Xi-Putin Meeting - New Rural Revitalisation Plan - Getting Long-term Funds into Stock Market - China-Bangladesh Ties - Zhong Caiwen Article on Balancing Key Economic Relationships
Let me begin with a brief announcement, owing to the requests that we’ve received, we’ve extended the deadline for final applications for the Watching China course. Please complete the application and payment by Monday, January 27, 2025, 11:59 PM India Time. The course begins on Saturday, February 1, 2025. Course and application details are available here.
Before I get to today’s edition, let me cover Xi Jinping’s meeting with Vladimir Putin and Ding Xuexiang’s remarks at the World Economic Forum in Davos.
The Chinese readout of the meeting between Xi and Putin says:
“President Xi recalled the three meetings he had with President Putin in 2024 and the many important common understandings they reached. In 2024, the two countries celebrated the 75th anniversary of their diplomatic ties. The bilateral relationship, centering on the spirit of lasting good-neighborliness and friendship, comprehensive strategic coordination, and mutually beneficial cooperation, demonstrated renewed vitality. The China-Russia Years of Culture had many highlights. Practical cooperation made steady progress. Two-way trade maintained growth momentum. Close coordination in such multilateral fora as the United Nations, the Shanghai Cooperation Organization (SCO) and BRICS provided more positive energy to the reform and development of the global governance system. President Xi stressed his readiness to work with President Putin and guide China-Russia relations to a new height in 2025, to respond to external uncertainties with the stability and resilience of China-Russia ties, to boost the development and prosperity of both countries, and to uphold international fairness and justice. He underscored the need for the two countries to deepen strategic coordination, firmly support each other, and defend their legitimate interests. He also noted the need to cement and expand bilateral relations with a view to deepening practical cooperation. This year marks the 80th anniversary of the victory of the Chinese People’s War of Resistance against Japanese Aggression, the Soviet Union’s Great Patriotic War and the World Anti-Fascist War. It also marks the 80th anniversary of the United Nations. China and Russia should take the opportunities presented by the anniversaries to jointly safeguard the U.N.-centered international system and the fruits of victory in World War II, and to call on all countries to observe the purposes and principles of the U.N. Charter, uphold universally recognized basic norms of international relations, and follow true multilateralism. As the rotating president of the SCO, China will work with Russia and other member states to take the organization to a new stage featuring higher-quality development and greater responsibility and contribution. China and Russia should also work together to advance greater BRICS cooperation and write a new chapter of the Global South pursuing strength through unity.”
The Russian readout of Putin’s remarks is available here, if you are interested. Putin told Xi:
“I agree with you that the basis of cooperation between Moscow and Beijing is a broad community of national interests and a coincidence of views on what relations between major powers should be. We build our ties on the basis of friendship, mutual trust and support, equality and mutual benefit. These ties are self-sufficient and do not depend on domestic political factors and the current global situation. Their comprehensive strengthening fully meets the objectives of the comprehensive development of Russia and China, increasing the well-being of the peoples of both countries.”
He also said: “We jointly advocate for the construction of a more just multipolar world order, and work to ensure indivisible security in the Eurasian space and in the world as a whole. It is safe to say that foreign policy relations, the joint work of Russia and China objectively play an important stabilizing role in international affairs.”
Reuters’ report is interesting. It adds:
The two leaders discussed “how to build ties with Donald Trump, prospects for a peace deal to end the war in Ukraine and Moscow's firm support for Beijing's position on Taiwan. Xi and Putin, who spoke for an hour and 35 minutes by video call after Trump was sworn in as U.S. president on Monday, proposed a further deepening of the strategic partnership between their countries which worries the West…Xi and Putin ‘have indicated a willingness to build relations with the United States on a mutually beneficial, mutually respectful basis, if the Trump team really shows interest in this,’ Kremlin foreign policy aide Yuri Ushakov told reporters in Moscow. ‘It was also noted from our side that we are ready for dialogue with the new U.S. administration on the Ukrainian conflict.’ Ushakov said Putin wanted long-term peace in Ukraine, not a short-term ceasefire, but any deal must take into account Russia’s interests. No specific proposals for a call with Trump have been received, he said.”
Next, speaking at the WEF, Ding made a pitch for economic globalisation. I am going to use a mix of the text on the WEF’s website and the report in the People’s Daily yesterday. This is because some bits of the speech available on the WEF’s website are not quoted in the PD report and some of the language of the speech on the WEF website is not the same as what the Chinese version carries.
Ding said:
Economic globalisation is “an overwhelming trend of history. Over the years, despite some headwinds and setbacks, economic globalization has demonstrated strong resilience and dynamism. According to WTO [World Trade Organization] statistics, the total volume of global trade has grown by an average of 5.8% per year since 1995, and reached $30.4 trillion in 2023. Between 1995 and 2022, the share of middle- and low-income countries in global export rose from 16% to 32%. And developed countries did not lose out from this. Their growth rates and the well-being of their peoples have also been effectively boosted. Economic globalization is not a ‘you lose, I win’ zero-sum game, but a universally beneficial process where all can benefit and win together. Admittedly, economic globalization will bring some tensions and disagreements on distribution. These issues can only be resolved in the process of promoting economic globalization. Protectionism leads nowhere. Trade war has no winners. We must seize all opportunities to steer economic globalization in the right direction, tackle the development challenges with universal benefit, and pool strengths with inclusive cooperation, so as to usher in a new phase of economic globalization that is more dynamic, more inclusive and more sustainable.”
“We must hold high the banner of multilateralism, pursue the vision of global governance featuring extensive consultation and joint contribution for shared benefit, and ensure equal rights, equal opportunities and equal rules for all countries in international affairs … We should firmly uphold the multilateral trading system with WTO at its core, uphold its role as the main channel for rules-making on international trade, and foster an open, inclusive and nondiscriminatory environment for international economic cooperation.”
“We need to jointly foster new drivers and strengths for global economic development…In today’s world, the new round of technological revolution and industrial transformation is deepening, cutting-edge technologies such as artificial intelligence (AI), quantum technology and biomedicine are flourishing, and digital, green and intelligent development is picking up pace. We should seize and make the most of these opportunities to enhance connectivity in the digital age, promote international cooperation on scientific and technological innovation, help countries strengthen emerging and future industries, and accelerate the cultivation and development of new quality productive forces…we should help developing countries build AI, intelligent transportation, smart energy and other new infrastructure, and promote the application of information technology in key livelihood sectors, so that more countries can get on board the fast train of digital economic development.”
