Li's 4-Point Agenda on Domestic Circulation - Urban Renewal Guidelines - Xi's Economic Thought a 'Systematic Economic Doctrine'- SAMR Chief on Tackling 'Involution-type Competition'
Here are the key reports and articles that I found noteworthy from the People’s Daily’s edition on Friday, May 16, 2025.
Page 1: Let’s begin with Li Qiang’s comments with regard to domestic circulation during a State Council meeting. Ding Xuexiang and Vice Premiers Zhang Guoqing and Liu Guozhong, and State Councilors Wang Xiaohong, Wu Zhenglong and Shen Yiqin attended the meeting.
Li called to “deeply understand and accurately grasp the current economic situation, place the strategic foothold of development on strengthening the domestic circulation, use the internal stability and long-term growth potential of the domestic circulation to hedge against the uncertainties in international circulation, promote the steady and far-reaching development of China’s economy, and strive to achieve high-quality development.” 国务院召开做强国内大循环工作推进会，中共中央政治局常委、国务院总理李强在会上强调，要深入贯彻习近平经济思想，按照党中央决策部署，深刻认识和准确把握当前经济形势，把发展的战略立足点放在做强国内大循环上，以国内大循环的内在稳定性和长期成长性对冲国际循环的不确定性，推动我国经济行稳致远，努力实现高质量发展.
Li Qiang said that being led by domestic demand and having internal circulation are unique advantages of a large country’s economy. It is necessary to focus on accelerating the construction of a new development pattern, place strengthening domestic circulation in a more prominent position, coordinate the implementation of the strategy to expand domestic demand and deepen supply-side structural reform, continuously improve the quality and level of economic circulation, promote efficient connection between domestic and international markets, and better drive international circulation through domestic circulation. In light of China’s current development realities, strengthening the domestic circulation should focus on four aspects.
First, efficient allocation of resource factors, further eliminating local protectionism and market segmentation, deepening the reform of market-oriented allocation of factors, and accelerating the construction of a unified national market.
Second, the deep integration of technological innovation and industrial innovation, strengthening breakthroughs in key core technologies and frontier technologies, promoting the industrial application of scientific and technological achievements, and creating a batch of new industries and new tracks.
Third, the self-sufficiency and completeness of industrial and supply chains, leveraging the advantages of various regions to strengthen specialized division of labour and inter-regional cooperation, continuously supplementing, strengthening and expanding chains, and enhancing the resilience of industrial development.
Fourth, the dynamic balance between supply and demand, accelerating the filling-up of consumption shortcomings, promoting economic policies to focus more on benefiting people’s livelihoods and stimulating consumption, leading industrial upgrading through consumption upgrading, and better satisfying demand with quality supply.
李强指出，内需为主导、内部可循环是大国经济的独有优势。要围绕加快构建新发展格局，把做强国内大循环摆到更加突出的位置，统筹实施扩大内需战略和深化供给侧结构性改革，不断提升经济循环的质量和层次，促进国内市场和国际市场高效联通，以国内大循环更好牵引国际循环。结合现阶段我国发展实际，做强国内大循环重点要体现在四个方面。一是资源要素的高效配置，进一步消除地方保护和市场分割，深化要素市场化配置改革，加快推进全国统一大市场建设。二是科技创新和产业创新的深度融合，加强关键核心技术和前沿技术攻关，推进科技成果产业化应用，打造一批新产业新赛道。三是产业链供应链的自主完备，发挥各地优势加强专业化分工、地区间协作，持续补链强链拓链，增强产业发展韧性。四是供给和需求的动态平衡，加快补齐消费短板，推动经济政策着力点更多转向惠民生、促消费，以消费升级引领产业升级，以优质供给更好满足需求.
Li Qiang pointed out that it is necessary to focus on the key issues and weak links that inhibit the economic cycle, and consolidate the foundation of strengthening the domestic circulation while promoting the continuous improvement of the economy. It is necessary to accurately and effectively support foreign trade enterprises, effectively help solve practical difficulties, and effectively respond to external shocks. It is necessary to do everything possible to stabilise employment, support enterprises to stabilise posts, expand employment in various fields, especially in the service industry, and focus on solving the employment challenges related to college graduates and migrant workers. It is necessary to deeply tap potential to boost consumption, promote upgrading and renewal of bulk consumption, stimulate the potential of service consumption, and amplify the driving effect of emerging consumption. It is necessary to expand effective investment, accelerate the raising and use of funds and project construction, and vigorously promote private investment. It is necessary to support local governments in creating more development highlights, cultivate industrial highlights through scientific and technological innovation, and build brand highlights based on characteristic resources. It is necessary to coordinate development and security, prevent and resolve various risks, and maintain social stability. 李强指出，要聚焦制约经济循环的关键问题和薄弱环节，在促进经济持续向好中夯实做强国内大循环的基础。要精准有效帮扶外贸企业，切实帮助解决实际困难，有效应对外部冲击。要千方百计稳定就业，支持企业稳岗，扩大各领域特别是服务业就业，突出解决高校毕业生、农民工等就业。要深挖潜力提振消费，推动大宗消费更新升级，激发服务消费潜力，放大新兴消费带动效应。要扩大有效投资，加快资金筹集使用和项目建设，大力促进民间投资。要支持地方打造更多发展亮点，通过科技创新培育产业亮点，依托特色资源打造品牌亮点。要统筹发展和安全，防范化解各种风险，保持社会大局稳定.
