Three prominent characteristics of China's super large scale market (from the perspective of the people)

The market is the scarcest resource in the world today, and a strong domestic market is the strategic support for Chinese path to modernization.

Recently, the 8th CIIE concluded in Shanghai. From the number of participating companies reaching a new high, to the debut of 461 new products, technologies, and services, from the Zhejiang Provincial Trading Group signing a large order worth 14.5 billion yuan on the first day, to AstraZeneca announcing an additional investment of about 136 million US dollars in China, the CIIE has become an "immersive experience area" for experiencing the advantages of China's super large market.

The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China clearly put forward the advantages of the socialist system with Chinese characteristics, the advantages of a super large market, the advantages of a complete industrial system, and the advantages of abundant human resources that China possesses in its development during the 15th Five Year Plan period, and made strategic arrangements to leverage these "four major advantages". These "four major advantages" complement each other and are organically unified, with the advantage of a super large scale market becoming an important strategic pivot.

General Secretary Xi Jinping emphasized that "market resources are a huge advantage of China, and we must fully utilize and leverage this advantage, continuously consolidate and enhance it, and form a strong support for building a new development pattern." This important statement reveals the solid support for China to always stand invincible in the strategic game of major powers.

The "15th Five Year Plan" proposes to include "deepening the construction of a unified national market and continuously demonstrating the advantages of a super large scale market" as the main goal, and has deployed strategic tasks for building a strong domestic market.

On the new journey, we should carry forward the historical initiative, continue to write a new chapter of the two miracles of rapid economic development and long-term social stability, and strive to create a new situation of Chinese path to modernization. One important aspect is to give full play to China's super large market advantage, further strengthen its outstanding characteristics, so that we can better expand the development space of Chinese path to modernization in the "two overall situations", and inject more certainty and positive energy into the world.

In practice, China's super large market has at least three prominent characteristics: leadership, stability, and growth. From this, we can better clarify the direction and path to further leverage the advantages of the super large scale market.

(1)

The huge demand stimulates innovation and creation, high-quality supply drives the trend of the times, and leadership is a prominent feature of the Chinese market.

General Secretary Xi Jinping pointed out that "China can provide a broad innovation stage for the global business community." From "market for technology" to "market for technology", China's super large market attracts global innovation resources with rich application scenarios, efficient industrial cooperation, and a good innovation ecology, and its innovation power, radiation power, and driving force are becoming stronger and stronger.

New demand drives new supply, new supply drives new consumption, and the Chinese market is the source of innovation.

Faced with the desire for "washing function zoning", Xiaomi quickly launched a "one large and one small" twin tube washing machine, while Haier upgraded the "twin tube" to "three tube". Brand updates, consumer purchases, and mutual promotion of supply and demand create a huge market potential.

From technological breakthroughs in autonomous driving to commercial explorations in the sharing economy, the growth of China's consumer market is supported by innovation. In the first three quarters of this year, there were 19.922 million new consumer goods registered using product barcodes in China, a year-on-year increase of 31.4%, and the consumption engine maintained strong momentum.

New technologies join hands with new industries, new industries open up new tracks, and the Chinese market is an innovation incubator.

Facing the complaints of "new energy vehicle endurance", the industry chain is working together to overcome difficulties, and the 100 kilogram solid-state battery test range is expected to exceed 1000 kilometers. Consumers' questions, enterprises' strategies, industries' breakthroughs, accelerated cultivation of new quality productivity, and strong momentum for industrial upgrading.

The low altitude economy is poised to take off, and its embodied intelligence is rapidly running. China is promoting the deep integration of technological innovation and industrial innovation, providing a fertile ground for the development of cutting-edge technologies and future industries, and becoming a strong magnetic field that attracts global scientific and technological innovation capital.

As stated by Sadia Zahidi, Executive Director of the World Economic Forum, China's vast market space, open and inclusive investment environment, and stable policy expectations have strong appeal to global enterprises.

During the 14th Five Year Plan period, China's photovoltaic industry significantly reduced global application costs, and the annual export volume of new energy vehicles exceeded 2 million for the first time. China's intelligent manufacturing "gained global fans", and "live streaming sales" triggered imitation... Once any technology succeeds in the Chinese market, it has broad prospects for growth and development, and has the basic conditions to lead the global trend. This is an important manifestation of 'leadership'.

The 15th Five Year Plan suggests placing the development of new quality productive forces tailored to local conditions in a more prominent strategic position. We must take technological innovation as the guide and the real economy as the foundation, adhere to comprehensively promoting the transformation and upgrading of traditional industries, actively developing emerging industries, and advancing the layout of future industries, and accelerate the construction of a modern industrial system.

