2023-12-27 19:37:15
2023-12-28 03:37 Economic Daily Editorial Map of Mainland China’s Economy/Xinhua News Agency
At a time when mainland China’s economic development is facing unprecedented difficulties in the 45 years since Deng Xiaoping’s reform and opening up in 1979, the Central Committee of the Communist Party of China seems to have sent out a message that it will once again emancipate the mind and carry out reform and opening up. It is reported that Xi Jinping, General Secretary of the Communist Party of China, recently inspected Jiangxi and Guangxi. After listening to work reports, he gave instructions on emancipating the mind, seeking innovation and change, and opening up and developing.
In the past five years, mainland China’s economy has slowed down significantly. The main reasons are not only the effects of the COVID-19 epidemic and the United States’ deliberate containment policy against China, but also largely related to a series of “repaying old debts” measures taken since the 18th National Congress of the Communist Party of China. The so-called ” “Repaying old debts” means correcting the mistakes and problems that were made in different stages before. Xi Jinping’s efforts to “pay off old debts” after taking office mainly focus on three aspects:
1. Comprehensive, thorough and sustained anti-corruption. It has been more than ten years since the anti-corruption campaign, but it has not yet achieved full success. However, the results are very obvious. The effects of anti-corruption will inevitably have adverse effects on consumption, investment and even government efficiency, thus slowing down growth. Second, rectifying the environment and ecology is similar to corruption. , the environment and ecology have been damaged for a long time, and it is time to make great determination to rectify it. The social costs that were avoided when destroying the environment and ecology in the past can no longer be avoided, and are naturally reflected in various production costs, thus reducing competitiveness and affecting growth speed; third, the so-called “three removals”, cutting overcapacity , destocking, and deleveraging, which are mainly due to the aftermath of the financial tsunami of the century in 2008. Overcapacity in the manufacturing industry, excess inventory in the housing market, and too high leverage in the financial system must be corrected. “Three removals” will undoubtedly have a contractionary effect, which will naturally be detrimental to economic growth. Generally speaking, the corrective policies in these three aspects adopted by Xi Jinping since he came to power at the 18th National Congress have suffered considerable costs in terms of growth, but they are indeed necessary to put China’s economic development on a healthy path.
Since correctional policies, the effects of the epidemic, and even the decoupling policy adopted by the United States are all phased and temporary, we are still cautiously optimistic about the economic development and growth of mainland China. This is of course also the result of Deng Xiaoping’s reform and opening up in 1979. The dividends brought by it are still continuing and still playing a role. However, at the same time, we must also realize that China’s emancipation of the mind and reform and opening up are after all “crossing the river by feeling for the stones” and a process of constant self-correction. At the appropriate time, it is indeed necessary to have a new ideological emancipation and reform and opening up.
As far as economic theory is concerned, the greatest ideological emancipation and contribution of the Third Plenary Session of the 11th Central Committee of the Communist Party of China at the end of 1978 was to drastically revise the original three hundred percent planned economy, public ownership, and isolation, and begin to gradually move towards a market economy and mixed ownership. and the road to global integration. Among them, it is relatively easy to emancipate the mind about the market economy and integration with the world. The part about property rights reform involves the basic ideology of the Communist Party, so it is relatively difficult to emancipate the mind. This also affects the operation of the market economy, which has never been perfected. This aspect The situation has not changed significantly even after the Third Plenary Session of the 18th Central Committee of the Communist Party of China ten years ago further proposed “let the market economy play a decisive role in resource allocation”. We believe that this is still largely related to the reform of property rights. Not fully clarified.
To achieve a truly thorough optimal allocation of resources, in addition to relying on the market economy, there is also an indispensable supporting condition, which is private enterprises with strong enthusiasm and pursuit of the highest profits. China’s private enterprises have performed well in creating jobs, promoting exports, and paying taxes. However, they often face various difficulties in the business environment, especially huge changes in policies from time to time. This is obviously not the case. It is conducive to the sound development of the market economy. The main reason should be related to the fact that the ideological emancipation of mixed ownership has not been fully implemented. The state-owned economy is a major feature of China’s socialism, but how to straighten out the relationship between the public economy and the private economy and make a reasonable positioning so that the public economy and the private economy can play the greatest role in fairness and efficiency in resource allocation? It is the most challenging issue in China’s current stage of economic development and ideological emancipation.
The Third Plenary Session of the 20th Central Committee of the Communist Party of China may be held in the near future. We hope and have reasons to believe that the Central Committee of the Communist Party of China can make a major breakthrough in ideological emancipation on this most critical development issue at present, and make the most critical contribution to the improvement of Chinese modernization economic theory. contribution.
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