Next, there’s a report on Ding’s visit to Hubei province. Ding visited Hubei Angel Biotechnology Group Co., Ltd., Wuhan Optoelectronics Technology Co., Ltd., and Yangtze Memory Technologies Co., Ltd. He said that:
“Enterprises are the main body of scientific and technological innovation, all kinds of innovation elements should be promoted to gather toward enterprises, every effort must be made to help enterprises solve difficulties and problems, and stimulate innovation vitality and endogenous driving force. Deeply promote the integration of scientific and technological innovation with industrial innovation, focus on key areas and weak links to increase technological R&D efforts, increase high-quality science and technology supply, maintain the security and stability of the industrial chain and supply chain, and promote the high-end, intelligent, and green development of the industry. Build clusters of characteristic and advantageous industries, cultivate and expand strategic emerging industries, and develop new quality productive forces based on local conditions.” 丁薛祥来到湖北安琪生物集团有限公司、武汉光迅科技股份有限公司、长江存储科技有限责任公司，调研企业生产经营、高科技产业发展等情况。他指出，企业是科技创新的主体，要促进各类创新要素向企业集聚，想方设法帮助企业解决困难和问题，激发创新活力和内生动力。推动科技创新和产业创新深度融合，聚焦重点领域和薄弱环节加大技术研发力度，增加高质量科技供给，维护产业链供应链安全稳定，促进产业高端化、智能化、绿色化发展。打造特色优势产业集群，培育壮大战略性新兴产业，因地制宜发展新质生产力.
Ding also visited Huazhong University of Science and Technology and Hubei Jiufengshan Laboratory. Apart from talking about the need for optimising scientific disciplines and talent development, Ding said that it was important to:
“Break through the barriers between basic research, technological development, and application promotion, promote the resolution of key common technologies, and improve the level of scientific and technological achievement transformation. Make a determined effort to build a number of world-class scientific and technological journals, enhance international competitiveness and influence, and better meet the needs of building a strong country in education and a strong country in science and technology.” 打通基础研究、技术研发和应用推广，推动解决关键共性技术，提升科技成果转化水平。下决心建设好一批世界一流科技期刊，提升国际竞争力和影响力，更好适应教育强国和科技强国建设需要.
Finally, inspecting the Gezhouba Dam, he stressed that the restoration of the ecological environment of the Yangtze River must remain a top priority.
Also on the page is a report (English report) on Xi Jinping congratulating Jean-Lucien Savi de Tove on assuming the presidency of Togo. Another report carries Xi’s reply to a letter by the founder of the Danish Chamber of Commerce in China. Xinhua reports:
“China has been and will remain an ideal, secure and promising destination for foreign investors. Believing in China is believing in a better tomorrow, and investing in China is investing in the future, Xi said in the letter. Xi expressed his hope that the Danish Chamber of Commerce in China and its member enterprises will continue to play the role of a bridge between China and Denmark as well as China and Europe, and contribute to enhancing mutual understanding and friendship, as well as deepening mutually beneficial cooperation between the two sides.”
Next, the full new guideline on promoting urban renewal actions is available in the paper today. The document essentially commits increased policy and financial support for urban renewal projects, which can range from gas pipe updates and lift installations to the renovation of old factories into commercial zones. The document aims to achieve key progress in the country’s urban renewal campaign by 2030. The policy seeks to improve safety conditions, enhance service efficiency, elevate living environments, develop business models, and preserve cultural heritage.
In the document, 8 primary tasks are listed. I am only offering details on a few that where the header is not self-explanatory.
Strengthen the transformation and utilisation of existing buildings
Promote the renovation and reconstruction of old urban communities
Carry out the construction of complete communities: This says: “Improve community basic public service facilities, convenient commercial service facilities, public activity venues, etc., build safe and healthy complete communities with well-equipped facilities and orderly management, and construct urban 15-minute convenient living circles.”