He talked about “challenges such as climate change, food security and energy security” and pitched GDI, GSI and GCI. He also said that “The international community should work together to accelerate the energy transition in an equitable, orderly and just manner, keep the new energy industrial chain stable, and promote green products and technologies. We must follow a consistent approach in addressing climate change and improve the consistency of environmental and climate policies and economic and trade policies, so as to prevent economic and trade frictions from impeding the process of green transition, and avoid erecting green barriers that could disrupt normal economic and trade cooperation.”
Then on the Chinese economy, Ding said that it “has rebounded and turned for the better. The headwinds encountered by the Chinese economy are due to both the external environment and temporary pains brought by our own economic restructuring.”
“China will further increase the intensity of macroeconomic policies, implement more proactive fiscal policy and a moderately loose monetary policy, and promote the effective improvement of economic quality and reasonable growth in quantity. Second, the green and low-carbon transformation is accelerating. China has built the world’s largest and most complete new energy industry chain. Seventy percent of the photovoltaic components and 60% of wind power equipment worldwide come from China. This high-quality production capacity has served as a strong boost to global green development and climate response…China’s pursuit of green transition is a long-term commitment rather than an act of expediency. No matter how the international landscape may evolve, China’s determination and action for proactive climate response will not change. We will make tireless efforts to reduce carbon emissions and mitigate pollution while expanding green transition and promoting economic growth, accelerate the comprehensive transition to green economic and social development, observe the goals and principles of the United Nations Framework Convention on Climate Change and its Paris Agreement, and make greater contributions to global climate response.
Third, reform and opening up are constantly moving towards a higher level…We will build a high-standard socialist market economy, foster a fairer and more dynamic market environment, and make resource allocation as efficient and productive as possible…Last year, China lifted all restrictions on foreign investment in manufacturing and established a negative-list system for cross-border trade in services. And we have been taking systematic steps to further open important sectors like telecom, the internet, education, culture and medical services. In terms of foreign trade, we don’t seek trade surplus; we want to import more competitive quality products and services to promote balanced trade. China’s overall tariff level has been cut to 7.3% – a fairly low level in the world – and we give all least developed countries having diplomatic relations with China zero-tariff treatment for 100% tariff lines…In terms of business environment, we know issues like China’s IPR [intellectual property rights] protection, equal participation in government procurement, cross-border data flow, access to factors of production, qualification approval and standard setting are of great interest to multinationals. In these areas, we are continuously improving relevant institutions and policies…China’s door of opening up will not be closed and will only open even wider, and our business environment will only get better. We sincerely welcome more foreign enterprises to invest and do business in China, and achieve greater success in sharing China’s opportunities.”
Here are the key reports and articles that I found noteworthy from the People’s Daily’s edition on Thursday, January 23, 2025.
Page 1: Xi Jinping is currently visiting Liaoning. I’ll cover his visit as the paper does, i.e., once it’s complete. In the meantime, the lead report today is about the new Plan for Comprehensive Rural Revitalization (2024-2027). The full plan is published in the paper. I am only going to summarise some key points:
It promises “substantial progress” in rural revitalization by 2027 and “decisive progress” by 2035. The latter also means that “agricultural modernization will be basically achieved and rural areas will basically have modern living conditions.” 东部发达地区、中西部具备条件的大中城市郊区乡村率先基本实现农业农村现代化。到2035年，乡村全面振兴取得决定性进展，农业现代化基本实现，农村基本具备现代生活条件.
With regard to food security, the plan says that it will be treated as “the primary task of modern agricultural development”. In terms of targets, the plan calls to:
ensure that grain planting areas remain stable at about 1.75 billion mu, and cereal areas remain around 1.45 billion mu
increase grain production capacity by 100 billion jin and promote the steady increase of grain production capacity to 1.4 trillion jin
implement the national soybean and oilseed production capacity improvement project
improve the market monitoring and early warning system, coordinate the market-oriented policy-based grain procurement and storage system, improve the reserve system…
increase investment in high-standard farmland construction
strengthen agricultural science and technology and equipment support… construct major scientific and technological infrastructure, strengthen original research; increase efforts in key core technology breakthroughs, enhance technological integration and application; improve agricultural technology extension service system…accelerate the revitalisation of the seed industry by building facilities and platforms for germplasm resource preservation and identification; expedite breakthroughs in core seed source technologies, reinforce the role of enterprises as the main drivers of technological innovation, and cultivate large-scale seed enterprises…develop large-scale high-end intelligent agricultural machinery… 强化农业科技和装备支撑。优化科技创新体系，稳定支持基础研究和公益性研究科研机构，建立健全科技创新分类评价制度。建设重大科技基础设施，加强原创性研究；加大关键核心技术攻关力度，强化技术集成应用；完善农技推广服务体系。加快种业振兴，建设种质资源保存鉴定等设施平台；加快核心种源技术攻关，强化企业科技创新主体地位，培育大型种业企业。实施农机装备补短板行动，加快大型高端智能农机和丘陵山区适用小型机械等农机装备和关键核心零部件研发应用；大力发展智慧农业；完善农机购置与应用补贴政策.
One of the stated goals is to cultivate civilised rural areas. The top priority in this regard is to “organise study of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, widely carry out propaganda and education on Party history, New China history, reform and opening-up history, and socialist development history, deeply conduct ‘Listen to the Party, Feel the Party’s Grace, Follow the Party’ propaganda and education activities. Strengthen ethnic unity and progress propaganda and education, forge a solid consciousness of the Chinese national community. Implement the civilised rural style construction project, take the socialist core values as the guide, and strengthen the work of cultivating, practicing, and creating civilisation.” 组织学习习近平新时代中国特色社会主义思想，广泛开展党史、新中国史、改革开放史、社会主义发展史宣传教育，深入开展“听党话、感党恩、跟党走”宣传教育活动。加强民族团结进步宣传教育，铸牢中华民族共同体意识。实施文明乡风建设工程，以社会主义核心价值观为引领，加强文明培育、文明实践、文明创建工作。
It also calls to “do a good job in popularising law and science, and oppose feudal superstitions…address prominent issues like high bride prices, extravagant weddings, and disorderly burials, improve restrictive norms and advocative standards for simplified wedding and funeral practices, and filial piety.” 做好普法、科普工作，反对封建迷信...持续推进移风易俗，弘扬良好乡风家风民风，引导村民遵规守约，扎实开展高额彩礼、大操大办、散埋乱葬等突出问题治理，完善婚事新办、丧事简办、孝老爱亲等约束性规范和倡导性标准。加强农村公益性公墓（骨灰堂）建设，推进农村殡葬改革，培育现代文明殡葬新风。
The plan also calls to improve overall rural infrastructure, public utilities, community service facilities, digital connectivity, etc, among other things.
