NEWS ON 12/18

CHINA’S ECONOMIC RECOVERY RELIES ON INNOVATION

科技创新正成为中国经济增长新引擎

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CHINA’S ECONOMIC RECOVERY RELIES ON INNOVATION

科技创新正成为中国经济增长新引擎

Zhang Shixuan Reporter

张诗旋 记者

The Central Economic Work Conference had a couple of highlights. One of them is a new term in Chinese we call it “xianlihoupo”, which literally means we fix it and then break it. How do you interpret these new terms?

中央经济工作会议有几个亮点。其中有个新词是“先立后破”，字面意思是先打破旧有的固定模式，才能创造出新的。您如何理解这些新词？

Hong Hao chief economist of GROW Investment Group

洪灏 思睿集团首席经济学家

It is a new term. Normally in Chinese we say we break it first and then fix it, right? So we break the existing model first and then we'll fix it and re-jig it. This time around, we're talking about steady the shift first and then develop. So I think stability is the key. I think the management is trying to keep a stable, steady domestic environment for the economic re-engineering processing.

这是一个新词。在中文里，我们通常说先破后立，对吧？先打破现有的模式，再重新调整它。这次，我们说的是先稳后变，再发展。所以稳定是关键。管理层正在努力为国内经济再造过程保持一个稳定、平稳的环境。

Zhang Shixuan Reporter

张诗旋 记者

How important is this year’s Central Economic Work Conference? Have you seen any progress made from the conference?

您认为今年的中央经济工作会议有多重要？会议取得了哪些进展？

Hong Hao chief economist of GROW Investment Group

洪灏 思睿集团首席经济学家

This year, we’ve seen new messages coming out of this meeting. For example, we're gonna use a new technology development to develop new types of productivity and to propel【推进】 economic growth going forward. And back then, I think last year, for example, we're emphasizing on boosting domestic demand to help the economy to recover. But I think going forward, that is still important because that is also being discussed in the conferences as well. But the role of technologically development is becoming increasingly more important. And I think it's the first time that we're putting science and technology development in the center of economic growth model going forward.

我们从今年这次会议中看到了新的信息。比如说，我们要利用新技术来发展新型生产力，推动经济向前发展。而去年，比如说，我们强调要促进内需，帮助经济复苏。在未来，这一点仍然很重要，因为会议上也讨论了这个问题。不过技术发展的作用正变得越来越重要。我认为这是我们第一次把科技发展放在未来经济增长模式的中心位置。

Zhang Shixuan Reporter

张诗旋 记者

What do you think is the dominant trend for the overall economic growth in China this year? 

您认为今年中国整体经济增长的主要趋势是什么？

Hong Hao chief economist of GROW Investment Group

洪灏 思睿集团首席经济学家

The Chinese economy is going into a new phase, is trying to switch away from growth model that is driven by property investment growth and going into a high tech manufacturing driven growth. Property sector is important, but it shouldn't be one and only sector that matters to the Chinese economy. And also in a new environment where rivalry【竞争】between countries assign the heating up in terms of who gets to take the lead or even dominate the tech sector. That is probably the crucial success, the crucial battle that China has to (face).

中国经济正进入一个新阶段，试图从以房地产投资增长为驱动力的增长模式转向以高科技制造业为驱动力的增长模式。房地产业固然重要，但它不应是中国经济的唯一支柱产业。同时，在新的环境下，国家之间的竞争日趋白热化，谁能在科技领域占据领先甚至是主导地位，这可能是中国必须（面对）的成功关键和关键挑战。

Obviously this year, we've seen some initial attempts and end results already. The GDP coming from the property sector in terms of percentage has decreased substantially. But at the same time, investment in other areas and also some new and emerging industries are developing substantially faster than the traditional industries. I would say that this year people are starting see and feel the change of the development model. I'm just hoping that going forward, more and more people come around to this camp and see property as part of the necessary that the consumer discretionary【自由决定的】sector that is helping consumption while the investment that used to be set assign invested in the property center and it will be being used to develop the high tech sector in the manufacturing sector of the Chinese economy.

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