By Zhang Wei, Du Shuang & Liu Peilin, Research Team on “Risk Prevention and Countermeasures in Economic Transitional Period”, DRC

Research report No.125, 2017 (Total 5200) 2017-9-27

Abstract: Since reform and opening up, China has made significant progress in the transformation of economic system and the optimization of economic structure, and its economic growth boasts one of the fastest in the world. With the advance of opening-up, China’s economy has become deeply integrated with that of the world. Since the 18th CPC National Congress, China has, in light of the Belt and Road Initiative put forward by the CPC Central Committee with Comrade Xi Jinping at its core, established new international relations, made cooperation for win-win results and played the role as advocator, practitioner and pioneer in the new round of globalization. At present, China’s economy has entered a state of new normal and is steadily forging ahead with the work focused on supply-side structural reform. In the economic transitional period, structural adjustment, factor supply, resource allocation, social structure, ecological environment and China’s position in global economy will all bear different characteristics. At the same time, the development environment and conditions both at home and abroad will witness profound changes, constraints on economic transformation and reform in terms of time and space will become strengthened, competition for market share, resources, talents, technology and standards will become more intense, and global issues such as climate change and energy resources security will become more prominent. We need to be clearly aware of these changes and correctly respond to these uncertainties with targeted measures.

Key words: Chinese economy, transformation, characteristics