On December 7, 2014, the fourth "Peking University Economic National Wealth Forum", themed “New Normal, New Opportunity and New Challenge: Restructuring Economic Growth Momentum”, was held in the academic lecture hall of SEPKU. Honored guests of this forum include: Tu Guangshao (Shanghai Municipal Party Committee members and Shanghai people's government executive deputy mayor), Professor Li Yang (Vice-president of Chinese Academy of Social Sciences), Xu Niansha (Chairman of China Poly Group Corporation), Long Yongtu (Original national MOFTEC vice minister and former Boao Forum for Asia director and secretary-general), Yang Kaisheng (CBRC special adviser and former China Industrial and Commercial Bank president), Professor Liu Wei (Peking University executive vice president), Professor Sun Qixiang (Dean of the School of Economics of Peking University) and Professor Chen Zhiwu (Distinguished Professor of SEPKU). The forum is presided over by Professor Zhang Zheng, Party Committee Secretary and Vice-president of SEPKU.
Professor Zhang Zheng said the first “Peking University Economic National Wealth Forum” was held by SEPKU at the beginning of 2012 to celebrate the 100th anniversary of SEPKU and commemorate the 110th anniversary of Yan Fu’s translation of "The Wealth of nations". As the highest annual academic event of SEPKU, the forum has attracted famous experts and elites and has become the symbol of external exchange of SEPKU and has far-reaching influence both at home and abroad.
Professor Sun Qixiang made an opening speech. She stressed the accurate annotation of “New Normal” made by President Xi, which includes three points: first, the transfer from a rapid growth to a moderate economic growth; second, the readjustment and optimization of economic structure; third, the shift of economic development power from factor driven and investment driven to innovation driven. Professor Sun pointed out that the premise of understanding the “New Normal, New Opportunity and New Challenge” of Chinese economy is that it cannot be separated from the entire international environment, which can be summed up in 5 words, namely globalization, information, financial globalization, aging and risk.
Mr. Long Yongtu made a presentation entitled "Strategy under the new normal opening up”. He pointed out that the development of Chinese economy is still needed to strengthen export for three reasons: first, although China was gradually moving towards a consumption-led development model, we should see that China is still a developing country, a poor country and an investment country before the fully completion of the urbanization; second, it is necessary to address the issue of employment in China's urbanization process. However, in the case of China, the quality of the workforce is low and most of them are secondary schooling levels. We need more labor-intensive products export to absorb employment population; third, we need to continue to participate in the international division of labor through export.
Mr. Tu Guangshao's lecture was entitled "Shang Hai’s new normal, new opportunities and new challenges". He gave his views on how to deal with the new normal: the first to use new ideas, new thoughts and ways to adapt to the new normal, and secondly, it is necessary to properly resolve over the difficulties from the old norm to the new normal. In conclusion, he stressed, the Central Government has called for Shanghai to do system highlands, and Shanghai is now basing on system innovation, responding to global trade and investment patterns refactoring, and setting up a system to adapt to international trade, investment and international practice.
Mr Yang Kaisheng made a speech on “The two problems that need to be solved in the face of the current economic situation”. He said that in the face of present Chinese macro-economic data, many people concern that China's economic growth will stall, and in order to cope with slowdown in economic growth, it is necessary to pay particular attention to two issues: excess capacity and credit excessive.
Mr Li Yang made a presentation entitled "The Internet Financial Industry". He pointed out that the internet banking is the new power of the new normal, however the situation of the Internet to transform traditional industry hasn't happened in China yet.
Mr. Xu Niansha delivered a speech entitled "The New Normal and its implication for business innovation and transformation”, focusing on the issues of enterprise reform. He pointed out that in the reform of state enterprises under the new normal, how to balance the interests of all the parties involved and to promote innovation and the transition to the best interests of the community as a whole, can be explored in the following areas: economics theory as the guide, and the practice and exploration of the state-owned enterprises reform, as well as multilateral coordination achieve convergence.
Professor Chen Zhiwu explored the theme of “the change of the wealth". He said that China's current wealth increased, while how to manage it become a new challenge. He introduced the change of financial management the way from a historical perspective.
Professor Liu Wei made a presentation entitled "The macroeconomic regulation and control and institutional reform under new normal”. He thought it is necessary to concern about China’s economic growth from the supply and demand side, and the emphasis should be given full consideration in terms of supply. He also held the view that the solution of the current problem is not only the lower rate of growth, but the adjustment of the structure behind, and more supply management.
At last, professor Zhang Zheng extended his heartfelt thanks for the speakers’ excellent reports. The 4th “Peking University Economic National Wealth Forum” concluded successfully.