Moving on, there’s a long article on the “two new” policy. The officials quoted in this essentially see the policy as useful to:
stimulate the potential of domestic demand
move manufacturing industry towards a ‘new’/intelligent and ‘green’ future
accelerate the overall green transformation through green consumption and recycling
Some excerpts from the report:
Since the implementation of the trade-in policy in March 2024, sales of consumer goods in the fields of automobiles and home appliances have improved. Statistics show that the retail sales of passenger cars in 2024 reached 22.894 million units, a year-on-year increase of 5.5%; the retail sales of household appliances and audio-visual equipment in units above the designated size reached 1030.7 billion yuan, a year-on-year increase of 12.3%. In addition to boosting consumption growth, the old-for-new exchange has also promoted industrial upgrading and green transformation. Li Gang, Director General of the Department of Market Operation and Consumption Promotion of the Ministry of Commerce, presented this set of data: In the old-for-new exchange of cars, the proportion of new energy vehicles exceeded 60%, and more than 6.6 million old cars were replaced with new energy vehicles or energy-saving vehicles; in the old-for-new exchange of home appliances, the sales of first-class energy-efficient products accounted for more than 90%, driving the retail sales of high-efficiency grade and smart home appliances to grow by double digits for four consecutive months; in the old-for-new exchange of home decor, kitchen and bathroom products, nearly 10 million smart home products, such as smart toilets, sweeping robots, and smart door locks were replaced; more than 1 million old electric bicycles were updated to safer lead-acid battery-powered vehicles.” 去年3月以旧换新政策实施以来，汽车、家电等领域消费品销售向好。统计数据显示：2024年全年乘用车零售量达2289.4万辆，同比增长5.5%；限额以上单位家用电器和音像器材类商品零售额10307亿元，同比增长12.3%。助力消费增长之外，以旧换新还促进了产业升级、绿色转型。商务部市场运行和消费促进司司长李刚拿出一组数据：汽车以旧换新中，换购新能源车的比例超过60%，超过660万辆老旧汽车更新为新能源车或者节能型汽车；家电以旧换新中，一级能效产品销售额占比超过90%，带动高能效等级和智能家电零售额连续4个月超两位数增长；家装厨卫以旧换新中，智能坐便器、扫地机器人、智能门锁等智能家居产品换新近1000万件；超过100万辆老旧电动自行车更新为更安全的铅酸电池动力车.
In 2024, among the 4,600-plus equipment renewal projects supported solely by funds from ultra-long-term special government bonds, the volume of equipment renewal in industries such as manufacturing, energy usage, energy and power, and transportation exceeded 2 million units (sets). Zhao Chenxin, NDRC’s Deputy Director, said that preliminary estimates indicate that, driven by the ‘Two New’ policies, the total volume of equipment renewal in key sectors nationwide exceeded 20 million units (sets). Investment in the purchase of equipment and tools has been strongly boosted: in 2024, it increased by 15.7% year-on-year, accelerating by 9.1 percentage points compared to the previous year, contributing 2.2 percentage points to overall investment growth…In 2024, over 11,000 new smart community recycling facilities for discarded materials were added nationwide, and the number of scrapped motor vehicles recycled reached 8.46 million, a year-on-year increase of 64%. Data from key enterprises monitored by the Ministry of Commerce show that the recycling volume of used household appliances achieved year-on-year growth for five consecutive months starting in July. By the end of 2024, a total of 168 important national standards under the ‘Two New’ framework for fields such as household appliances, furniture, automobiles, and consumer drones were successively released. “2024年，仅超长期特别国债资金支持的4600多个设备更新项目中，工业、用能、能源电力、交通运输等设备更新量就超过200万台（套）。”国家发展改革委副主任赵辰昕表示，初步估算，在“两新”政策带动下，全国重点领域设备更新总量可达2000万台（套）以上。设备工器具购置投资得到有力拉动：2024年同比增长15.7%，比上年加快9.1个百分点，拉动全部投资增长2.2个百分点。回收循环利用、标准提升两项行动同样进展顺利。2024年，全国新增智能化社区废旧物资回收设施达到1.1万余个，全国报废机动车回收量达到846万辆，同比增长64%。商务部重点联系企业数据显示，废旧家电回收量从7月份起连续5个月实现同比增长。截至2024年底，家电、家具、汽车、民用无人机等领域“两新”重要国家标准168项陆续发布.
In terms of expansion and changes in the Two New policy for 2025, the report says:
Already there have been steps to strengthen support for the trade-in of household appliances like microwave ovens, water purifiers, dishwashers, rice cookers within the subsidy scope; the maximum subsidy for purchasing air conditioners has increased from one unit per consumer to three units; subsidies are being provided for the purchase of new mobile phones, tablets, smart watches and bracelets; and the scope of support for scrapping and updating of automobiles, including fuel vehicles that meet the National IV emission standards has been expanded
Li Gang said that “detailed implementation rules for five sectors: automobiles, home appliances, home furnishing and kitchen/bathroom equipment, electric bicycles, and digital products such as smartphones” will be issued soon while considering connection with 2024 policies.
Liu Dechun from the NDRC said that domains like electronic information, production safety, and facility agriculture will be included in ultra-long-term special bonds for support; there will be support for National IV emission standard commercial trucks scrapping and updating; rice transplanter and other 6 agricultural machinery types will be included in the support list; in terms of raising standards, the subsidy standards for new energy city buses and power battery renewal will be increased, and the average subsidy per vehicle will be increased from 60,000 yuan to 80,000 yuan.
The total monetary allocation for the ‘two new’ policy will be made clear at the NPC in March.
Next, there’s a report on Ding Xuexiang’s meeting with Swiss officials on Monday and Tuesday.
Xinhua reports that Ding met with Karin Keller-Sutter, president of the Swiss Confederation and head of the Federal Department of Finance, and held talks with Guy Parmelin, vice president of the Federal Council and head of the Federal Department of Economic Affairs, Education and Research.
