From March 25 to 27, the 2023 China Development High Level Forum was held. This year's theme of the forum was "Economic Recovery: Opportunities and Cooperation". The participants listened to the China story of global guests, disseminated new opportunities in various fields under China's economic recovery, and worked hard to interpret the future development trend of policy and industrial transformation and integration, helping to promote high-quality development of China's economy. Heads of major international economic organizations, Fortune 500 companies, and many internationally renowned scholars gathered together to have a heated discussion on the above topics.
| Zhang Qingjie: Digital transformation has more practical significance for enterprise development
Zhang Qingjie, the managing partner of KPMG China Digital Empowerment Consulting Services, believes that the current macroeconomic environment is still full of several uncertainties, and digital transformation is more realistic for enterprise development. The development of emerging technologies continues to promote the rapid development of the digital wave, and the business landscape continues to explore and innovate. Enterprises achieve product upgrading and experience model innovation through digital transformation. Based on the present and looking forward to the future, more technological innovations and applications will emerge in succession. In the digital era, governments and enterprises need to have a greater sense of innovation to develop digital technology, and also need to have more courage to apply digital technology.
This year's economic growth and China's consumption are expected to accelerate repair, technological innovation and green transformation are expected to drive manufacturing investment, and the growth rate of infrastructure investment is expected to remain stable. Looking overseas, the world economy still faces
Ding Xuexiang: Opening up to the outside world is a basic national policy of China and a distinctive symbol of contemporary China
Ding Xuexiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, emphasized that opening up to the outside world is a basic national policy of China and a distinctive symbol of contemporary China. China's continuous expansion of opening up has not only developed itself but also benefited the world. "We are building a new development pattern, which is by no means a closed domestic cycle, but a more open domestic and international dual cycle.". We will strive to promote the mutual promotion of domestic and international double circulation, actively expand the import of high-quality products and services, and share market opportunities with all countries. Continue to expand market access, comprehensively optimize the business environment, implement national treatment for foreign-funded enterprises, and make greater efforts to attract and utilize foreign capital. We will actively align with high standards of international economic and trade rules, steadily expand institutional openness in terms of rules, regulations, management, and standards, accelerate the building of a new highland for opening up, and build a new system of an open economy with a higher level. Expand and optimize the layout of regional open space, encourage regions to expand openness based on their comparative advantages, promote interactive and collaborative opening up between the East, West, and East, and help promote coordinated regional development. We will make solid progress in jointly building the "the Belt and Road" with high quality, and strive to achieve the goal of high standards, sustainability, and people's wellbeing, so as to inject new impetus into global development and prosperity.
Ding Xuexiang expressed that we should work together to build an open world economy, share opportunities in openness, address challenges in cooperation, and promote a stable recovery of the world economy. He proposed five initiatives: First, strengthen international macroeconomic policy coordination to avoid serious negative spillover effects from radical policy adjustments. The second is to adhere to true multilateralism, inject strong and positive energy into the world economic recovery, and provide more stability and certainty. Third, deepen international scientific and technological exchanges and cooperation, and create an open, fair, fair, and non discriminatory scientific and technological development environment. Fourth, create a green partnership, strengthen cooperation in clean energy, low-carbon environmental protection, pollution prevention, and other fields, and cultivate new drivers of green development. Fifth, focus on promoting common development, actively implement global development initiatives, and jointly build a global development partnership featuring unity, equality, balance, and inclusiveness.
| Liu Kun: China's economic development has a solid foundation, and China's great development has become a great opportunity for the world
Liu Kun introduced that in the past decade of the new era, China's economic strength has achieved a historic leap, and its development has continued to improve in balance, coordination, and inclusiveness. The overall contribution rate to global economic growth has remained above 30%. The scale of trade in goods ranks first in the world, and China's great development has become a great opportunity for the world, providing a Chinese solution and strength for global common development.
In the past decade, China has implemented large-scale tax and fee reductions, and cultivated market entities through "releasing water and raising fish". The number of market entities in China has increased from 55 million in 2012 to 170 million in early 2023, which is a source of vitality for high-quality development.
We will further improve fiscal and tax policies and measures, highlight support for small, medium-sized, and micro enterprises, individual businesses, and particularly disadvantaged industries, and allow market entities to reduce their burdens and add greater development momentum.
| Huang Qifan: China's ultra large single market is an important foundation for addressing various challenges of "decoupling and chain breaking"
Huang Qifan, a researcher and former mayor of Chongqing, said that China's ultra large single market is an important foundation for addressing various challenges of "decoupling and chain breaking". In the past decade or so, the Chinese economy has ushered in a new dividend after the labor dividend - that is, the dividend generated by China's ultra large single market, namely, the market dividend. In terms of scale, China has a population of 1411 million, accounting for nearly 20% of the global population. In terms of market structure, China is a single large market. The single market refers to a market where the legal system, tax system, business rules, and language and culture are unified. In terms of industrial base, China is an economy that integrates all factors, all categories, and all industrial chains.
