潘功胜：中国高质量发展与全球经济再平衡｜国际

Core Viewpoint - China aims to continue playing a crucial role as a main engine of global economic growth amidst rising global uncertainties, promoting a more open, inclusive, and balanced direction for the global economy [1][15]. Group 1: Global Economic Rebalancing and China's Contribution - The discussion on global economic imbalances and rebalancing has intensified, becoming a key topic at the G20 this year. China has actively participated in three significant dynamic balancing processes since the beginning of this century [3]. - From 2001 to 2007, China's entry into the WTO allowed it to integrate into the global division of labor, effectively expanding global supply and alleviating inflationary pressures, thus promoting global economic growth [3]. - From 2008 to 2017, in the aftermath of the global financial crisis, China played a vital role in boosting global demand and preventing deflation, contributing approximately 30% to global growth [3]. - Since the pandemic, China's stable supply chain has been crucial in maintaining global price stability and economic balance [3]. - China's economic structure has also undergone significant adjustments, with the contribution of consumption to economic growth rising from 37% in 2010 to an expected 52% by 2025 [3]. Group 2: Sources of China's Industrial Competitiveness - China's industrial competitiveness is primarily attributed to over 40 years of reform and opening up, learning from international partners, and benefiting from four key factors: a vast market, a complete industrial and supply chain system, a skilled labor force, and sustained R&D investment [4][5]. - China has over 72 million high-skilled workers and leads the world in the total number of R&D personnel, with R&D expenditure growing at an average of over 10% annually over the past five years [5]. - The government has taken measures to regulate unhealthy competition and promote fair competition, leading to improvements in corporate operating conditions, as evidenced by the narrowing of the Producer Price Index (PPI) decline from -3.6% in July last year to -0.9% in February this year [5]. Group 3: Analysis of Global Economic Imbalances - Understanding global economic imbalances requires examining both goods and services trade, as well as current and financial accounts. China is the largest goods trade surplus country but also the largest services trade deficit country [6]. - China's accumulated current account surplus supports global liquidity through investments, contributing to global economic development and financial stability [6]. - The analysis of supply-demand balance should consider both static and dynamic perspectives, as various factors can disrupt equilibrium, such as geopolitical conflicts affecting oil supply [6][7]. Group 4: China's Economic Growth Model Transformation - The recent government work report and the 14th Five-Year Plan emphasize the importance of setting reasonable economic growth targets, focusing on quality and sustainability rather than just speed [10]. - The plan aims to transform the economic growth model by enhancing domestic demand, improving income distribution, and increasing investment in education, healthcare, and social security [10]. - China is committed to promoting technological innovation and productivity growth, aligning with global technological trends and high-quality development goals [11]. - The country is also focused on accelerating green transformation and sustainable development, aiming for peak carbon emissions by 2030 and carbon neutrality by 2060 [11]. Group 5: Financial Support for Economic Structure Transformation - The People's Bank of China will maintain a supportive monetary policy stance to create a favorable financial environment for stable growth and high-quality development [13]. - The current social financing conditions are loose, with a balanced approach to supporting real economic growth while ensuring the health of the financial system [13]. - The Chinese yuan has appreciated against major currencies this year, reflecting the central bank's commitment to maintaining a stable exchange rate without seeking competitive devaluation [13][14].