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Xiang Songzuo Gives a Speech on the Supply-Side Reform and Economic Transition of China in Qingdao

Source:   Updated :2016/04/25    Hits:

    


      On the afternoon of April 23, the 13th “Qingdao Jinjialing Wealth Management Salon of Financiers' Club” hosted by SUFE Qingdao Wealth Management Institute was successfully held. Leaders including Bai Guangzhao, Director of Qingdao Municipal Financial Operation Office, Chen Ying, Director General of China Banking Regulatory Commission (CBRC) Qingdao Office, Wang Feng, Deputy Director of Qingdao Municipal Financial Operation Office, and Chunyu Xianli, Deputy Director General of Qingdao Municipal Bureau of Commerce, and more than 150 senior managers from financial institutions and large enterprises participated in the salon. Xiang Songzuo, famous macroeconomist and Chief Economist of the Agricultural Bank of China was invited to make a speech themed by Structural Reform of the Supply Side and China’s Economic Transition and won highly praise.
       
       Xiang Songzuo said in his speech: “I think China's economic growth will be a continuous and slow decline process, and won’t keep the rate of 7% or higher, or has large reversal in a short period. He also explained that China's economy in the short term is confronted with four difficulties, i.e., weakening in foreign demands, little domestic demands, serious overcapacity, and significant financial risks, and the long-term difficulties such as polarization between the rich and the poor, environmental deterioration, and aging of population are also very serious, which would affect China's economic growth for a time. Therefore, he said: “It’s impractical to solve these difficulties only relying on monetary policies, fiscal policies, and macroeconomic policies, and it must rely on the structural reform of the supply side.”
      
      Xiang Songzuo thought the key of transformation and upgrading of the economy is the accumulation of human capital, improvement of labor productivity, and progress of science and technology; and the transition of China's economy can be realized by the change of industrial structure, energy structure, and business model.
 
      


      Xiang Songzuo indicated that 12 core contents including the mobile internet, artificial intelligence, Internet of Things, cloud computing, robots, automatic cars, the next generation of genome, energy storage technology, 3D printing, advanced materials represented by graphene, advanced oil and gas exploitation technology, and renewable energy sources would be the main tendency of the future development of the global economy industry, and the core of the change of industrial structures in China is also that of the 12 tendencies.
      
      During the speech, he appealed to everyone to give up the thought of developing virtual economy relying on financial instruments. “If we all want to play virtual economy for speculation, then there’s no hope for the country, since one person may make a fortune out of speculation, but for a nation and a country, speculation is like a huge bubble and will leave nothing to us at last.”, Xiang Songzuo said.

 

      Up to now, 13 sessions of “Qingdao Jinjialing Wealth Management Salon of Financiers' Club” have been successfully held. Tian Tao, Consultant of Huawei International Consultative Committee, Ma Guangyuan, famous independent economist and financial and economic commentator, Shui Pi, Chief Editor of China Times and famous economist, Xu Hongcai, Director of Economic Research Section of China Center for International Economic Exchanges, etc. have been invited to attend the Salon. These specialists and scholars developed the lectures concerning the present economic hot issues in China such as macroeconomics, company management, real estate, and stock market, contributing the power from the academic circles to the financial ecosystem in Qingdao.