Caixin Summit: Market Reforms Still Key to Chinese Growth, Economist Says
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China’s path to high-quality development still hinges on two “fundamental shifts” proposed nearly 30 years ago: moving to a market-based economy and an efficiency-driven growth model, according to renowned economist Wu Jinglian.
“History can guide us in the right direction,” Wu said in a video address to the 16th Caixin Summit on Thursday. He said the 15th Five-Year Plan covering 2026 to 2030, centered on high-quality development and driven by reform and innovation, extends this long-standing strategy to a higher standard in a new era.
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- Economist Wu Jinglian stresses China’s need to shift fully to a market-driven, efficiency-based growth model for high-quality development.
- Implementation of these shifts has been uneven, creating a dual economy, with some regions market-oriented and others still government-directed.
- Wu advocates for government to foster a favorable business environment instead of picking industry winners, highlighting private firms' recent successes as examples.
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What Happened When
- 1996 to 2000：
- The 9th Five-Year Plan period, where the concept of two fundamental shifts was recognized during its drafting.
- About 1995 to 2025：
- Implementation of the two fundamental shifts is uneven across China, creating a dual economy.
- By 2025：
- China's third-quarter GDP growth slips to a one-year low.
- 2025：
- XPeng Inc.'s shares surge after announcing plans for three self-developed robotaxis and unveiling the next-generation humanoid robot, IRON.
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