In today's China, 'innovation momentum is continuously transforming into economic momentum'. Green, digital, and intelligent development are accelerating, and new breakthroughs are constantly being made in artificial intelligence, quantum technology, humanoid robots, etc. China has become a "promotion field" and "application field" for global new technologies. It has been proven that whoever stands firm in the Chinese market will be able to gain an advantage in the increasingly fierce international competition.

The industry is moving towards innovation and intelligence, consumption is moving towards stability and improvement, and China's super large market is benefiting the world and leading the future.

(II)

The market size solidifies strategic determination, institutional advantages translate into governance effectiveness, and stability is the distinctive background of the Chinese market.

General Secretary Xi Jinping used the sea as a metaphor and pointed out that 'the Chinese market is an ocean'. The stability of the sea lies in its vastness and profundity, in its inclusiveness of all rivers, in its fearlessness of wind and rain, and the same applies to super large markets.

The stability of the Chinese market lies in its chassis, with economies of scale creating room for maneuver and a new development pattern that incorporates global resources.

Since the beginning of this year, on average, nearly 30 new energy vehicles have been taken off the production line in China every minute, more than 370000 express delivery services have been completed, and over 30 million yuan worth of electromechanical products have been exported overseas... The outstanding development achievements confirm the strong vitality of the Chinese market.

The total retail sales of consumer goods have grown at an average annual rate of 5.5%, with automobile production and sales remaining the world's top. The 5-year investment target of 700 billion US dollars has been achieved six months ahead of schedule, and the total economic output has surpassed three major levels of 110 trillion yuan, 120 trillion yuan, and 130 trillion yuan... The performance report of the 14th Five Year Plan period reflects the size of the Chinese market.

The advantage of a great economy is its internal recyclability. China has the most complete industrial system in the world, with a population of over 1.4 billion, of which 250 million have received higher education. It is currently in a stage of rapid development of new industrialization, informatization, urbanization, and agricultural modernization, with extremely strong supply capacity and huge social demand.

The stability of the Chinese market is within expectations, macro governance has rich tools, and strategic planning adheres to long-term principles.

When some countries experience "Hamburg inflation" for more than ten months, China's grain prices remain stable; Faced with some countries waving their tariff sticks recklessly, many foreign companies have expressed their intention to become "marathon runners" in China; The downward pressure on the economy has increased, and a package of incremental policies has become a milestone move in macroeconomic regulation. A dealer who has been working hard in Yiwu, Zhejiang for nearly 20 years sighed, 'Working in a planned and directional manner, getting better and better every year.'.

From "drawing a blueprint to the end" to "sticking to the national game", the political advantages of the leadership of the CPC and the institutional advantages of socialism with Chinese characteristics have been transformed into macroeconomic governance advantages. Under the socialist market economy system, the effective market and proactive government are better combined, which not only leverages the strengths of the market economy but also the superiority of the socialist system, making the super large market both dynamic and orderly.

By 'letting go' and 'managing well', we can better understand the confidence and determination of 'seeking our country's development in a more unstable and uncertain world'.

(3)

The expansion of space due to demographic changes, the comprehensive deepening of reform and opening up, and the release of dividends are the bright colors of the Chinese market's growth potential.

Chinese path to modernization has provided a new modernization model for the world, and the remarkable development achievements originate from the significant transcendence of western style modernization theory and practice. One important aspect is to promote the development and growth of the socialist market economy through a series of institutional innovations.

China is at a critical stage of transitioning from a middle-income country to a high-income country, and then moving towards a moderately developed country. Where there is uneven and insufficient development, there is investment space hidden; Wherever there is a need for a better life, it is the next consumption hotspot. In the next 10 years, the middle-income group in China will exceed 800 million people. Seizing opportunities, adhering to the close integration of benefiting people's livelihoods and promoting consumption, investing in goods and investing in people, can turn investment increment into livelihood increment and economic increment, and make the market's growth unlimited.

The growth potential of the market will not fall from the sky, but depends on the deepening of reforms. The negative list for market access continues to shorten; Concentrate on cleaning up regulations and practices that hinder the unified national market and fair competition, conduct consistency assessments between newly introduced policies and macro policy orientations... Accelerate the construction of a unified national market, create a market-oriented, rule of law, and international first-class business environment, and allow various factors to flow freely and smoothly. China's social creativity and market vitality are fully surging. As McKinsey China Chairman Yili Ni said, "China's vast market and innovation capabilities are difficult to find 'substitutes' elsewhere.

During the 15th Five Year Plan period, the type of market to be built will largely determine the future of the Chinese economy. Focusing on institutional opening up, driving the big circulation with the big market, concentrating on doing our own things well, turning the "overall blueprint" into a "real-life picture", China's big market will bring more excitement to the world, and China's new development will definitely bring more new opportunities to the world.