Ding “urged joint efforts to strengthen complementarity of advantages, seek mutual benefits, and accelerate negotiations on upgrading the free trade agreement, and strive for substantive results at an early date. ‘We should strengthen cooperation on innovation, jointly explore and promote the development of life sciences, artificial intelligence and green technology, and foster new growth areas for practical cooperation’ … The vice premier also called for deepening financial connectivity and promoting people-to-people exchanges. He highlighted Switzerland’s unique role in international and regional affairs as a permanently neutral country and host to many international organizations. This year marks the 80th anniversary of the United Nations, Ding said, noting China is willing to continue to make good use of existing mechanisms and channels with Switzerland, maintain communication and coordinate positions on multilateral affairs and international and regional hotspot issues, jointly practice genuine multilateralism, and contribute further to building a community with a shared future for mankind.”
Next, there’s a report on Wang Huning’s remarks at a CPPCC meeting preparing for their March meeting.
“Wang Huning said that it is necessary to thoroughly study and implement the spirit of General Secretary Xi Jinping’s important speech on the work of the CPPCC, earnestly study and formulate implementation measures, and promote the high-quality development of the work of the CPPCC. It is necessary to carefully prepare and organize the convening of the 14th National Committee of the CPPCC, and implement the spirit of the eight-point central regulations and improve the style of writing and meetings throughout all aspects of the conference’s work. It is necessary to conscientiously implement the decisions and deployments of the CPC Central Committee, perform our duties and responsibilities in line with the 国之大者/matters of national and strategic significance and the concerns of the people, and contribute wisdom and strength to the high-quality completion of the goals and tasks of the ‘14th Five-Year Plan’ and a good start for the ‘15th Five-Year Plan’. It is necessary to thoroughly study and implement the spirit of General Secretary Xi Jinping’s important speeches at the democratic life meeting of the Politburo of the CPC Central Committee and the Fourth Plenary Session of the 20th CCDI, earnestly fulfill the political responsibility of governing the Party with strict discipline, and foster a clean and upright political ecosystem. It is necessary to thoroughly study and implement the spirit of General Secretary Xi Jinping’s New Year’s message for 2025 and the important speech during the meeting with non-party personages, and do a solid job in rallying people’s hearts, building consensus, pooling wisdom, and gathering strength. It is necessary to thoroughly study and implement the spirit of General Secretary Xi Jinping’s important speech at the meeting of the Politburo of the CPC Central Committee, and reflect the Party’s overall leadership over the CPPCC through practical actions to implement the decisions and arrangements of the CPC Central Committee, so as to better serve the development of the Party and country.” 会议传达学习贯彻习近平总书记在中共中央政治局常委会会议听取全国政协党组工作汇报时的重要讲话精神，传达学习贯彻习近平总书记近期重要讲话和指示精神。王沪宁表示，要深入学习贯彻习近平总书记关于人民政协工作的重要讲话精神，认真研究制定贯彻落实举措，推动政协工作高质量发展。要认真筹备组织召开全国政协十四届三次会议，把落实中央八项规定精神、改进文风会风贯彻到大会各项工作中。要认真贯彻落实中共中央决策部署，紧扣“国之大者”和民之关切履职尽责，为高质量完成“十四五”规划目标任务、实现“十五五”良好开局贡献智慧和力量。要深入学习贯彻习近平总书记在中共中央政治局民主生活会、二十届中央纪委四次全会上的重要讲话精神，切实履行管党治党政治责任，营造风清气正的政治生态。要深入学习贯彻习近平总书记发表二〇二五年新年贺词精神、同党外人士共迎新春时的重要讲话精神，扎实做好凝聚人心、凝聚共识、凝聚智慧、凝聚力量的工作。要深入学习贯彻习近平总书记在中共中央政治局会议上的重要讲话精神，把坚持党对人民政协的全面领导体现到贯彻落实中共中央决策部署的实际行动上，更好服务党和国家事业发展。
In addition: “A draft report on the work of the Standing Committee of the 14th CPPCC National Committee and a draft report on the handling of proposals since the second session of the 14th CPPCC National Committee were deliberated and approved at the meeting. The meeting decided to submit the two draft reports for consideration to the 10th session of the Standing Committee of the 14th CPPCC National Committee, which is to be convened on March 1 and 2.”
The meeting also revoked the membership of Lu Jin, former chairman of China National Gold Group. Lu has been under investigation since September 2024.
Page 2: There’s a brief report informing that the Central Financial Commission and the China Securities Regulatory Commission, along with other departments, has recently issued the implementation plan for promoting the entry of medium and long-term capital into the stock market.
Global Times’ report says:
“The plan emphasized the importance of encouraging medium- and long-term investment funds - such as commercial insurance funds, the national social security fund, basic pension funds, enterprise annuity funds and public funds - to boost their presence in the stock market… The plan aims to enhance the proportion and stability of commercial insurance funds that are invested in A-shares. It seeks to guide large state-owned insurance companies to expand their A-share investments (including equity funds) in both scale and proportion. A long-term performance assessment cycle of at least three years will be introduced for state-owned insurance companies, with annual net asset returns weighted no more than 30 percent and three- to five-year performance indicators weighted at least 60 percent, the plan said. The plan also proposes optimizing the investment management mechanisms for the national social security fund and basic pension funds. This includes gradually increasing the proportion of equity investments by the national social security fund and implementing detailed long-term performance assessment mechanisms, such as a five-year cycle for the national social security fund and a three-year cycle for basic pension funds. Efforts will also focus on improving the market-oriented operation of enterprise annuity funds. This includes accelerating the introduction of three-year or longer performance assessment guidelines for enterprise annuity funds and supporting eligible employers in exploring individual investment options for annuities. Moreover, the plan aims to expand the scale and proportion of equity funds. The plan also seeks to optimize the capital market investment ecosystem. This includes encouraging listed companies to increase share buybacks and implement policies for multiple dividend distributions annually, per the plan.”
Reuters’ report on this says:
“Authorities will in the first half of this year call on insurers to invest at least 100 billion yuan ($13.75 billion) of long-term funds into stocks, China Securities Regulatory Commission head Wu Qing said at a press conference. The regulator will encourage both state-owned and commercial insurers to invest 30% of new annual premiums in A-shares, and encourage mutual funds to increase their A-share holdings' tradable market value by at least 10% annually over the next three years, Wu said. The plan also involves guiding mutual fund managers to increase equity funds under their management, cut fund sales fee and promote the development of exchange-traded fund products.”