Promote the renovation of old neighbourhoods, old factory areas, and urban villages
Improve urban functions: This refers to using existing housing stock; the construction of ‘dual-use’ public infrastructure; improving medical emergency service system; better public spaces, fitness venues and better elderly care and childcare facilities
Strengthen the construction and transformation of urban infrastructure: This covers usage of underground space; urban gas, water supply, drainage, sewage, and heating systems; improving water supply facilities, sewage, flood management, water treatment, fire safety, transportation, parking and intelligent infrastructure.
Repair urban ecosystems: This refers to the urban ecological infrastructure system. It includes restoration of damaged mountains and coal mining subsidence areas; saving urban wetlands and water bodies; dealing with soil pollution and ensuring soil conservation; protecting urban biodiversity and building parks, etc.
Protect and inherit urban history and culture
So what’s the big deal with all this? Well, the document impacts several policy domains, from land use, housing to financing and debt issues. More importantly, Xinhua informs:
“The latest document came as Chinese authorities issue a slew of measures to upgrade urban areas. The country initiated over 60,000 urban renewal projects in 2024, with a total investment of 2.9 trillion yuan (about 402.8 billion U.S. dollars). In January this year, a meeting of the State Council said that urban renewal ‘serves as an important lever for the expansion of domestic demand.’ The renovation of old residential communities, blocks, factory areas and urban villages in cities should be accelerated, and the renovation of urban infrastructure should be strengthened, the meeting noted. In April, the Ministry of Finance pledged central budget support for the urban renewal initiative in up to 20 cities over the course of this year, noting that priority will be given to mega and super large cities, as well as large cities along key river basins such as the Yellow River and the Pearl River. Municipalities, along with cities in the country's western regions, can each receive up to 1.2 billion yuan in subsidies for upgrade projects. Urban areas in China's central regions can obtain up to 1 billion yuan, while those in eastern regions can receive up to 800 million yuan.”
Finally, there’s a report informing of an article in Qiushi with Xi Jinping’s quotes about the seriousness of implementing the 8-point central regulations. This is a collection of Xi’s quotes from 2012 to 2025.
Also, there’s a Ren Ping bylined article today, which makes the case that “the international community believes that China is the biggest advocate for promoting trade and investment liberalisation and facilitation in today’s world, and is a stabilising force in a turbulent world.” I am not detailing this further because we don’t have a lot that’s new that’s being said. But do note this below:
The article argues that economic globalisation is a historical trend and will not change. It says that “today, China is the main trading partner of more than 150 countries and regions. It has signed 23 free trade agreements with 30 countries and regions, and is continuously expanding its global network of high-standard free trade zones.”
Page 2: Just one report to note. The PBOC has cut the RRR by 0.5 percentage points (English report) for financial institutions. The RRR for auto financing and financial leasing companies is cut by 5 percentage points. “According to the central bank, the move is expected to provide about 1 trillion yuan (about $138.9 billion) in long-term liquidity to the market. After the reduction, the RRR for auto financing and financial leasing firms, which directly provide financial support for auto consumption and equipment upgrade investments, has come down to 0 percent, thus effectively enhancing their credit supply to these sectors.”
Page 3: Let’s begin with two statements from China’s Ministry of Commerce.
First, it has “condemned the U.S. for abusing export control measures targeting Chinese tech giant Huawei's Ascend chips, pledging to take resolute measures to protect the legitimate rights and interests of Chinese companies. ‘The United States has abused its export control measures and imposed stricter restrictions on Chinese chip products under unfounded allegations,’ said spokesperson He Yongqian in response to recent U.S. announcement that using Huawei’s Ascend chips anywhere in the world violates U.S. export controls. She said the announcement is a typical non-market and unilateral bullying practice, which fully exposes the unilateralist and protectionist nature of the United States. The U.S. move has severely undermined Chinese companies' legitimate rights, threatened the stability of global semiconductor supply chains, violated market rules and disrupted international trade order, He told the media. The restrictions would also jeopardize the long-term, mutually beneficial and sustainable cooperation between Chinese and U.S. firms, she said, urging the United States to immediately correct its wrongdoings and vowing to take resolute steps to protect the rights and interests of Chinese firms.”
Second, China has called on the US to halt its tariff measures based on the Section 232 investigation as soon as possible. “At a regular press conference, Spokesperson He Yongqian said the Section 232 duties imposed on the imported automobiles, steel and aluminum, as well as the Section 232 investigation into pharmaceuticals are ‘a typical act of unilateralism and protectionism.’ These measures harm the interests of other countries and undermine the rules-based multilateral trading system, but fail to benefit America's domestic industries, the spokesperson said. China calls on the U.S. side to immediately end the Section 232 tariff measures and properly address the concerns of all parties through equal-footed dialogue, the spokesperson added.”
