LIN Chen: How to View the Potential and Driving Force Supporting China's Economic Growth

LIN Chen, Executive Dean of the National Academy of Development and Strategy of Renmin University of China, published an article in Study Times titled How to View the Potential and Driving Force Supporting China's Economic Growth. The article emphasizes the advantages of China's economic growth and these advantages have created huge potential and internal driving force for China's economic growth. The long-term positive trend of China's economy is irreversible. The main ideas are as follows.

The article points out some external voices of pessimism regarding the Chinese economy, but in reality, the Chinese economy continues to grow steadily with enormous potential and momentum. The author lists four major advantages to support this viewpoint: the advantage of an ultra-large-scale market, the enhancement of technological innovation capabilities, the cultural and social value foundation, and the significant role of the proactive government in economic growth.

The article emphasizes the resilience and development potential of the Chinese economy and refutes the so-called “peak theory” of the Chinese economy. It also provides suggestions on how to handle several relationships to stimulate economic growth potential.

Firstly, there needs to be a dynamic balance between the market and the government, allowing the market to function fully while the government provides necessary public services and regulation to promote the development of new productive forces.

Secondly, it is necessary to manage the relationship between supply and demand in the short and long term, by stimulating demand and improving the quality of supply to drive economic growth.

Finally, efficiency and fairness also need to be balanced, especially in the digital economy era, where attention needs to be paid to income distribution issues to promote the realization of common prosperity.

(Translated by ZHANG Yuqing; Proofread by YANG Fanxin)