Visitors watch a robot making coffee during the 23rd China International Industry Fair, themed "Digital Economy & Industrial Decarbonization," in east China's Shanghai, Sept. 19, 2023.(Xinhua/Fang Zhe)
BEIJING, Jan. 10 (Xinhua) -- As one of the world's largest data producer, China boasts unique advantages in harnessing data as a new driver for economic growth. This observation was highlighted by the participants during the 25th Annual Peking University Guanghua New Year Forum, which was held on January 7, 2024.
They emphasized the significance of bolstering the steady economic recovery through digital economy. In addition, global climate governance has brought fresh opportunities for world economic growth, while China's green and low-carbon transition has added new impetus to its high-quality economic development.
-- Ensuring stable market expectations
The Central Economic Work Conference has made major strategic plans to stabilize expectations, growth and employment, said Gao Peiyong, former vice president of the Chinese Academy of Social Sciences. Stabilizing expectations will be a key phrase in the economic activity of 2024.
The current economic recovery is facing new difficulties and challenges, particularly in terms of market confidence and expectations. Therefore, it is crucial to boost consumer and business confidence and stabilize their expectations, which is the key to the issues caused by weak consumption and investment demand. Additionally, this approach will help resolve the mismatch of supply and demand. Only by doing so can the foundation be cemented to consolidate and strengthen the momentum of economic recovery, according to Gao Peiyong.
China's economic recovery is still at a critical stage. Therefore, all strategic planning related to economic development, especially high-quality progress, should align with the new characteristics and requirements of the high-quality development stage. As a result, ensuring stable expectations should be the focus and priority of the economic work in 2024, added Gao.
-- Magnifying the multiplier effect of data as a factor of production
The "Data x" Three-Year Action Plan (2024-2026) was recently released by the National Data Administration, together with 16 other competent authorities.
Data as a factor of production are featured by high liquidity, low-cost replication, and growing returns, which can be leveraged to enhance the efficiency of resource allocation, cultivate new industries and business models, and ultimately have a multiplier effect on economic development, said Liu Liehong, head of the National Data Administration and a member of party leadership of the National Development and Reform Commission (NDRC).
The National Data Administration is committed to unleashing the potential of data as a fundamental resource and innovation engine, as part of its ongoing efforts to strengthen, improve, and expand China's digital economy, according to Liu Liehong. "The National Data Administration will work closely with competent authorities to implement the 'Data x' action plan through various measures, such as rolling out pilot projects, launching competitions, and releasing typical cases," said Liu.
Priority should be given to key industries and application scenarios to empower the overall economic development with data as a factor of production, according to Jiang Xiaojuan, the president of the China Society of Industrial Economics and professor at the University of the Chinese Academy of Social Sciences.
-- Promoting high-quality development with green and low-carbon transition
Global climate governance has presented new opportunities to world economic growth, as observed by many participants at the forum. They also highlighted that China's green and low-carbon transition has injected fresh impetus into its pursuit of high-quality development.
Reaching peak carbon emissions and achieving carbon neutrality means a broad and profound systemic socio-economic transformation, said Su Wei, former deputy secretary general of the NDRC and China's chief climate change negotiator. To achieve this goal, the core is the all-round green transition in socio-economic development. The key lies in green and low-carbon energy, while the method is developing industrial structures, ways of production and living, and spatial layouts that help conserve resources and protect the environment. These efforts will leads to a green, low-carbon and high-quality development path that gives priority to ecological conservation, providing new momentum for the modernization of harmony between humanity and nature.
It is necessary to highlight innovation in key areas, accelerate the paradigm shift in growth models, and build a market-oriented legal framework and policy environment. Meanwhile, best practices of enterprises should be cultivated, advancing ESG-led economic and social transformation, said Zhang Yong, the executive vice president of China COSCO Shipping Group.
(Edited by Yang Linlin with Xinhua Silk Road, linlinyanglyn@163.com)
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