Third, MoFA spokesperson commented on Taiwan’s exclusion from the WHA meeting. Xinhua reports:
“China’s Taiwan region, unless given approval by the Central Government, has no basis, reason or right to participate in the WHA, he said, adding that due to Taiwan's Democratic Progressive Party (DPP) authorities’ persistent separatist stance, the political foundation for the Taiwan region to participate in the WHA no longer exists. To uphold the one-China principle as well as the sanctity and authority of relevant UNGA and WHA resolutions, China has decided not to approve the Taiwan region's participation in this year’s WHA, Lin said. He said for quite some time, the DPP authorities and certain countries have been blatantly turning back the wheel of history by deliberately distorting and challenging UNGA Resolution 2758 to challenge the one-China principle. "They are essentially trying to challenge not only China's sovereignty and territorial integrity, but also international justice and prevailing consensus as well as the post-war international order," he added. He said China's decision of not approving the Taiwan region's participation in this year's WHA has wide support and understanding from the international community, adding it shows that commitment to the one-China principle is where global opinion trends and the arc of history bends, and what the greater national interests entail. ‘The international community's commitment to the one-China principle is not to be challenged or shaken. No matter what the DPP authorities say or do, it does not change the fact that Taiwan is part of China, nor can it stop the trend towards China’s ultimate and inevitable reunification’, he said, adding that ‘Taiwan independence’ leads nowhere and provocations for this agenda are doomed to failure.”
Page 6: There’s an article that discusses the “discourse system, theoretical innovation and scientific methodology of Xi Jinping’s Economic Thought.” The author writes that:
“Scientifically analysing and abstractly summarising complex economic phenomena, and refining and forming new terms and new discourses that contain regular knowledge are important ideological methods of Marxist political economics…Since the 18th Party Congress, socialism with Chinese characteristics has entered a new era, and China’s economic development has also entered a new era. Facing a volatile and unpredictable international environment and arduous and heavy domestic reform and development tasks, General Secretary Xi Jinping has deeply grasped the direction of the times, started by analysing new phenomena in economic activities, and on the basis of analysing the causes and identifying the crux, he has led the formulation of targeted economic policies, constantly summarising regular knowledge and sublimated them abstractly into new economic theories. In the virtuous interaction between theoretical innovation and practical innovation, new concepts, new terms, and new categories have been formed that are closely linked and open to development.” 对纷繁复杂的经济现象进行科学分析和抽象概括，提炼形成蕴含规律性认识的新术语、新话语，是马克思主义政治经济学的重要思想方法。恩格斯指出，“一门科学提出的每一种新见解都包含这门科学的术语的革命。”马克思就是从“剩余价值”这个术语开始，构建起马克思主义政治经济学的理论大厦。党的十八大以来，中国特色社会主义进入新时代，我国经济发展也进入新时代。面对波诡云谲的国际环境和艰巨繁重的国内改革发展任务，习近平总书记深刻把握时代发展方向，从剖析经济活动新的现象入手，在辨析成因、找准症结的基础上，领导制定有针对性的经济政策，在解决新时代经济发展时代问题的丰富实践中不断总结规律性认识、抽象升华为新的经济理论，在理论创新和实践创新的良性互动中，形成了环环相扣、开放发展的新概念新术语新范畴.
The author then highlights some concepts that have emerged under Xi.
“For example, looking to the future, General Secretary Xi Jinping creatively proposed the ‘Chinese Dream’, emphasising that to realise the Chinese Dream of the great rejuvenation of the Chinese nation is to achieve national prosperity, national rejuvenation, and people’s happiness. Looking at the people, General Secretary Xi Jinping creatively proposed the development concept of being ’people-centered’, emphasising that we must always put the people in the highest position in our hearts and solidly promote the common prosperity of all people. Based on the current situation, in response to new changes in economic growth rate, mode, structure, and power, General Secretary Xi Jinping creatively proposed new concepts and new discourses such as ‘high-quality development’, ‘supply-side structural reform’, and ‘new quality productive forces’, emphasising the need to promote changes in economic development quality, efficiency, and strength, and develop new quality productive forces according to local conditions. Looking at the world, General Secretary Xi Jinping creatively proposed the ‘building a community with a shared future for mankind’ and BRI, emphasising the need to guide the healthy development of economic globalisation. These iconic discourses contain rich philosophical and academic principles, and are the treasures condensed from Xi Jinping’s Economic Thought, providing a powerful ideological guide for promoting Chinese-style modernisation.” 话语创新是时代的呼声、现实的需要、思想的呈现。比如，展望未来，习近平总书记创造性提出“中国梦”，强调实现中华民族伟大复兴的中国梦，就是要实现国家富强、民族振兴、人民幸福。面向人民，习近平总书记创造性提出“以人民为中心”的发展思想，强调要始终把人民放在心中最高位置，扎实推进全体人民共同富裕。立足当下，针对经济增长速度、方式、结构、动力等方面的新变化，习近平总书记创造性提出“高质量发展”“供给侧结构性改革”“新质生产力”等新概念、新话语，强调要推动经济发展质量变革、效率变革、动力变革，因地制宜发展新质生产力。放眼世界，习近平总书记创造性提出“构建人类命运共同体”、共建“一带一路”倡议，强调要引导经济全球化健康发展。这些标识性话语，蕴含着丰富的哲理学理道理，是习近平经济思想凝练而成的瑰宝，为推进中国式现代化提供了强大思想指引.
