Jin Guanping: The conversion of old and new kinetic energy is not a simple "shift"

The Central Political Bureau recently held a meeting and proposed to accelerate the transformation of old and new driving forces in order to do a good job in economic work in the second half of the year. This important deployment deeply grasps the laws of economic transformation and upgrading and the requirements of high-quality development, faces the structural contradictions of current economic development, and provides important guidance for various regions and departments to do a good job in economic work.

In the first half of this year, China's gross domestic product grew by 4.7% year-on-year, and the overall economic operation was stable, with major indicators operating within a reasonable range. The 4.7% growth rate is not easy to come by, but it is a positive change in the economic development structure and momentum, and a direct reflection of the continuous optimization of the development mode and the increasing endogenous driving force. According to preliminary estimates by the National Bureau of Statistics, the contribution rate of new driving forces represented by high-end manufacturing, digital economy, and modern services to economic growth in the first half of the year has exceeded 40%. The new quality productivity continues to unleash growth potential, promoting the development of the economy towards new and optimized structures. The added value of high-tech manufacturing above designated size increased by 13.3% year-on-year, and the added value of digital product manufacturing increased by 12.3%, both significantly faster than the overall industrial growth rate. The retail penetration rate of new energy vehicles has exceeded 60% for three consecutive months, with even more rapid growth in fields such as integrated circuit manufacturing related to artificial intelligence.

Currently, the external environment is complex and ever-changing, and the contradiction between strong domestic supply and weak demand remains prominent. The task of transforming old and new driving forces is arduous. In some places, there is a tendency to prefer the new and dislike the old, and traditional industries are simply shut down; In some fields, the connection between new and old driving forces is not smooth, and old driving forces exit too quickly while new driving forces have not yet formed effective support; In some places, blind pursuit of new ideas may lead to the risk of low-level redundant construction. This reminds us that the transformation of old and new kinetic energy is not a simple "shift", but a complex system engineering that requires both strategic determination and precise and pragmatic measures.

The conversion of old and new kinetic energy must adhere to dual wheel drive. We need to transform and enhance traditional industries to ensure the stability of the basic infrastructure; We also need to cultivate and strengthen emerging industries, so that the growth poles can stand firm. Stability requires focusing on the transformation and upgrading needs of traditional industries, using digital empowerment, intelligent transformation, and green transformation as the starting point to activate existing resources, optimize industrial structure, and promote the revitalization and growth of traditional industries. To establish, we must anchor the development direction of new quality productivity, face new industries, new models, and new driving forces, and lead industrial innovation with technological innovation. Continuously strengthen the empowerment of technological innovation, focus on tackling key core technologies, connect the industry university research application conversion chain, promote the rapid implementation of innovative achievements into real productivity, and shape new competitive advantages in the industry. Only by adhering to both consolidating the foundation and expanding the new, and working together to improve the quality of existing resources and increase capacity, can we avoid any gaps in the process of converting old and new driving forces, promote the iterative upgrading and upgrading of the industrial system, and inject lasting momentum into high-quality economic development.

Accelerating the transformation of old and new driving forces cannot be achieved without the support of institutional innovation and policy coordination. The iteration and replacement of new and old driving forces, as well as the upgrading of industrial systems, are tasks that are both long-term, complex, and systematic. It is difficult to quickly break through bottlenecks and form effective synergy solely through market regulation.

We need to rely on institutional innovation to break free from constraints, rely on precise policies to unblock bottlenecks, improve top-level design, optimize regulatory methods, and remove institutional barriers that hinder the transformation of kinetic energy, providing guarantees for industrial transformation and upgrading. On the one hand, we will continue to deepen market-oriented reforms, improve incentive mechanisms for technological innovation and supporting mechanisms for industrial transformation and upgrading, eliminate bottlenecks and difficulties in factor flow, industrial upgrading, and innovation transformation, fully unleash the innovation and creativity of business entities, and create a favorable institutional environment for the transformation of traditional industries and the cultivation of emerging industries. On the other hand, we will strengthen the coordinated linkage of fiscal, monetary, industrial, and employment policies, accurately focus on key areas and weak links in the transformation of new and old driving forces, increase support for technological transformation, scientific and technological innovation research and development, green transformation, and new industry cultivation, smooth the channels for financial vitality to empower the real economy, and reduce the transformation costs and innovation thresholds of enterprises. At the same time, we will adhere to classified policies and precise guidance, improve differentiated industry support policies, not only to empower the transformation and upgrading of traditional industries, but also to build a platform for the vigorous growth of new quality productive forces. We will activate development advantages with institutional advantages, release transformation potential with policy effectiveness, promote the smooth continuation and orderly iteration of new and old driving forces, and accumulate strength for high-quality economic development. (Author: Jin Guanping)