New engine of growth: “New Economy” was first written into the government work report

Li Keqiang, Premier of the State Council, stated in his government work report on March 5: "At present, China's development is at such a critical period. We must cultivate new kinetic energy and accelerate the development of a new economy."
Although the term “new economy” is not new, it is the first time it has been written into the government work report, which has led to widespread interpretation at home and abroad.
From the perspective of universal definition, the "new economy" generally refers to the economy driven by the information technology revolution and led by high-tech industries in the context of economic globalization, including mobile Internet, advanced manufacturing, and new energy. Broadly speaking, the "new economy" can be seen as an external manifestation of the internal transformation and upgrading of China's economy and a manifestation of the new normal of China's economy.
Not only does the government work report refer to the new economy, but in the eyes of many NPC deputies and CPPCC members contacted by the reporters of China Business News, the innovation drive as the main development indicator is a major breakthrough in the 13th Five-Year Plan. Behind this is the strategic consideration of the Chinese government's desire to nurture the new economy into a new engine for China's development.
"On the Internet side, everyone is now exploring a possibility - overtaking in corners," said Shen Jianguang, chief economist and managing director of Mizuho Securities (Asia). "In the new economy, everyone's starting point is not too far apart. China will learn from some development experiences, but in some respects, it is already taking its own path." Chief Economist and Research Department of CITIC Bank (International) Co., Ltd. Manager Liao Qun told the "First Financial Daily".
With reference to the development of the Internet and information technology in the United States, the "stagflation" of the 70s and 80s of the last century was ushered in. In the 1990s, the "Clinton Prosperity" was ushered in, which almost dominated the global industrial revolution. More and more people have realized that it is possible to develop a new economy and provide opportunities for China to catch up with and even "turn over the road" developed countries.
The new economy will become an important growth engine. "At present, China's development is in such a critical period. We must cultivate new kinetic energy and accelerate the development of a new economy." Li Keqiang pointed out in the government work report that it is necessary to promote the growth of new technologies, new industries and new businesses. Institutional innovation will promote the sharing of economic development, build a shared platform, and create new high-tech industries, modern service industries and other emerging industrial clusters, and create a new engine with strong momentum.
In fact, the words "new economy" are not the first to be spoken from the Prime Minister. Earlier, when Li Keqiang and the members of the CPPCC National Committee of the Economic and Agricultural Associations discussed the country, they mentioned the "new economy" eight times. In the previous month, he has explained the content and significance of the "new economy" at least three times.
When talking about the main goals and major measures during the 13th Five-Year Plan period, Li Keqiang said that economic development will inevitably have a process of iterative replacement between old and new kinetic energy. When traditional kinetic energy is weakened by strength, new kinetic energy needs to emerge and traditional kinetic energy transformation The new "dual engine" can promote sustained economic growth and leap to a new level.
Not only that, at the State Council executive meeting on February 3, Li Keqiang mentioned that in the past our policy mainly supported the technological transformation of enterprises and the expansion of local resources. Now we must improve the "marginal benefits" of policies and let the policies move to new kinetic energy. New industries and new industries are tilting, and the "new economy" is vigorously developed. He also pointed out that the manufacturing industry and the service industry in the "new economy" are often mixed together, designing, manufacturing and marketing.
Judgment of the role of the new economic engine has been supported by data. A lot of data shows that the new economy related to innovation is the fastest growing area in China in the past year.
According to research data from Wind Information, the industries with the fastest growth in net profit in the first three quarters of 2015 were mainly in the new economic sector, with prominent banking finance (78.08%), media (24.69%) and pharmaceutical biology (18.48%). , leisure services (17.04%), communications (13.46%), computers (12.26%) and electrical equipment (7.00%).
According to the National Bureau of Statistics, from 2013 to 2015, the added value of high-tech industries increased by 11.4% annually, and the growth rate was 3.4 percentage points higher than that of all industries above designated size; the main business income and total profit increased by 9.9% and 14.4 respectively. %, the growth rate is higher than the above-scale industries by 3.6 and 10.2 percentage points respectively. Under the strategy of innovation-driven development, the role of high-tech industries has been significantly enhanced. Research institutions at home and abroad generally believe that the new economy will significantly change the overall growth of the Chinese economy in the next few years. This trend is expected to be more pronounced if viewed from a longer period of time.