Overall, in the process of forming and developing a ‘systematic economic doctrine’ with Chinese characteristics of the new era, Xi Jinping’s Economic Thought demonstrates distinctive theoretical character, namely paying great attention to highlighting the pioneering role of new concepts and new categories, driving theoretical innovation and practical innovation through a ‘revolution of terminology’, and promoting the construction of a theoretical edifice of contemporary Chinese Marxist political economy and 21st century Marxist political economy with solid practical foundation and profound academic basis. 总的来看，习近平经济思想在形成和发展具有新时代中国特色的“系统化的经济学说”进程中，彰显出鲜明的理论品格，即十分注重突出新概念、新范畴的先导作用，以“术语的革命”带动理论创新和实践创新，推动构建起现实依据坚实、学理基础深厚的当代中国马克思主义政治经济学、二十一世纪马克思主义政治经济学理论大厦.
In the second section, the author argues that Xi’s thought has “scientifically answered a series of major theoretical and practical issues.”
First, it has comprehensively promoted the building of a strong country and the great cause of national rejuvenation through Chinese-style modernisation, scientifically answered the directional question for China’s development, systematically planned the ‘two-step’ strategic arrangement for building a modern socialist country in an all-round way, comprehensively expounded the profound connotation, essential requirements and fundamental nature of Chinese-style modernisation, clearly put forward the major principles and major relationships for comprehensively promoting Chinese-style modernisation, deepened the understanding of socialist modernisation and the laws of modernisation of human society, and made original contributions to the theory of modernisation in Marxist political economy.” 坚持党对经济工作的全面领导和坚持以人民为中心的发展思想，科学回答了中国经济走什么样道路的根本性问题，突出强调经济建设的领导力量和价值立场，深化了我们党对共产党执政规律、社会主义建设规律、人类社会发展规律的认识，对马克思主义政治经济学关于社会主义生产目的和社会主义经济本质的理论作出了原创性贡献.
Second, adhering to the Party’s overall leadership over economic work and adhering to the people-centered development philosophy have scientifically answered the fundamental question of what path China’s economy will take, highlighted the leadership and value positioning of economic development, deepened the Party’s understanding of the laws of Communist Party governance, the laws of socialist construction, and the laws of human society’s development, and made original contributions to the theory of Marxist political economy on the purpose of socialist production and the nature of the socialist economy. 坚持党对经济工作的全面领导和坚持以人民为中心的发展思想，科学回答了中国经济走什么样道路的根本性问题，突出强调经济建设的领导力量和价值立场，深化了我们党对共产党执政规律、社会主义建设规律、人类社会发展规律的认识，对马克思主义政治经济学关于社会主义生产目的和社会主义经济本质的理论作出了原创性贡献.
Third, the view that China has entered a new development stage has scientifically answered the question of the historical position of China’s economic development in the new era… (it has) revealed the historic changes in the main contradictions in society, deepened the Party’s understanding of the laws of development and evolution in the primary stage of socialism, and made original contributions to the theory of Marxist political economics on the stage of economic development. 关于我国已进入新发展阶段的重要论述，科学回答了新时代中国经济发展处在什么历史方位的问题，立足党带领人民迎来从站起来、富起来到强起来的历史性跨越，揭示我国社会主要矛盾发生的历史性变化，深化了我们党对社会主义初级阶段发展演进规律的认识，对马克思主义政治经济学关于经济发展阶段的理论作出了原创性贡献.
