensive implementation of the rural vitalization strategy, the key to which lies in comprehensively deepening rural reforms.

Zhang Yongsheng, director of the Institute of Ecological Civilization at CASS, said that the harmonious coexistence of man and nature is not simply an ecological environmental issue, but a fundamental change to the traditional production mode established after the industrial revolutions based on high environmental costs, high carbon emissions, and high resource consumption. It is not enough to rely on technological progress to change the mode of production. People also need to change their lifestyles, which is to say, people must change their development concepts.

Li Xuesong, deputy director of the Institute of Industrial Economics at CASS, said that the expected target of China's average annual GDP growth during the 14th FYP period can be set at about 5%, close to the potential growth rate. This goal not only takes into account the full utilization of existing resources and the deepening of reform and opening up, but also takes into account the increased uncertainties at home and abroad and the arduous tasks of reform and innovation. At the same time, it also leaves room for promoting changes in the quality, efficiency, and driving forces of economic development.