Page 3: There’s a report on ILD chief Liu Jianchao meeting with Bangladesh interim government’s Advisor for Foreign Affairs Touhid Hossain. The Chinese readout of the meeting says:
“Liu Jianchao said that China and Bangladesh have been good friends and partners for a long time, and the people of the two countries have deep friendship with each other. Bilateral relations have withstood the test of international situation and the changing domestic situation in Bangladesh and maintained a strong momentum of development. China supports the Bangladeshi people in choosing their own development path and supports the interim government of Bangladesh in advancing political reform and election agenda. I believe that Bangladesh will overcome difficulties and return to the track of unity, stability, prosperity and development. China is willing to work with Bangladesh to promote cooperation in areas such as the joint construction of the ‘Belt and Road’ and promote the continued development of the China-Bangladesh comprehensive strategic partnership. The Communist Party of China is willing to maintain friendly exchanges with all political parties in Bangladesh, enhance exchanges and mutual learning of experience in governance, deepen political mutual trust, and continuously consolidate the public opinion foundation of bilateral relations.” 刘建超表示，中国和孟加拉国长期做好朋友、好伙伴，两国人民相互抱有深厚情谊。双边关系经受住了国际风云和孟国内局势变幻的考验，保持强劲发展势头。中方支持孟人民自主选择发展道路，支持孟临时政府推进政治改革和选举议程，相信孟加拉将克服困难，重回团结稳定和繁荣发展轨道。中方愿同孟方一道，推进共建“一带一路”等领域合作，推动中孟全面战略合作伙伴关系继续向前发展。中国共产党愿同孟各政党保持友好交往，增进治国理政经验交流互鉴，深化政治互信，不断夯实双边关系民意基础.
Hossain reportedly said that “The friendship with China has a deep foundation in Bangladeshi public opinion. No matter how the domestic situation in Bangladesh changes, the friendship between Bangladesh and China has not changed and will not change. Bangladesh supports and actively participates in the joint construction of BRI and is willing to further strengthen cooperation with China in the fields of economy, trade, infrastructure, and medical care. Chinese companies are welcome to invest and do business in Bangladesh.” 对华友好在孟民意基础深厚，不管孟国内形势如何变化，孟中友好没有变，也不会变。孟方支持并积极参与共建“一带一路”，愿同中方进一步加强经贸、基建、医疗等领域合作，欢迎中国企业来孟投资兴业。
Also on the page is a report on Wang Yi’s call with Celso Amorim, special advisor to the president of Brazil. The Xinhua report gives very little away; and I am unable to identify a Brazilian readout of the call. My sense, however, is that the war in Ukraine was the key component of this conversation.
Wang said that “as the BRICS family continues to expand, China supports Brazil in assuming the BRICS presidency this year and pushing for new achievements in greater BRICS cooperation, Wang said. China supports Brazil in hosting the UN climate change conference…This year marks the 10th anniversary of the launch of the China-Community of Latin American and Caribbean States (CELAC) Forum, and China is ready to work with Brazil and other countries to build a China-Latin America community with a shared future, Wang said. Noting that the Ukraine crisis has been going on for nearly three years, Wang said that the ‘six-point consensus’ jointly issued by China and Brazil on the political settlement of the Ukraine crisis and the establishment of the ‘Friends of Peace’ platform on the Ukraine crisis are to gather consensus from the Global South and create an atmosphere and accumulate conditions for the realization of peace talks.”
The report ends with this: “Noting that the ‘six-point consensus’ reached by Brazil and China on the Ukraine crisis is of great significance, Amorim said that the two sides should seize the opportunity to further leverage the role of the ‘Friends of Peace’ platform.”
Page 4: Some appointments to note.
Yan Jinhai has been appointed as Director of the Standing Committee of the People’s Congress of the Tibet Autonomous Region.
Karma Tsetan has been chosen as the Chairman of the People’s Government of the Tibet Autonomous Region.
Li Yifei has been elected as the Director of the Standing Committee of the People’s Congress of Ningxia Hui Autonomous Region.
Page 9: There’s a full page article under the byline Zhong Caiwen 钟才文. I am not sure which institution this byline is attached to, but Bill Bishop has in the past suggested that it might be the Central Financial and Economic Affairs Commission. The article today does a deep dive into the five relationships, which were outlined in the 2024 CEWC readout. These must be balanced well going forward for economic development to progress. These are:
It is necessary to balance the relationship between an effective market and a capable government, forming an economic order that is both ‘let loose/engender freedom or autonomy’ (放得活) and ‘regulated/controlled’(管得住).
It is necessary to balance the relationship between total supply and total demand to ensure smooth circulation in the national economy.
It is necessary to balance the relationship between cultivating new drivers of growth and renewing old ones, developing new quality productive forces according to local conditions.
It is necessary to balance the relationship between improving incremental additions and revitalising existing stock, and comprehensively enhance resource allocation efficiency.
It is necessary to balance the relationship between improving quality and expanding total quantity and consolidate the material foundation of Chinese-style modernisation.
必须统筹好有效市场和有为政府的关系，形成既“放得活”又“管得住”的经济秩序。必须统筹好总供给和总需求的关系，畅通国民经济循环。必须统筹好培育新动能和更新旧动能的关系，因地制宜发展新质生产力。必须统筹好做优增量和盘活存量的关系，全面提高资源配置效率。必须统筹好提升质量和做大总量的关系，夯实中国式现代化的物质基础.
This will be a long summary. So buckle up.
For the first point, the author argues:
“Managing the relationship between the government and the market is the core issue of economic system reform. The combination of an effective market and a proactive government is a key factor in the success of China's socialist market economy. Historical experience since the reform and opening-up shows that the socialist market economy can leverage the strengths of the market economy, allowing the market to play a decisive role in resource allocation, while also demonstrating the advantages of the socialist system by better enabling the government’s role. This dual approach has provided institutional support for achieving the "two miracles" of rapid economic growth and long-term social stability in China. As the Chinese economy transitions from a phase of high-speed growth to high-quality development, higher demands are being placed on balancing the relationship between an effective market and a proactive government.” 处理好政府和市场的关系，是经济体制改革的核心问题。有效市场同有为政府相结合，是我国社会主义市场经济取得成功的关键因素。改革开放以来的历史经验表明，社会主义市场经济既能够发挥市场经济的长处，使市场在资源配置中起决定性作用，又能够彰显社会主义制度的优越性，更好发挥政府作用，为我国创造经济快速发展和社会长期稳定“两大奇迹”提供了制度支撑。随着我国经济由高速增长阶段转向高质量发展阶段，对统筹好有效市场和有为政府的关系提出了新的更高要求.