Fourth, comprehensively, accurately, and fully implementing the new development philosophy has scientifically answered a series of major questions concerning principles of economic development, such as how to resolve development momentum, development imbalance, harmony between humans and nature, internal and external development linkages, and social fairness and justice. It has formed a development philosophy system of innovation, coordination, green, openness, and sharing that are interconnected and mutually reinforcing, deepened the Party’s understanding of the laws of socialist economic development, and made original contributions to Marxist political economy’s theory regarding the principles of economic development. 完整准确全面贯彻新发展理念，科学回答了如何解决发展动力、发展不平衡、人与自然和谐、发展内外联动、社会公平正义等事关经济发展原则的一系列重大问题，形成创新、协调、绿色、开放、共享相互贯通、相互促进的发展理念体系，深化了我们党对社会主义经济发展规律的认识，对马克思主义政治经济学关于经济发展原则的理论作出了原创性贡献.
Fifth, accelerating the construction of a new development pattern with the domestic circulation as the main body and the domestic and international circulations mutually reinforcing each other has scientifically answered the major question of how to grasp the initiative of future development under the new era conditions, profoundly expounded the dialectical relationship between independence and openness, development and security, domestic circulation and international circulation, deepened the Party understanding of the laws of economic circulation under the socialist market economy, and made original contributions to the theory of social reproduction in Marxist political economics. 加快构建以国内大循环为主体、国内国际双循环相互促进的新发展格局，科学回答了新的时代条件下如何把握未来发展主动权的重大问题，深刻阐明了自主和开放、发展和安全、国内大循环和国际循环的辩证关系，深化了我们党对社会主义市场经济条件下经济循环规律的认识，对马克思主义政治经济学关于社会再生产的理论作出了原创性贡献.
Sixth, taking the adherence to high-quality development as the hard truth of the new era has scientifically answered the question of what should be the primary task of China’s economic development in the new era. It has expounded the theoretical connotation and important characteristics of high-quality development from aspects such as development philosophy, supply and demand, input and output, income distribution, and economic circulation. It has put forward the practical requirements of high-quality development from perspectives such as the only path, strategic foundation, inevitable requirement, ultimate goal, political leadership, and political guarantee. It has clarified that developing new quality productive forces is the inherent requirement and important focal point for promoting high-quality development, deepened our Party’s understanding of the laws governing the liberation and development of productive forces, and made original contributions to the Marxist political economy’s theory on economic development. 把坚持高质量发展作为新时代的硬道理，科学回答了新时代中国经济发展应当以什么为首要任务的问题，从发展理念、供给需求、投入产出、收入分配、经济循环等方面阐述了高质量发展的理论内涵和重要特征，从必由之路、战略基点、必然要求、最终目的、政治引领和政治保障等角度提出了高质量发展的实践要求，明确发展新质生产力是推动高质量发展的内在要求和重要着力点，深化了我们党对解放和发展生产力的规律性认识，对马克思主义政治经济学关于经济发展的理论作出了原创性贡献.
Seventh, building a high-level socialist market economic system scientifically has answered the question of what kind of institutional foundation China’s economic development should establish in the new era, and proposed to take the socialist market economic system as an important part of the socialist basic economic system, promote the market to play a decisive role in resource allocation in theory and practice, better play the role of the government, and achieve sustained and healthy economic development in a better combination of an effective market and an effective government. It has clearly pointed out that we should better play the leading role of economic system reform, further deepen reform in an all-round way, enhance the endogenous driving force and innovative vitality of various ownership economies, smooth the circulation of the national economy, and improve the basic system of the market economy. It deepened the Party’s understanding of the laws of the socialist market economy and made original contributions to the theory of market economy in Marxist political economics. 构建高水平社会主义市场经济体制，科学回答了新时代中国经济发展应当建立什么样的制度基础的问题，提出把社会主义市场经济体制作为社会主义基本经济制度的重要组成部分，在理论和实践上推动使市场在资源配置中起决定性作用，更好发挥政府作用，在有效市场和有为政府更好结合中实现经济持续健康发展。明确指出要更好发挥经济体制改革的牵引作用，进一步全面深化改革，增强各种所有制经济内生动力和创新活力，畅通国民经济循环，完善市场经济基础制度。深化了我们党对社会主义市场经济规律的认识，对马克思主义政治经济学关于市场经济的理论作出了原创性贡献。
Eighth, adhering to the positive interaction between high-quality development and high-level security has scientifically answered the question of how to dynamically balance and make mutually reinforcing the economic development and security of China in the new era. From the strategic height of realizing the great rejuvenation of the Chinese nation, it anchors the goal of building a great modern socialist country in all respects, adheres to giving equal importance to development and security, uses a new security architecture to safeguard the new development pattern, resolutely holds the bottom line of preventing systemic risks, deepens our Party’s understanding of the laws governing the coordination between development and security, and makes original contributions to the Marxist theory of national security. 坚持高质量发展和高水平安全良性互动，科学回答了新时代中国经济发展和安全如何动态平衡、相得益彰的问题，站在实现中华民族伟大复兴的战略高度，锚定实现全面建成社会主义现代化强国目标，坚持发展和安全并重，以新安全格局保障新发展格局，坚决守住不发生系统性风险的底线，深化了我们党对统筹发展和安全的规律性认识，对马克思主义国家安全理论作出了原创性贡献.
