Overview of 2020 Jingshan Report
Release China’s New Advantage of the Super-Large Market
Xiao Gang, Cai Fang, Lu Lei, Wang Xin, Liang Hong, and Liu Xiaochun
Abstract: China will face three major changes in the domestic and international environment that have important implications for its economic and financial development during the 14th Five-Year Plan period: firstly, its demographic dividend and the advantage of low labor cost are diminishing; secondly, it no longer enjoys the “l(fā)atecomer’s advantage”; thirdly, its relatively favorable external environment is undergoing profound changes.
Against this backdrop, it’s imperative that China explores and unleashes the new advantage of a super-large market. To this end, the Report proposes several policy suggestions: First, intensify investments in human capital, increase the proportion of high-skilled professionals, and accelerate to foster a pension system that accommodates China’s socio-economic conditions; second, expand the middle-income group and boost the domestic consumer market; third, build a long-term mechanism to support the development of private businesses; fourth, make China’s financial system more compatible and coordinated with its high-quality economic development; fifth, inject impetus into the reform of real estate finance to promote the sound development of the real estate sector in the long run; sixth, promote financial openness at a higher level and seek win-win cooperation with other countries to cope with the increasingly complex and challenging international environment; seventh, maintain financial stability and guard the bottom line of preventing against systematic risks.
Download the full PDF report with the link below -