“Better leverage the role of the government, address the problems of absence and overreach… Leveraging the role of the government better does not mean expanding the role of the government, rather it refers to adhering to doing what should be done, not doing what should not be done, grasping the boundary between doing and not doing, and doing well the things the government should do, doing them thoroughly. Doing what should be done means continuously building a rule-of-law economy, a credit economy, perfecting market rules and taking the lead in following rules, focusing on correcting market failures, regulating competitive order, building a unified national big market, and providing a fair competitive grand stage for various business entities including state-owned enterprises, private enterprises, foreign-funded enterprises, and individual industrial and commercial households. It means leveraging the government’s important role in planning guidance, industrial layout, innovation leadership, promoting technological innovation and industrial transformation. It means improving the macroeconomic governance system, strengthening macroeconomic regulation, smoothening the economic cycles, preventing large economic fluctuations, and promoting long-term sustainable and healthy economic development. It means strengthening quality supervision, standard construction, and driving product and service quality improvement through rules and standards. Not doing what should not be done means preventing inappropriate intervention in the activities of micro-subjects, not engaging in local protectionism and self-circulation, not pursuing law enforcement for personal gain, not engaging in arbitrary fines, inspections, and confiscations. The more standardized the government behavior, the more effective the market role will be. We must fully incorporate government behavior into the track of the rule of law, comprehensively build a law-based government, improve the government's trustworthiness and commitment mechanism, increase the protection of property rights, standardize law enforcement involving enterprises, reduce the institutional costs of market operation, and organically combine market-oriented mechanisms and legal principles to complement each other.” 要更好发挥政府作用，解决好缺位、越位问题。习近平总书记指出：“科学的宏观调控，有效的政府治理，是发挥社会主义市场经济体制优势的内在要求。”更好发挥政府作用不是更多发挥政府作用，而是要坚持有所为、有所不为，把握好有为和无为的边界，把政府该做的事情做好做到位。有所为，就是要不断建设法治经济、信用经济，完善市场规则并带头遵守规则，着力矫正市场失灵，规范竞争秩序，建设全国统一大市场，为国有企业、民营企业、外资企业及个体工商户等各类经营主体提供公平竞争的大舞台。要发挥政府在规划引导、产业布局、创新引领等方面的重要作用，推动科技创新和产业变革。要完善宏观经济治理体系，加强宏观调控，熨平经济周期，防止经济运行大起大落，促进经济长期持续健康发展。要加强质量监管、标准建设，以规则标准带动产品和服务质量提升。有所不为，就是要防止对微观主体活动的不当干预，不搞地方保护主义和自我小循环，不搞趋利性执法，不能乱罚款、乱检查、乱查封。政府行为越规范，市场作用就越有效。要把政府行为全面纳入法治轨道，全面建设法治政府，健全政府守信践诺机制，加大产权保护力度，规范涉企执法行为，降低市场运行的制度成本，使市场化机制和法治化原则有机结合、相得益彰.
The author also calls to “create a fairer and more dynamic market environment.” The section ends with this:
“In the relationship between government and market, the government is the subject, the market is the object. The government’s role is proactive and the market’s role is spontaneous. The key lies in regulating government behavior and transforming government functions. Only when the government plays a better role in its own responsibilities can the market play a decisive role in resource allocation.” 在政府和市场关系中，政府是主体，市场是客体，政府作用具有主动性，市场作用具有自发性，关键在于规范政府行为，转变政府职能。政府只有在自身职责领域更好发挥作用，才能使市场在资源配置中起决定性作用.
For the second point, the author says that achieving balance in supply and demand requires actions to be taken with regard to both.
“Under the new development environment and conditions, there are many new requirements for deepening the supply-side structural reform. In terms of quality, it is necessary to adhere to the leadership of science and technology and innovation-driven development, promote the accelerated development of emerging industries, and promote the transformation and upgrading of traditional industries. In terms of quantity, it is necessary to adhere to the principle of advancing and retreating, ensuring protection (such as to ensure stability and continuity) and pressure (to address inefficiencies or undesirable practices) and increase (some aspects such as investment) and decrease (some aspects like overcapacity or waste). Comprehensively rectify the 'involution-style' competition for some industries, maintain a reasonable capacity utilization rate, and form a healthy, sustainable industrial development ecology. We must encourage enterprises to improve the quality of supply, promote superior quality and price, stimulate ‘upward competition’, offer more high-quality products and services, enhance the adaptability and balance of supply to demand, and strive to create and stimulate new demand through new supply.” 在新的发展环境和条件下，深化供给侧结构性改革有许多新要求。质的方面，要坚持科技引领、创新发展，推动新兴产业加快发展，促进传统产业转型升级。量的方面，要坚持有进有退、有保有压、有增有减，对一些行业要综合整治“内卷式”竞争，保持合理的产能利用率，形成健康、可持续的产业发展生态。要推动企业提高供给质量，促进优质优价，激励“向上竞争”，提供更多的优质产品和服务，提升供给对需求的适配性、平衡性，努力以新供给创造和激发新需求.
It is necessary to adhere to expanding domestic demand as a long-term strategic measure. Owing to various international and domestic factors, insufficient domestic demand, unstable external demand, and an imbalance between total supply and demand have become the greatest constraints on the smooth circulation of the national economy. China’s domestic demand potential is large but has not yet been fully released. Due to geopolitical conflicts and the rise of global protectionism, the recovery of the world economy has been weak, and the instability and uncertainty of external demand have significantly increased. In this broader context, expanding domestic demand is a strategic move for the long-term stability and development of the economy, not a stopgap measure to cope with short-term fluctuations. Especially as a super-large economy, the foundation of stable and healthy economic development must be built on the strong support of domestic demand. It is necessary to adopt strong and effective macroeconomic policies, accelerate filling the shortcomings in domestic demand, especially the consumption gap, and make domestic demand the main driving force and stabilizing anchor for economic growth. It is necessary to establish and improve a long-term mechanism to expand household consumption, particularly expanding consumption demand supported by income, so that residents can consume with stable income, have a good experience and willingness to consume, and dare to consume without concerns. It is necessary to improve the mechanism for expanding investment, innovate and optimize investment and financing mechanisms, expand investment demand with reasonable returns, and coordinate investments in both infrastructure and human resources. We should increase both government investment and lead social investment, ensuring that effective investment not only stimulates current demand but also transforms into advanced productivity and new quality productive forces for the future. 要坚持把扩大内需作为长期战略之举。受国际国内多方面因素影响，我国内需不足、外需不稳，总供求不平衡成为国民经济循环畅通的最大制约。我国内需潜力很大，但尚未释放出来。由于地缘政治冲突和全球保护主义加剧，世界经济复苏乏力，外需的不稳定性不确定性显著上升。在这样的大背景下，扩大内需是关系经济长期稳定和发展的战略之举，不是应对短期波动的权宜之计。特别是作为超大型经济体，必须把经济平稳健康发展的基础建立在国内需求强大支撑的基础之上。必须采取有力有效的宏观经济政策，加快补上内需短板特别是消费短板，使内需成为拉动经济增长的主动力和稳定锚。要建立和完善扩大居民消费的长效机制，特别要扩大有收入支撑的消费需求，使居民有稳定收入能消费、有良好的体验愿消费、没有后顾之忧敢消费。要完善扩大投资机制，创新优化投融资机制，扩大有合理回报的投资需求，统筹推动投资于物和投资于人，统筹增加政府投资和带动社会投资，使有效投资既能促进扩大当期需求，又能转化为未来的先进生产力、新质生产力.