The final section end by telling us that Xi’s economic thought has three key features:
It is innovative
It is contemporary
It is practical
Page 10: There’s an article by the SAMR Party Secretary and Director Luo Wen talking about the focus on tackling “involution-type competition.”
In the first section, he writes:
“At present, many industries have entered the stage of transformation from old to new drivers and stock competition. Phenomena such as low-price, low-quality, and low-level competition are increasingly spreading. Illegal activities such as unfair competition and infringement and counterfeiting occur frequently and intensively, seriously distorting market mechanisms and damaging the order of fair market competition. We must deeply understand the harm of ‘involution-type’ competition, accurately grasp the strategic intent of the Party Central Committee, focus on the concerns of the people, take strong action to rectify market chaos such as poor quality and low prices, promote rectification and governance through cases, resolutely curb unhealthy tendencies, purify the market competition ecology, maintain the vitality and effectiveness of market mechanisms, and promote the optimisation and maximisation of resource allocation efficiency and benefits, thereby assisting the sustained upward trend of the economy.” 当前，不少行业进入新旧动能转换与存量竞争阶段，低价、低质、低水平竞争现象日益蔓延，不正当竞争、侵权假冒等违法行为多发高发，严重扭曲市场机制，损害市场公平竞争秩序。我们要深刻认识“内卷式”竞争的危害，准确把握党中央战略意图，聚焦人民群众关切，重拳整治劣质低价等市场乱象，推动以案促改、以案促治，坚决遏制不正之风，净化市场竞争生态，维护市场机制的活力和有效性，推动实现资源配置效率最优化和效益最大化，助力经济持续回升向好.
He calls to: “Promote the revision of the Price Law, the Anti-Unfair Competition Law, and the E-Commerce Law, formulate the Supervision and Management Measures for the Rules of Online Trading Platforms and the Supervision and Management Measures for Live E-Commerce, improve relevant supervision measures and legal rules, and safeguard the legitimate rights and interests of business entities. Formulate special guidelines for compliance with price behaviors in key areas, strengthen system supply, and clarify legal boundaries. 推动修订价格法、反不正当竞争法、电子商务法，制定网络交易平台规则监督管理办法、直播电商监督管理办法，完善相关监管措施和法律规则，保障经营主体合法权益。制定重点领域价格行为合规专项指南，加强制度供给，明确法律界限.
He also warns that the authorities will “a three-year special campaign to rectify the quality and safety of online products, and thoroughly address prominent issues such as counterfeiting and inferior products in the online retail field. We will formulate regulations on the supervision and management of the quality and safety of key industrial products sold online, and standardise the online sales of key products.” 部署开展网售产品质量安全专项整治三年行动，深入治理网售领域假冒伪劣等突出问题。制定网络销售重点工业产品质量安全监督管理规定，规范重点产品网络销售行为.
And there is a commitment to strengthen IPR protection and enforcement and cracking down on counterfeiting.
In the second section, he argues:
At present, some industries and fields have fallen into a vicious cycle of “involution-type” competition. Enterprises face innovation bottlenecks, which not only leads to resource waste and low efficiency but also hinders industrial structural optimization and upgrading, and runs counter to the requirements of developing new quality productive forces. We must deeply understand that a fair competitive market environment is key to stimulating innovation vitality and optimizing resource allocation. By building a healthy competition mechanism, we can effectively promote the accelerated iteration of corporate innovation, guide enterprises to shift from homogeneous and inefficient competition to high-quality and high-level competition, strengthen the main position of corporate scientific and technological innovation, promote more innovative resource elements to gather in enterprises, support enterprises to achieve innovative development, and provide solid support for the development of new quality productivity. 当前，一些行业和领域陷入“内卷式”竞争恶性循环，企业创新面临瓶颈，不仅导致资源浪费、效率低下等问题，更不利于产业结构优化升级，与发展新质生产力的要求背道而驰。我们要深刻认识到，公平竞争市场环境是激发创新活力、优化资源配置的关键，通过构建良性竞争机制，能够有效推动企业创新加速迭代，引导企业从同质化低效能竞争转向高质量高水平竞争，强化企业科技创新主体地位，促进更多创新资源要素向企业集聚，支持企业实现创新发展，为发展新质生产力提供坚实支撑.
