Innovationdriven Development to Boost Economic Growth.docx

Innovationdriven Development to Boost Economic Growth.docx

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InnovationdrivenDevelopmenttoBoostEconomicGrowth

Innovation-drivenDevelopmenttoBoostEconomicGrowth

　　CHINAissimultaneouslydeal-ingwithslowingeconomicgrowth，difficultstructuraladjustments，andabsorbingtheeffectsofpreviouseconomicstim-uluspolicies.TheChineseeconomyfacesseverechallenges，intheformofslowingeconomicgrowth，lowerindustrialproductprices，afallinenterpriseprofitsandtaxrevenues，andlurkingfinancialrisks.Meanwhile，theglobaleconomyistryingtoshakeofftheilleffectsofthefinancialcrisis，andrecoveryissnail-paced.Countriesaroundtheworldarethereforeexploringnewconceptsandmodelsinhopesofpromotingstableandsustaineddevelopmentoftheworldeconomy.

　　Underthisbackground，China’s13thFive-YearPlanhasattractedwideattention.TheworldhopesthatChina’seconomywillcontinuetoactasanengineforglobalgrowth，andthatChinesewisdommightformulateaneweconomicgrowthconceptandroadmap.ThefocusoftherecentG20FinanceMinistersandCentralBankGovernorsMeetinginShanghaiwasonsourcesofnewdynamismforglobaleconomicgrowth.ChinawillholdtheG20HangzhouSummitinSeptember2016，amidhighexpectations.

　　WhyDoesChinaProposeInnovativeDevelopment？

　　China’seconomyhasnowenteredthe“newnormal.”DevelopmentResearchCenteroftheStateCouncil（DRC）statisticsshowthatChina’spotentialgrowthrateduringthe2001-2005periodwas9.8percent；11.2percentduringthe2006-2010period；9.7percentduringthe2011-2015period；andanexpected6.5percentduringthe2015-2020period.ThesefiguresdemonstratethatChina’spotentialgrowthistransitioningfromhighspeedtomediumto-highspeed.AsPresidentXiJinpingobserved，China’snewnormaleconomyhasemerged，andhasseveralnotablefeatures.First，theeconomyhasshiftedgearfromtheprevioushighspeedtomedium-to-highspeedgrowth.Second，theeconomicstructureissteadilyimprovingandupgrading.Third，theeconomyisincreasinglydrivenbyinnovation.ThepresentoverallstrategytoboostChineseeconomicgrowthistoadapttoandunderstandthenewnormal，andthusachievehealthyandsustainedeconomicgrowth.

　　Therefore，abrandnewdevelopmentconcept，compatiblewithcurrentconditionsinthenewera，andwhichwillguideourpractice，isneeded.Knowledgeandactionarebothessential，andintelligentactionrequiresforethought.Therefore，Chinahasproposedthefivedevelopmentconceptsofinnovation，coordination，greendevelopment，opening-up，andsharing，amongwhichinnovationisconsideredthecore.ThoseconceptsarethekeytoresolvingtheproblemsthatimpedeChina’seconomicgrowthandsocio-economicdevelopment.Theyalsoconstitute，afterthor-oughconsiderationofworldeconomicgrowthpatternsandreformstotheglobalgovernancesystem，China’scontributiontotheworld.

　　Thecurrentpervasivepressureindeedcompelsustoboosteconomicgrowththroughinnovation.TheChineseeconomyachievedconsistentlyhighspeedgrowthinthe34yearsfollowingtheendofthe1970s，whenthereformandopening-uppolicycameintoeffect，withaverageannualgrowthofaround9.8percent.Itwasmainlydrivenbysupply-sidefactors，suchasacheaplaborforceandland，alate-mover’sadvantages，aswellasdemand-sidefactors，suchasasubstantialriseinresidents’incomesandthrivinginfrastructureconstruction.China’sGDPnowexceedsUS$10trillion，andranksaworldNo.2，withGDPpercapitaofUS$8，000，andhasclimbedtoanewhighintermsofsocialproductiveforces，comprehensivenationalstrength，andscienceandtechnology.China’sachievementsappearmiraculous，takingintoconsiderationitsmassivepopulationofover1.3billion.However，Chinanowfacesthegrowinglyprominentproblemofuneven，uncoordinated，andunsustainabledevelopment，andtheimmensepressurethisexertsonpopulation，resources，andenvironment.Forexample，China’sworking-agepopulation（15-59yearsold）haspeaked，anditsdependencyratiohasreachedaturningpoint.Thecountryhenceneedsnewimpetusforitsfuturedevelopment.Therefore，wemustboostdevelopmentthroughinnovationinabidtopromoteeffectivesupply-sidereformandunleashtheinnovativepotentialofscienceandtechnology.

　　Innovation-drivenDevelopmentConnotations

　　Whatexactlydoesinnovation-drivendevelopmentmean？

Howdoweimplementaneconomicdevelopmentstrategydrivenbyinnovation？

JudgingfromthechallengesthatChina’seconomyfaces，innovation，whencomparedwithdevelopednations，remainsthecountry’smajorshortfall.Theaimofinnovationdrivendevelopmentistofosteranewimpetusagainstthebackdropofthenewnormal.Totalfactorproductivity（TFP）isacomprehensiveindextoevaluateinnovationachievements.Itsenhancement，therefore，playsacrucialroleinthisregard.

