On December 12, 2023, the 30th session of the Xinzhi Lecture Hall was held in the 218 Academic Lecture Hall of this school. The keynote speaker of this issue is Huang Yiping, Sinar Mas Chair Professor of Finance and Economics and Vice Dean of the National School of Development at Peking University. Liu Shangxi, President of the Chinese Academy of Fiscal Sciences, presided over the event, and Yang Yuangen, Dean of the Graduate School, Xing Li, Vice Dean of the Academy of Finance and Sciences, and Fu Zhihua, Chairman of the Academic Committee, attended the event.
Professor Huang Yiping's lecture was titled "The New Stage of Economic Development and the Policy Pendulum". Taking the current economic situation at home and abroad as the starting point, he focused on the new stage of China's economic development and the transformation of the economic development model, and expounded that China's economic policy should seek a balance between efficiency and stability and cultivate a new driving force for economic growth.
Huang Yiping said that under the changes in a century, with the transformation of China's economic development model, cyclical policies and structural reforms should cooperate with each other, and the policy focus of each stage is different. At this stage, China's policy focus is in the transition period from cyclical measures to structural measures, and more attention is paid to supporting innovation, improving quality, and improving the sustainability of growth.
The global economic environment has changed, and China is facing problems such as the disappearance of low-cost advantages, the reversal of globalization policies, and the acceleration of the aging process of the population. Huang Yiping pointed out that in order to cope with the new stage of economic development, China's economic growth model should shift from factor input to innovation-driven growth, from external circulation to internal circulation, and from relying on labor to relying on technology. Taking solving the problems of "financing difficulties" and "investment difficulties" of private enterprises as an example, it used to be a simple issue of inclusive finance, but now it has become an important macroeconomic challenge, otherwise it will be difficult to promote cutting-edge technological innovation, promote the development of the digital economy and enhance the country's innovation capacity.
Huang Yiping stressed that China's economy is at a critical crossroads, although the economic growth rate is slowing down, but the advantages are outstanding, with a large economic scale, a complete industrial system, and dynamic scientific and technological innovation. As economic development enters a new stage, the digital economy, green development, and innovative activities are already the leading forces for economic development, and the policy pendulum needs to find a dynamic balance before development and security, efficiency and stability.
In the interactive session, Professor Huang Yiping responded to and answered the questions raised by the participants, such as "RMB internationalization, optimal inflation rate, policy pendulum in the era of digital economy, the enlightenment of Japan's and South Korea's aging policies to China, the policy focus from the cyclical policy stage to the structural policy stage, and the policy coordination of risk prevention and stable growth".
Dean Liu Shangxi concluded that Professor Huang Yiping focused on the new stage of China's economic development and policy pendulum, closely combined with China's reality from a global perspective, and had unique insights, which brought us a feast of ideas and was very enlightening for us to understand the current situation and the direction of policies. As a policy research department, the Academy of Finance and Sciences should always stand on a global perspective, think about China's economic issues from a broader perspective, take into account the short-term and long-term effects of policies, and put forward policy suggestions for policymakers.
More than 150 researchers and graduate students from the institute participated in this lecture hall.