The section ends by calling to clear obstacles in domestic circulation, stabilise foreign trade and investment and open up diversified international markets, expand exports, increase imports, smooth and enhance international circulation…
For the third point, the author argues:
“We must take major scientific and technological innovation as the fundamental support for developing new productive forces and cultivating new momentum, strengthen basic research and key core technology research, strengthen the construction of national strategic scientific and technological forces, carry out large-scale application demonstration actions of new technologies and new products, and strive to create a batch of new industrial engines with high technological content, strong market competitiveness and great driving force, and forge the ‘new long board’ of China’s economy.” 我们要把重大科技创新作为发展新质生产力、培育新动能的根本依托，加强基础研究和关键核心技术攻关，加强国家战略科技力量建设，开展新技术新产品大规模应用示范行动，努力打造一批又一批科技含量高、市场竞争力强、带动作用大的产业新引擎，锻造中国经济“新长板”.
“We must continue to promote the rejuvenation of traditional industries. In developing new quality productive forces, traditional industries cannot be simply abandoned, the economic structure cannot be broken, and it cannot be divorced from reality and become virtual or bubble-like. After years of development, China’s traditional industries are leading globally in terms of scale, structural system, technological level, and international competitiveness. They are an important material and technological foundation and decisive factor for China’s economic strength, comprehensive national power, and the standard of living of the people. As the foundation of the modern industrial system, traditional industries are the basic support for economic growth and employment income. When developing new quality productive forces, traditional industries must never be treated as ‘low-end industries’ or ‘backward industries’ and simply withdrawn from. It is necessary to actively use digital technologies and green technologies to transform and upgrade traditional industries, implement large-scale equipment upgrades and replace old consumer goods with new ones. Through digital empowerment, process upgrades, management innovation, and various other paths, we must drive traditional industries to transform towards high-end, intelligent, green, and integrated directions, constantly enhancing their vitality and competitiveness through continuous updates and iterations.” 要持续推动传统产业焕发新的生机活力。发展新质生产力，传统产业不能简单丢弃，经济结构不能出现断层，不能脱实向虚、泡沫化。经过多年发展，我国传统产业在规模体量、结构体系、技术水平、国际竞争力等方面居于全球领先地位，是我国经济实力、综合国力、人民生活水平的重要物质技术基础和决定性因素。传统产业作为现代化产业体系的基底，是经济增长和就业收入的基本依托，发展新质生产力，决不能把传统产业当作“低端产业”“落后产业”简单退出。要积极运用数字技术、绿色技术改造提升传统产业，加力扩围实施大规模设备更新和消费品以旧换新，通过数字赋能、工艺升级、管理创新等多种路径，推动传统产业向高端化、智能化、绿色化、融合化方向转型，在持续更新迭代中不断增强生命力和竞争力。
This section ends with the author calling for grasping the “dialectical relationship between cultivating new drivers and updating old drivers.” The next bit is essential and echoes some of the anxiety that’s so loudly being expressed across the developed world.
From international experience, the hollowing-out of traditional industries often limits technological and industrial innovation capabilities, weakening economic competitiveness. There are significant differences in resource endowments and industrial development levels across different regions of our country. Developing new types of productive forces should not blindly follow a single industry or apply a uniform model; it is crucial to avoid ‘herding without prior preparation’/ ‘act in rush or haste’ 一哄而上. It is necessary to fully consider the actual situation of a particular region, give play to its distinctive advantages, find the best path, and establish a new quality productive forces cultivation model with local characteristics… 要深刻把握培育新动能和更新旧动能的辩证关系。需要推动新旧发展动能平稳接续转换。从国际经验看，传统产业的空心化往往制约科技和产业创新能力，削弱经济竞争力。我国各地资源禀赋和产业发展水平差异较大，发展新质生产力不能盲目跟风一个产业、简单套用一种模式，切不可“一哄而上”。必须充分考虑本地区的实际情况，发挥自身优势，找到最佳路径，形成具有本地特色的新质生产力培育模式。特别是要抓住“质态”更新，突出“新质”这个关键，因地制宜发展新质生产力。三北地区能够探索形成“光伏治沙”的好经验好做法，把荒漠变为资源，全国各地都可以结合自身实际，在统筹培育新动能和更新旧动能过程中，结出新质生产力的硕果.
The fourth point deals with the relationship between improving incremental additions and revitalizing existing stock, and comprehensively enhancing resource allocation efficiency. The author calls this an “urgent” task.
The steps proposed are:
effectively revitalising basic assets such as land via renewal of industrial parks, better use of inefficient land in urban areas, optimizing the structure of production and living spaces, and increasing public service facilities.
transformation of urban villages, and transformation and utilization of old neighbourhoods, old communities, and old buildings.
making full use of funds such as local government special bonds and central bank re-lending facilities, purchasing existing commercial housing at reasonable prices and converting them into affordable housing and other uses, and effectively meeting the housing needs of new citizens, young people and other groups.
developing a circular economy
standardising the development of the second-hand car and second-hand housing markets
through leasing, equity participation, and cooperation activate and utilize the idle housing legally owned by farmers
idle infrastructure such as small and medium-sized school buildings in rural areas can have their uses converted in a regulated manner
要有效盘活土地等基础性资产，推动产业园区“腾笼换鸟”“焕新发展”，盘活城镇各类低效用地，优化生产生活空间结构，增加公共服务设施。要高质量推进城市更新，实施城中村改造，推进老旧街区、老旧小区、老旧建筑改造利用。要用足用好地方政府专项债、央行再贷款等资金，以合理价格收购存量商品房转为保障性住房等用途，有效满足新市民、青年人等群体的住房需求。要发展循环经济，加强废旧资源循环利用，大力开发“城市矿山”。要规范发展二手车、二手房市场，形成新车与旧车、新房与旧房协调发展的市场体系。通过出租、入股、合作等方式，盘活利用农民合法拥有的闲置住房。对农村闲置的中小学校舍等基础设施，可以通过规范的方式合理转换用途。这些表明，盘活存量大有可为.
