Make Strategic Adjustments in the Economic Structure

These are important strategic measures proposed to accelerate the transformation of economic development mode and to solve major structural problems that restrict the sustained and healthy development of the economy.

The 18th CPC National Congress proposed to “promote the strategic adjustment of economic structure. This is the main direction of accelerating the transformation of economic development mode. We must focus on improving the demand structure, optimizing the industrial structure, promoting coordinated regional development, and promoting urbanization, and focus on solving major structural problems that restrict the sustained and healthy development of the economy.” This is a major deployment made by the Party Central Committee on the basis of a comprehensive grasp of the adjustment of the international economic structure and the changes in China's economic development situation. It reflects the Communist Party of China's more comprehensive and deeper understanding of the laws of economic development and clarifies the direction and principles of work in accelerating the transformation of China's economic development mode. To promote the strategic adjustment of the economic structure, it is necessary to accelerate the establishment of a long-term mechanism for expanding consumer demand, accelerate the transformation and upgrading of traditional industries, rationally lay out infrastructure and basic industries, continue to implement the overall regional development strategy, scientifically plan the scale and layout of urban agglomerations, and advance orderly the urbanization of the migrant population from agriculture, and strive to achieve coordinated, healthy and sustainable development in these aspects.

Promoting the strategic adjustment of economic structure requires adherence to the following principles: Firstly, the principle of coordination. As far as the industrial structure is concerned, there is an appropriate ratio between and within each industry. Regarding the regional structure, each region can develop advantageous industries according to their own characteristics, and a reasonable industrial division system can be formed between regions. For the urban-rural structure, it is necessary to form a structure that promotes each other and have rational division of labor between urban and rural areas. For the demand structure, it is required that consumption, investment, and exports coordinate to drive economic growth. Secondly, the principle of promoting sustained and healthy growth of the national economy. Whether it is building a moderately prosperous society in all respects by 2020 or realizing the great rejuvenation of the Chinese nation in the middle of the 21st century depends on the sustained and healthy growth of the national economy. To adjust the economic structure during economic growth, and promote better economic growth through economic structural adjustment. Thirdly, the principle of employment promotion. Economic restructuring should help increase employment. While eliminating backward industries, vigorously develop emerging industries and create more new jobs. Fourthly, the principle of sustainable development. Sustainable development is a common issue with which mankind are faced. To build a beautiful China, the strategic adjustment of the economic structure must consider sustainable development and realize the harmonious coexistence of economy and society, the previous generation and the next generation, and man and nature.

Development is still the key to solving all the problems in our country. Accelerating the strategic adjustment of economic structure will help our country speed up the transformation of economic development mode and realize the sustained and stable growth of the national economy, will help seize the opportunities brought by the adjustment and upgrading of the international economic structure to effectively respond to various challenges and will help to adapt to new changes in domestic and foreign economic situations, achieving the goal of building a moderately prosperous society in all respects and the goal of socialist modernization.