　　Thereasonprimacyisgiventothenewconceptofinnovation-drivendevel-opmentisbecauseinnovationisamajorpropellantofdevelopment.ChinesePresidentXiJinpingstatedthatinnovationshouldtakecenterstageinthenationaldevelopmentstrategy，intheformoftheoretical，institutional，andscientificandtechnologicalinnovation，andbecomecommonpracticeinPartyandstateworkaswellasthroughoutsociety.　　Asthedrivingforcebehindtraditionaldevelopmentpetersout，boththenewandoldimpetusforeconomicgrowthneedtobetransformedingoodorder.Thekeyliesinexpandinginnovationcapacitybynurturingnewindustriesandproductionfactors，creatingnewdevelopmentmodels，andexploringnewmarkets.Meanwhile，nationalprojects，suchasmassentrepreneurshipandinnovation，InternetPlus，andMadeinChina2025areexpectedtoleadChina’ssocialandeconomicprogresstoembraceanewera.

　　China’seconomyhasenteredanewage.Despitetheeconomicdownturnandaturbulentfinancialmarket，Chinamaintainedin2015growthof6.9percent，andatthesametimebolsteredemployment.Andadailyaverage12，000newcompanieswereregisteredthroughoutthecountry.Overthesameperiod，morethan20，000newtechnologicalenterpriseswereestablishedinBeijing’sZhongguancunSciencePark，achievingyear-on-yeargrowthof23percentandcontributing40percenttoBeijing’seconomicgrowth.Alsoin2015，atotalof256，000patentswerelicensed?

C78percentmorethanin2012.Newindustriesandbusinessmodelsareconstantlyemergingandthriving.From2013to2015，theannualaveragevalueofonlineretailsalesrose40percent.Hightechproductssuchasindustrialrobots，newenergyautos，andphotoelectronicdeviceshavealsomultiplied.MeanwhilelaborproductivityreachedRMB76，978percapita?

C22.2percenthigherthanin2012.

　　Substantialprogressamideconomicrestructuringhaslaidasolidfoundationforinnovation-drivendevelopmentthatwilloptimizetheeconomicstructureandachievehighquality，sustainabledevelopment.Supply-sidestructuralreformwillplayasignificantroleinthisregard.AccordingtothestatementissuedaftertheCentralEconomicWorkConferenceof2015，China’seconomicworkin2016focusesonthefivetasksofreducingindustrialcapacity，destocking，de-leveraging，loweringcorporatecosts，andstrengtheningweaklinks.

　　Chinaisdeterminedtoweedoutandsoakupitsexcesscapacity，andbeefupitsserviceindustryandconsumption.Theeconomy’stransitionandupgradehavemaintainedsteadymomentum.TheshareofthetertiaryindustryinChina’sGDPcontinuestorise，whichimpliesthattheservicesectorhasbeguntotakethelead.In2015，theserviceindustryaccountedfor50.5percentofChina’sGDP?

C10percentmorethanthesecondaryindustryshare.Meanwhile，finalconsumptionexpenditureaccountedfor66.4percentofthenation’seconomicgrowth.Urbanizationhasalsorisen.Asoftheendof2015，56.1percentofthepopulationlivedincities，3.53percentmorethanin2012.Suchtirelesseffortsarevitalinordertoadvanceinnovationdrivendevelopment.　　Innovation-drivendevelopmentismorethansimplyanewleadingprincipleinthefieldsofeconomyandscience；italsoencompassesinstitutionsanddevelopmentmodes.Therefore，wemustkeepanopenmindasregardscomprehendingandimplementingthisnotion.The“neweconomy”concept，raisedinthisyear’sgovernmentworkreport，addedsubstancetoinnovation-drivendevelopmentbydefiningitasnewmomentum，newindustries，andnewbusinessmodels.Moreover，innovationisencouragednotonlyininstitutionsatthemacrolevel，butalsoinbusinesspatternsatthemicrolevel.Tosumup，innovation-drivendevelopmentisthekeytoactualizingChina’sgoalofmaintaininggrowthofabove6.5percent.

　　GlobalSignificanceofInnovation-drivenDevelopment

　　Implementationofinnovation-drivendevelopmentisnotonlyconducivetoastableandhealthyChineseeconomy，butalsocarriesgreatsignificanceasregardsChinaandtheworld’seconomicgrowth.

　　Intheneweraofburgeoningglobalizationandnewindustrialrevolution，itisclearthatChina’seconomymustfullyutilizethetworesourcesconstitutedbythedomesticandinternationalmarkets.Wemustinsistoninnovativedevelopmentinaccompanimentwiththepolicyofopeningfurthertotheoutsideworld.However，Chinawouldneverofitsownvolitionrelysolelyontheglobalmarketandforeigninvestmenttoboostitseconomicgrowth.Theannualgovernmentworkreportof2016specifiesthatwemustconsiderournationalrealities，furtherdeveloptheserviceindustry，consumerservicesinparticular，inoureffortstoexpandthedevelopmentspacetoalevelcommensuratewitharapidlygrowingeconomy.Innovation-drivenreformisexpectedtoboosteconomicgrowthinaninnovativeway.Norwilltheneweconomicgrowthmodebedetri