The three big ideas to do this are:
Use credit measures to empower the governance of ‘involution-type’ competition. Enterprises whose serious violations of the law lead to ‘involution-type’ competition shall be listed in the list of seriously illegal and untrustworthy entities in market regulation in accordance with the law and regulations, and the dishonesty list shall be shared with the National Credit Information Sharing Platform in a timely manner, promoting mutual recognition and utilisation of the dishonesty list, and strengthening credit constraints. Deepen the classification management of corporate credit risks, improve the system of corporate credit information disclosure and compulsory cancellation registration. Explore the establishment of a positive incentive mechanism for credit compliance construction to improve the overall credit level of the market.运用信用手段赋能治理“内卷式”竞争。将实施严重违法行为导致“内卷式”竞争的经营主体，依法依规列入市场监督管理严重违法失信名单，及时将失信名单共享至全国信用信息共享平台，推动失信名单互享互认互用，强化信用约束。深入推进企业信用风险分类管理，完善企业信用信息公示、强制注销登记等制度。探索建立信用合规建设正向激励机制，提升市场整体信用水平.
Leverage quality and standards to lead industrial optimisation and upgrading. Formulate and revise national standards in the fields of photovoltaics, batteries, new energy vehicles, etc., formulate grading and classification standards around key products in the industrial chain, and promote the conversion of relevant recommended national standards into mandatory national standards. Optimise the enterprise standard leader system and promote the continuous improvement of enterprise standard levels. Deepen the work of strengthening the quality chain, implement actions such as improving the quality of small and medium-sized enterprises… 发挥质量、标准支撑作用引领产业优化升级。制修订光伏、电池、新能源汽车等领域国家标准，围绕产业链关键产品制定分级分类标准，推动有关推荐性国家标准转为强制性国家标准。优化企业标准领跑者制度，推动企业标准水平不断提升。深入推进质量强链工作，实施中小企业质量素质提升、产业集群质量品牌提升、质量技术帮扶“你点我帮”、质量认证服务强企强链强县等行动，支持企业加强质量联合攻关，共同解决产业质量共性问题.
Vigorously support enterprises in developing diversified markets. Implement high-level opening-up actions for certification and accreditation, fully implement ‘soft connectivity’ international mutual recognition cooperation projects for conformity assessment, and encourage certification bodies to develop international business and carry out inter-agency international cooperation. Deeply implement the standard internationalisation leapfrog project, revise the ‘Measures for the Adoption of International Standards’, and promote the coordination between national and international standards systems. Support enterprises in transforming scientific and technological achievements into international standards, and propose a batch of international standard proposals in the ‘new three’ fields within international standardisation organizations (ISO, IEC). Guide enterprises in compliance with overseas anti-monopoly regulations and lawfully participate in fair international market competition. 大力支持企业开拓多元化市场。实施加快推进认证认可高水平开放行动，全面实施合格评定“软联通”国际互认合作项目，鼓励认证机构开发国际业务并开展机构间国际合作。深入实施标准国际化跃升工程，修订《采用国际标准管理办法》，推动国家与国际标准体系协调。支持企业将科技成果向国际标准转化，推动在国际标准化组织（ISO）、国际电工委员会（IEC）中提出一批“新三样”领域国际标准提案。指导企业做好海外反垄断合规工作，依法参与国际市场公平竞争.
The final section calls for a comprehensive set of policies. The three ideas in this are:
Deeply implement the fair competition review system. Promote the implementation of the Fair Competition Review Regulations and its implementation measures, increase the review of policies and measures in key areas such as local investment promotion, tax incentives, and government subsidies, organize and carry out fair competition review spot checks across the country, improve the fair competition complaint and reporting handling mechanism, and strengthen the rigid constraints of the system. Deploy special actions to rectify the abuse of administrative power to exclude and restrict competition, vigorously rectify improper market intervention behaviours, and clear the bottlenecks that restrict economic circulation in market access and exit, factor allocation, etc. 深入实施公平竞争审查制度。推动公平竞争审查条例及其实施办法落地见效，加大地方招商引资、税收优惠、政府补贴等重点领域政策措施审查力度，在全国范围组织开展公平竞争审查抽查，健全公平竞争投诉举报处理机制，强化制度刚性约束。部署整治滥用行政权力排除、限制竞争专项行动，大力纠治不当市场干预行为，打通市场准入退出、要素配置等方面制约经济循环的卡点堵点.
Promote the industry to strengthen self-discipline and legal competition.
Improve the fair competition compliance management capabilities of enterprises. For this, awareness campaigns and regular engagement between government and enterprises are proposed.