Adhere to high-quality development as the last word in the new era

From December 11th to 12th, the Central Economic Work Conference was held in Beijing, which comprehensively summarized the economic work in 2023, deeply analyzed the current economic situation, and systematically deployed the economic work in 2024.

"This Central Economic Work Conference is the first meeting of the new State Council, and it is the first work. Personally, I think that the economic work in 2024 will pay more attention to science and technology leadership, industrial innovation and expanding domestic demand. At the same time, the meeting emphasized the two-wheel drive of green and low-carbon and scientific and technological innovation, and regarded these two directions as the key engines to promote industrial upgrading and high-quality development. At the same time, the adjustment of fiscal and monetary policies also shows that the government pays more attention to structural adjustment and improving policy efficiency while maintaining stable economic growth. An industry insider told a reporter from China Environment News.

The meeting mentioned nine important tasks for next year's economic work, one of which is to further promote the construction of ecological civilization and green and low-carbon development. The meeting proposed to build a Beautiful China Pilot Zone and create a green and low-carbon development highland. Actively and prudently promote carbon peak and carbon neutrality, and accelerate the construction of a green and low-carbon supply chain. Continue to fight the battle of blue sky, clear water and pure land. Improve the value realization mechanism of ecological products. Implement the reform of the collective forest tenure system. Accelerate the construction of a new energy system, strengthen resource conservation, intensive recycling, and efficient utilization, and improve the ability to ensure the security of energy resources.

Not only that, the meeting also mentioned green and low-carbon in several other important tasks. Among them, compared with last year's Central Economic Work Conference, this meeting will put "leading the construction of a modern industrial system with scientific and technological innovation" in the first place of next year's economic work, and proposes to widely apply digital intelligence technology and green technology to accelerate the transformation and upgrading of traditional industries. In terms of focusing on expanding domestic demand, we will cultivate and expand new types of consumption, and vigorously develop digital consumption, green consumption, and healthy consumption. At the same time, we will give full play to the driving and amplifying effect of government investment, focus on supporting key core technology research, new infrastructure, energy conservation, emission reduction and carbon reduction, and cultivate new momentum for development.

According to Dong Zhanfeng, director of the Institute of Ecological Environment Management and Policy of the Academy of Environmental Planning of the Ministry of Ecology and Environment, the meeting made it clear that it is necessary to continue to further promote the construction of ecological civilization and green and low-carbon development. Subsequently, China will optimize the spatial pattern of green development, establish and improve the economic system of low-carbon and circular development, cultivate and expand emerging industries, promote the intelligent and clean transformation of traditional industries, accelerate the development of industries, promote the green transformation of the economy from the source, reduce resource consumption, reduce ecological damage, and jointly promote high-quality economic development and high-level protection of the ecological environment.

"This year's economic work conference proposed to 'steadily promote carbon peak and carbon neutrality', avoid the emergence of sports carbon reduction from the institutional perspective, steadily and systematically promote green transformation in combination with the current economic and industrial conditions, and achieve a win-win sustainable development model of carbon reduction and growth through innovation. Luo Qiming, senior investment consultant of Jufeng Investment Advisor, predicts that next year in the field of new energy and clean technology, such as solar energy, wind energy, electric vehicles and other fields are expected to usher in more development opportunities. However, technological innovation for environmental protection and green development still needs to be strengthened, including solid waste treatment and water treatment.

The meeting emphasized the leading role of scientific and technological innovation in the industry, proposed the development of new quality productivity, improved the emerging national system, and put forward new deployments in four directions: stabilizing stocks, increasing increments, seeking variables, and strengthening guarantees. Luo Zhiheng, chief economist and dean of the Research Institute of Guangdong Kai Securities, believes that there are many new proposals for this meeting, including "leading the construction of a modern industrial system with scientific and technological innovation", "promoting industrial innovation with scientific and technological innovation, especially with disruptive technology and cutting-edge technology to give birth to new industries, new models, new kinetic energy, and the development of new quality productivity", "strengthening applied basic research and cutting-edge research", "encouraging the development of venture capital, equity investment" and so on. If the industrial policy in 2023 emphasizes making up for shortcomings, strengthening domestic substitution, and improving the level of safety, then the focus in 2024 will be on science and technology leadership and forward-looking layout.

Tao Chuan, an analyst at Soochow Securities, also believes that this year's Central Economic Work Conference has a lot more new content than in the past, especially in the context of "new breakthroughs in scientific and technological innovation". Among them, scientific and technological innovation is undoubtedly the top priority, and the core lies in the development of "new quality productivity", the improvement of the new national system and the promotion of new industrialization through disruptive and cutting-edge technologies. It is particularly noteworthy that this year, scientific and technological innovation and industrial policy have been put at the top of the key tasks. This was seen at the 2020 Central Economic Work Conference and at the Politburo meeting in April this year.

"At the same time, this also means that the core of 'Li' lies in scientific and technological innovation: on the one hand, we must vigorously explore new industries and new tracks, and on the other hand, we must use new technologies to accelerate the upgrading of traditional industries. In terms of specific content, in addition to artificial intelligence, biomanufacturing, and quantum mentioned in 2022, the Central Economic Work Conference also added new expressions of strategic emerging industries such as commercial aerospace and low-altitude economy, and increased the demand for the extensive use of 'digital intelligence technology and green technology'. Tao Chuan said.

"General Secretary Xi Jinping first proposed 'new quality productivity' during his inspection in Heilongjiang Province, and the new quality productivity involves new industrial fields with high technology content, which is more in line with the requirements of high-quality development, and scientific and technological innovation plays a leading role in it. This conference will focus on strategic emerging industries such as commercial aerospace and low-altitude economy, as well as future industries such as life sciences, which will help seize the opportunity of a new round of industrial transformation and cultivate new engines of economic growth. On the other hand, promoting the development of traditional industries in the direction of intelligence and greening can enable traditional industries to improve their quality while stabilizing the total amount. Hu Shaohua, a securities analyst at Donghai Securities, said.