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DRC holds think tank forum on regional development


Around 500 officials, scholars, and enterprise leaders took part in a think tank forum discussing regional development in China and the Made in China 2025 strategy, on Sept 12 in Beijing.

The forum, with the theme "Made in China and Regional Development: Strategy and Great Pattern", focused on China's major strategic issues, including the Belt and Road Initiative, Beijing-Tianjin-Hebei integration, the Yangtze River Economic Zone, and the Made in China 2025 Strategy.

Li Wei, President of the Development Research Center of the State Council (DRC), made a speech at the opening ceremony. He said the development situation is very complex at home and abroad, and is affected by a shocked global capital market and depreciation of emerging markets' currencies.

He further noted that the downward pressure on the Chinese economy is still huge, and is caused by an explosion of risk through extensive growth, a weakening of force from the old economic growth model, and a shortage of economic power from a new model.

Despite the difficulties, China is still in the strategic period with opportunities as a developing country, said Li, adding that the country will remain at the primary stage of socialism for a long period, with late-mover advantage being a basic condition for its rapid development.

Li said China is confident about its future for the following reasons.

China boasts great development potential. It will find opportunities as its manufacturing sector grows even stronger. In addition, urbanization will bring in huge demand for investment, as will the balanced development of regional economies. Rising household income will generate consumption, and there will also be further opening up to the outside world.

In addition, mass innovation and entrepreneurship are booming across the country, releasing a powerful driving force for development.

The above productivity potential can be realized as long as the country insists on reforming and opening-up, creates a fair and standard market, allows the market to play the decisive role in allocating resources, and gives government full play.

The DRC is among the earliest of pilot think tanks, and it has proposed a program to build a high-end think tank to the Central government. It will work hard to provide quality consultation services for central decision making, and policy evaluation and interpretation, said Li. The DRC aims to be a world-class think tank and the carrier of national soft power.

The forum is a high-level event which started in 2014. With guidance from the DRC, it is sponsored by China Development Press, China Development Observation Press, and DRC Culture and Media Co Ltd.