He believes that driven by this large market, the rational industrial chain layout logic of multinational companies is prominently reflected in two aspects: production and sales, and sales of real estate. The so-called origin sales refers to organizing production based on the advantages of local comprehensive factor costs and selling to local and global markets. The six cost dilution effects in China's large market will continue to be important factors affecting multinational companies' "presence in China and globally.". By selling real estate, we mean organizing production for the local market and better organizing the supply chain to respond to changes in consumer demand, that is, "in China, for China.". China has a population of 1.4 billion and a middle-income group of 400 million, which will be a huge "gravitational field".
| Apple CEO Cook: Over the past 30 years, Apple and China have grown together
At the 2023 annual meeting of the China Development Forum, Tim Cook, CEO of Apple, said that this year marks the 30th anniversary of Apple's entry into China, and he is pleased to be back here.
Cook said that in the past 30 years, "Apple and China have grown together, and we all enjoy it.". "We have a huge supply chain in China, and our app store is also booming." According to Apple, there are over 5 million registered Chinese mobile app developers in its iPhone ecosystem.
Cook announced at the annual meeting that Apple has decided to increase its contribution to the China Development Research Foundation to 100 million yuan, strengthen support for rural digital education in China, and create growth opportunities for various teachers and students in China.
Cook also talked about the acceleration of AI innovation, saying, "Innovation is developing rapidly in China, and I think it will accelerate again." Technology will have a significant impact on humanity. As the inventor of technology, we must ensure that people use these technologies correctly, so that technology can help humanity. He believes that this is a very significant responsibility for any technology inventor.
| Dalio: Three factors, long-term debt and currency cycle, shape the world
Ray Dalio, founder, chief investment officer mentor, and board member of Bridgewater Investment Company of the United States, proposed at the plenary meeting that three major factors, long-term debt and currency cycles, huge internal conflicts, and international talent, are shaping the world.
'First of all, we have seen a large amount of debt created and monetized,' Mr. Dalio said. The central bank finances large deficits, creates currency through printing and printing, and purchases corresponding assets. Second, the gap between rich and poor and differences in values have led to the emergence of populism. Third, there are a large number of international talents.
Dalio said that in his research on history, the most important measures of well-being, such as income, life expectancy, and nutrition levels, have greatly improved due to increased productivity, especially technological advances. However, these evolutionary upgrades are accompanied by significant cyclical fluctuations, including many short-term cycles that eventually become large cycles and interact with each other. The big cycle has produced times that people see as very good or very bad.
Dalio believes that the short cycle lasts about 7 years with an error of about 3 years, and the long cycle occurs about every 75 years with an error of about 25 years. It is these short - and long-term cycles that have led to large fluctuations around the upward trend of evolution.
| Chairman of Hong Kong Stock Exchange Shi Meilun: Promote more enterprises to become active entities in the green financial ecosystem
On March 25, Chairman of the Hong Kong Stock Exchange Shi Meilun discussed the mission and direction of action of the exchange in addressing climate change from the perspective of the exchange at the China Development High Level Forum.
Shi Meilun believes that under the common goal of addressing global climate change, national economies around the world are actively transitioning to low-carbon development and introducing various policy measures. She said that exchanges are the hub of the capital market, connecting enterprises and investors can promote the joint construction of a green financial ecosystem and address climate change.
Three points of view are put forward. First, use exchanges to promote enterprises' emission reduction, energy conservation, and climate change. As the hub of the capital market, exchanges can promote more enterprises to become active entities in the green financial ecosystem.
The second is to establish an ecosystem for green technology and investors at different stages of trading all responsibilities. She said that Hong Kong, as the largest offshore listing and financing center for mainland enterprises, supports the listing and financing of the New Economy, and promotes the construction of a green technology and investor ecosystem with the advantage of connectivity.
Third, the Hong Kong market has special advantages and can serve as a pilot field for the opening up and pilot testing of relevant policies in China's carbon market, supporting international cooperation and innovation in green technology and the carbon market. In terms of stocks, the Hong Kong Stock Connect began to include foreign companies listed in Hong Kong this month, helping to attract Asian and global companies to build a green technology ecosystem. With the advantages of connectivity, in addition to helping to improve stock liquidity, it can also help emerging companies provide reasonable pricing for mainland and global investors. In terms of bonds, we also provide various types of green and sustainable development bond display platforms.