The next breakthrough is "China's wisdom"
At present, new technologies, new industries, and new business formats are blooming, and the new economy is entering a stage of rapid development. Regarding how to build a new economy, the government work report proposes to use modern technologies such as information networks to promote the transformation of production, management and marketing models, reshape the industrial chain, supply chain, and value chain, transform and enhance traditional kinetic energy, and revitalize it with new vitality. vitality.
Since the government's work report last year proposed "Internet +", this strategy has profoundly affected many industries in China. A large representative told this newspaper that to form a new economy, the information network must not only be integrated with the service industry, but also with the industry. “The new economy is not only encouraging everyone to open online stores, but more importantly, changing our production model to fundamentally improve quality and efficiency.” A representative from the Zhejiang delegation told reporters.
When the "fourth industrial revolution" was heatedly debated in the international academic community, the competitiveness of Chinese manufacturing was still characterized by the second industrial revolution, namely, scale and low cost. After the government first proposed the concept of "Made in China 2025+Internet", experts interviewed by China Business News generally believe that industry content is an important part of "Internet +". The combination of Internet and manufacturing will make China three times. Industries of different industrial revolution levels benefit.
Liao Qun told this newspaper that in some aspects of the development of the Internet, China may have surpassed the United States, such as Alibaba, which combines consumption and retail, and WeChat for social applications, but in terms of integration with industry and manufacturing, Refer to the experience of the United States and Germany.
In 2011, Germany proposed the “Industry 4.0” strategy and pushed the industry into an intelligent stage with future technological innovation and progress. In October last year, German Chancellor Angela Merkel signed 15 cooperation documents with China during her visit to China, establishing the cooperation between Germany's "Industry 4.0" and "Made in China 2025". Luo Wen, dean of China Electronics Information Industry Development Research Institute, believes that the core of “Industry 4.0” is to realize real-time connectivity, mutual identification and effective communication between people, equipment and products through CPS (Virtual Network-Physical Physical System), thus building a high level. Flexible, personalized and digital smart manufacturing model. In this model, production shifts from concentration to dispersion, and scale effects are no longer a key factor in industrial production.
"The experience of other countries has some inspiration for us, but it is not particularly obvious, because in the new economy, everyone's starting point is not too far apart. China will learn from some development experience, but in some respects, it is already taking its own. Road.” Liao Qun said that China has done a good job in the integration of the Internet with the consumer and service industries, and the manufacturing situation is more complicated. However, in addition to the continued maintenance of the service industry, further steps are needed in industry and manufacturing. Accelerate the combination.
Being placed on the "curve overtaking" high hope The new economy, a concept developed from the United States, is being given new meaning in the process of China's economic transformation.
"In a broad sense, the new economy is different from the traditional economy. The current use has a more concentrated orientation. It refers to some new economic links represented by information technology. Now, especially the Internet, 'Internet +' Or industrial Internet, industry 4.0, manufacturing intelligence, etc. These are the core contents of the new economy." Liao Qun told the "First Financial Daily".
“Incorporating the new economy into the government work report means incorporating the new economy into the broader framework of supply-side reforms, re-emphasizing the importance of the new economy.” Macquarie China chief economist Hu Weijun told the “First Financial Daily” "The supply-side reform is not only to overcapacity, but more importantly to find new economic growth points, and to incorporate the new economy into the supply-side reform framework, it also means that more resources will be obtained for its future development." stand by.
The development of the Internet and information technology has brought new growth momentum to the economy. It has also been a means for the United States to emerge from the economic stagnation of the 1970s and 1980s. Two scholars, Lu Zhiguo and Jin Xuejun, said in the paper that the development of the US information industry ahead of the world has had a broad and profound impact on its overall economic operation and has become a pillar industry for promoting US economic growth. From 1992 to 1997, the contribution rate of the information industry to real economic growth averaged 28.2%. The rapid development of the network economy caused fundamental changes in the US economic structure and greatly improved labor productivity. The labor productivity growth rate in 1997-1998 was 2.75. %, far exceeding 1.4% in the 1980s.
"Now, China is at a similar stage of development. China and the United States are both big countries and have the advantage of developing a new economy." Hu Weijun said that by contrast, the US business system is already very efficient, and many parts of the Chinese economy are efficient. Still low, the development of the Internet has a lot of room for improvement.
Shen Jianguang said that on the Internet side, everyone is now exploring a possibility - overtaking in a corner. Many scholars have pointed out that the new economy represented by the Internet can play a late-comer advantage and provide possibilities for China to catch up with and even "turn over the road" developed countries.