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Volume 54 Issue 6
November 2022
Article Contents

Citation: Guoqiang TIAN and Xudong CHEN. How to Pursue Progress while Maintaining Stability and Promote High-quality Development for China’s Economy[J]. Academic Monthly, 2022, 54(6): 34-46. shu

How to Pursue Progress while Maintaining Stability and Promote High-quality Development for China’s Economy

  • China’s economy is facing multiple emerging downward pressures such as shrinking demand, supply shock and weakening expectations. It has thus become an important practical topic to implement the guideline of seeking progress while maintaining stability and to achieve high-quality development. Externally, the unprecedented changes and Covid-19 pandemic have brought great uncertainty to China’s economy. Internally, cyclical, policy, institutional and structural factors are intertwined; and particularly, some policy adjustments are not proper in timing, intensity and effect, exacerbating the difficult operations of market microeconomic agents. At the same time, China’s economic development is still lacking in innovation, coordination, ecology, openness and sharing, far from meeting the requirements of new development philosophy and achieving high-quality development. In this situation, China needs to simultaneously carry out cross-cycle policy design, counter-cyclical adjustment and deepening reform and opening up, so as to achieve progress amid stability and high-quality development. To stabilize the overall economy, it is necessary to intensify the implementation of more stable, consistent, and predictable macroeconomic policies, adopt more accurate, sustainable proactive fiscal policies, and employ more flexible, appropriate prudent monetary policies. However, short-term policies should be aimed mainly at dealing with shrinking demand and supply shock, whereas seeking progress amid stability in the short term and high-quality development in the medium and long term should rely critically and fundamentally on deep-seated structural and institutional reform and governance, and the role of higher-level opening-up and growth dividends, so as to reform the basic formal institution and informal institution environment, and truly incorporate the philosophy of innovative, coordinated, green, open and shared development into the formulation and implementation of policies and reform measures. This serves as the most effective countermeasure to address the pressure of weakening expectations and to achieve high-quality development.
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    1. [1]

      Guoqiang TIAN . Policy Coordination and Reform Response for China’s High-quality Economic Development. Academic Monthly, 2019, 51(5): 32-38.

    2. [2]

      TIAN Guoqiang . Comparison of Moral Philosophies between Smith and Kant. Academic Monthly, 2023, 55(5): 36-44.

    3. [3]

      Baoping REN . New Logic of Promoting High-quality Development in the New Journey of Chinese Path to Modernization. Academic Monthly, 2023, 55(1): 48-55.

    4. [4]

      Hutao YANG . High Quality Economic Activities: Mechanism, Specificity and Policy Choice. Academic Monthly, 2020, 52(4): 35-44.

    5. [5]

      Ming LU . For Long-term, Overall and Multidimensional Development: The Political Economy of China Road. Academic Monthly, 2022, 54(3): 58-71, 109.

    6. [6]

      Dazhong CHENGLi YUNing WANG . Opening-up and Liberalization of Services:Basic Trend, International Comparison and China’s Strategy. Academic Monthly, 2019, 51(11): 40-59.

    7. [7]

      Yucheng SANGTianhang MA . Forty Years of Chinese Political Science: Agenda Setting and Political Development. Academic Monthly, 2019, 51(12): 60-70.

    8. [8]

      Mingsheng PENGConglai FAN . The Direction of Deepening Reform Based on the Practice of China’s Financial Reform. Academic Monthly, 2020, 52(5): 51-61, 50.

    9. [9]

      Wei LIU . Chinese Modernization and Low-carbon Green Development. Academic Monthly, 2023, 55(1): 39-47.

    10. [10]

      LIU Zhibiao . . Academic Monthly, 2018, 50(7): 39-45.

    11. [11]

      Baoping REN . The Major Theoretical Problems in the Period of the 14th Five-Year Plan to Accelerate the Development of High Qualitye. Academic Monthly, 2021, 53(2): 75-84.

    12. [12]

      Jiechang XIAYu XIAOShilin LI . Re-measurement and Influence Factors of Total Factor Productivity in China’s Service Industry. Academic Monthly, 2019, 51(2): 34-43.

    13. [13]

      Jian WEI . Large-scale Reallocation of Factors and the Lubrication of Public Ownership. Academic Monthly, 2020, 52(4): 45-54.

    14. [14]

      Yuchang HEChao PAN . High Quality of Economic Development Lying in High Quality of the Real Economy. Academic Monthly, 2019, 51(9): 57-69.

    15. [15]

      . Theoretical Interpretation and Practical Orientation of China’s Economy from High Speed Growth to High Quality Development in New EraRen Baoping. Academic Monthly, 2018, 50(03): 66-74.

    16. [16]

      . . Academic Monthly, 2023, 55(1): 208-216.

    17. [17]

      Shao’an HUANG . Major Economic Theory Innovations afterChina’s Reform and Opening-up. Academic Monthly, 2019, 51(3): 39-47.

    18. [18]

      Tie LYUZaichi LI . Digital Technology Empowers High-quality Development of Manufacturin. Academic Monthly, 2021, 53(4): 56-65, 80.

    19. [19]

      Daogeng ZHANG . Logic of Economic Institutional Change and Reform of China’s Economic System. Academic Monthly, 2022, 54(1): 58-67.

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      . . Academic Monthly, 2016, 48(04): 54-62.

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          How to Pursue Progress while Maintaining Stability and Promote High-quality Development for China’s Economy

          Abstract: China’s economy is facing multiple emerging downward pressures such as shrinking demand, supply shock and weakening expectations. It has thus become an important practical topic to implement the guideline of seeking progress while maintaining stability and to achieve high-quality development. Externally, the unprecedented changes and Covid-19 pandemic have brought great uncertainty to China’s economy. Internally, cyclical, policy, institutional and structural factors are intertwined; and particularly, some policy adjustments are not proper in timing, intensity and effect, exacerbating the difficult operations of market microeconomic agents. At the same time, China’s economic development is still lacking in innovation, coordination, ecology, openness and sharing, far from meeting the requirements of new development philosophy and achieving high-quality development. In this situation, China needs to simultaneously carry out cross-cycle policy design, counter-cyclical adjustment and deepening reform and opening up, so as to achieve progress amid stability and high-quality development. To stabilize the overall economy, it is necessary to intensify the implementation of more stable, consistent, and predictable macroeconomic policies, adopt more accurate, sustainable proactive fiscal policies, and employ more flexible, appropriate prudent monetary policies. However, short-term policies should be aimed mainly at dealing with shrinking demand and supply shock, whereas seeking progress amid stability in the short term and high-quality development in the medium and long term should rely critically and fundamentally on deep-seated structural and institutional reform and governance, and the role of higher-level opening-up and growth dividends, so as to reform the basic formal institution and informal institution environment, and truly incorporate the philosophy of innovative, coordinated, green, open and shared development into the formulation and implementation of policies and reform measures. This serves as the most effective countermeasure to address the pressure of weakening expectations and to achieve high-quality development.

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