国务院发展研究中心原副主任刘世锦：建设离岸人民币金融产品生态，中国需要形成强大货币｜2025华夏机构投资者年会

Core Insights - The conference emphasized the theme of "vitality and resilience, innovation and empowerment" to address contemporary challenges and explore future pathways [2] Economic Transition - China's economy is transitioning from high-speed to medium-speed growth, with a shift in growth drivers from investment and exports to innovation and consumption [3] - The GDP deflator index has shown negative growth for ten consecutive quarters leading up to Q3 2025, with actual growth rates of 5.4% and 5.2% in the first two quarters of 2025 [3] Long-term Growth Advantages - China possesses three long-term growth advantages: 1. Catch-up potential, with per capita income at approximately $14,000, indicating significant room for growth towards the levels of developed countries [3] 2. Advantages in new technology revolutions, particularly in digital and green technologies, where China is at the forefront of industrial engineering and commercial applications [4] 3. The scale of the market economy, highlighted by a large middle-income group and the potential for 900 million low-income individuals to transition to middle-income status, significantly expanding the consumer market [4] Financial Strength - The construction of a "manufacturing powerhouse, consumer powerhouse, and financial powerhouse" is essential for modernizing China's economy [5] - Financial systems must enhance their project selection capabilities to support the real economy, especially as the economy shifts towards innovation-driven growth [5] Currency and Internationalization - A strong currency is a key indicator of a financial powerhouse, with the need for the RMB to play a more significant role internationally [6] - Recommendations include balancing imports and exports while increasing the use of RMB for international transactions, thereby enhancing its liquidity and facilitating its internationalization [6]