Industrial chain key to high-quality development, experts say

The China Development Institute and Shenzhen Soft Science Development Foundation jointly held a "China Think Tank Forum and 2021 China Development Institute Beijing Annual Meeting" in Beijing on July 23.

Multi-dimensional discussions were conducted on hot topics, such as the high-quality development of China's economy and the construction of a dual-circulation development pattern.

Ye Xiaowen, chairman of CDI, said the construction of a new dual-circulation development pattern can serve as an engine to drive future economic development and deal with the risks facing a rising China.

"We must persist in promoting reforms comprehensively by eliminating obstructions in production, distribution, circulation and consumption. Thus, the industrial, supply and innovation chains can work more efficiently", Ye said.

Due to the impact of COVID-19 and the changes in the international situation, the international industrial chain is highly likely to undergo in-depth adjustments. The United States, Germany, Japan and other countries are attaching more importance to the strategy of revitalizing their manufacturing industries to control the international industrial chain. China's economic development is facing risks as well as challenges.

Yu Miaojie, deputy dean of National School of Development at Peking University, said the basic trend of globalization has not shifted so far.

Yu said the structure of global economy and trade that originally relied on the WTO may gradually evolve into a tripartite state,marked by three pillars: EU, the North American Free Trade Zone and the East Asia Free Trade Zone. "But the three are closely linked and not developed in isolation,"Yu said.

He also suggested to promote high-quality economic development in the new stage of development, China could start by increasing the added value of products, improving the quality of Chinese exports and promoting total factor productivity.

Zhang Lifang contributed to this article.