Towards the end, the author calls to “compile macro balance sheets for households, businesses, and the government, accurately portraying the asset and liability situation at the national, local, and sectoral levels.” This should provide a baseline understanding of the “family assets.” Based on this, “conduct a comprehensive analysis of economic growth potential, identify economic and financial risk hidden dangers, evaluate debt repayment capacity, and develop policy measures to optimize the scale and structure of macro assets and liabilities, improving the systematic, targeted, and effective nature of macroeconomic governance.” 在国家层面编制居民、企业、政府的宏观资产负债表，准确刻画全国、地方和各领域的资产负债状况，摸清底数，掌握“家底”，在此基础上全面分析经济增长潜力，研判经济金融风险隐患，评估偿债能力，形成优化宏观资产负债规模和结构的政策措施，提高宏观经济治理的系统性、针对性、有效性。
The fifth and final relationship to balance is the one between improving quality and expanding total quantity. The article argues that it is essential to “unify the effective improvement of quality and the reasonable growth of quantity in the whole process of high-quality development.”
The author reiterates that high-quality development is the “primary task” for the country’s modernisation. The author argues that:
It is necessary to persist in leading and expanding the total economic volume through qualitative improvements. Improvements in quality can open up new realms and new spaces for quantitative growth. Every scientific and technological and industrial revolution brings new investment and consumption opportunities because of the qualitative enhancement of productivity, allowing the economy to break through the earlier equilibrium and produce leapfrog growth in quantity. In the era of a scarcity economy, in order to quickly resolve the contradictions of quantity, the development model was relatively extensive. In other words, ‘when radishes are selling fast, one doesn't take the time to wash the soil off them’ 萝卜快了不洗泥. Entering the stage of high-quality development, winning with quality becomes the only way forward. Whether at the micro or macro level, without effective improvement in quality, there can be no reasonable growth in quantity. Even if there is rapid growth in the short term, it is difficult to sustain over time. Therefore, it is necessary to fully and accurately implement the new development concept, adhere to innovative, coordinated, green, open, and shared development, focus on implementing an innovation-driven development strategy, focus on enhancing the overall and coordinated nature of development, focus on promoting the harmonious coexistence of man and nature, focus on forming a new system of opening up, focus on practicing a people-centered development philosophy, coordinate development and security, and promote higher quality, more efficient, fairer, more sustainable, and safer development. Enterprises and industries must also enhance their innovation capabilities, increase investment in new technologies, actively carry out digital and green transformation of traditional industries, and rely more on improving product and service quality to enhance market competitiveness and expand market share. 要坚持以提升经济质量引领和扩大经济总量。质的提升能够为量的增长开辟新境界、开拓新空间。每一次科技和产业革命，都因为生产力质的提升带来新的投资和消费机会，使经济能够突破原有技术条件下形成的均衡，产生量的跨越式增长。在短缺经济时代，为尽快解决量的矛盾，发展方式比较粗放，“萝卜快了不洗泥”。进入高质量发展阶段，以质取胜成为不二法门，无论在微观上还是宏观上，没有质的有效提升就没有量的合理增长，即使短期内快速增长，也难以持续。为此，必须完整准确全面贯彻新发展理念，坚持创新、协调、绿色、开放、共享发展，着力实施创新驱动发展战略，着力增强发展的整体性协调性，着力推进人与自然和谐共生，着力形成对外开放新体制，着力践行以人民为中心的发展思想，统筹发展和安全，推动实现更高质量、更有效率、更加公平、更可持续、更为安全的发展。企业和行业也必须增强创新能力，加大新技术投入，积极对传统产业进行数智化、绿色化改造，更多依靠提高产品和服务质量增强市场竞争力、扩大市场占有率.
At the same time, it is necessary to expand the total economic volume to provide fertile ground and space for improving quality. The full accumulation of quantitative changes can trigger qualitative changes. Therefore, the scale of total quantity itself has unique value in improving quality. In many cases, ‘big’ itself is a form of ‘strength’; this has been repeatedly verified in the marketplace. The development of emerging industries and new quality productive forces can take advantage of economies of scale and scope. The demand pull of a super-large-scale market combined with rich application scenarios, a complete industrial system, and diversified business organizational models can create more industrial applications, accelerate technology iteration, and cultivate more world-class companies and advanced technologies. The development of high-speed railways, nuclear power, mobile communications, platform economy, artificial intelligence, drones, new energy vehicles, low-altitude economy and other domains provide confirmations of this law. We must further leverage the advantages of China’s size, effectively transform the advantages of having a large population and talent pool, vast territory, diverse resources, and high savings rate into economic scale, and form an economic scale that matches the modernization of a huge population, constantly promote qualitative changes on the basis of quantitative changes, continuously enhance economic strength, scientific and technological strength and comprehensive national strength, and consolidate the material and technological foundation of Chinese modernization. 要以扩大经济总量为提升质量提供沃土和空间。量变的充分积累才能引发质变，因此总量规模本身对提高质量就有独特价值，很多情况下“大”本身就是一种“强”，这在商场上反复得到验证。发展新兴产业和新质生产力可以借助规模经济和范围经济效应，超大规模市场的需求牵引与丰富的应用场景、完备的产业体系、多元化的商业组织模式结合起来，可以创造出更多产业化应用，加快技术迭代，培育出更多世界一流企业和先进技术。高铁、核电、移动通信、平台经济、人工智能、无人机、新能源汽车、低空经济等领域的发展，都符合这个规律。我们要进一步发挥好大国经济优势，把我国人口和人才众多、幅员辽阔、资源多样、储蓄率高等优势有效转化为经济规模，形成与人口规模巨大的现代化相匹配的经济规模，在量变基础上不断催生质变，不断增强经济实力、科技实力和综合国力，夯实中国式现代化的物质技术基础。