The 2019 Annual Meeting of the Chinese Economists 50 Forum was held in Beijing on Saturday, with the theme “How to achieve the six stabilities and keep positive economic development in the lo
ng run.” Below are excerpts from speeches given by several renowned scholars and officials at the event.
Fang Xinghai, vice chairman of the China Securities Regulatory Commission
The current IPO system has led to highly consistent investor expectation in the secondary market as they mindlessly buy into
roaring stocks, aggravating price distortions and resulting in low long-term returns on newly listed shares.
Reform to secondary market prices will create a good groundwork for IPO price reform in the future.
Liu Shijin, vice president of the China Development Research Foundation
If we compare [China’s] high-speed growth of the past three decades to eating fatty meat, after we e
ntered a phase of medium-speed growth, transitioning to high-quality development, which will be t
he hard part, is like nibbling on hard bones. There are five sources of growth momentum during the high-quality d
evelopment stage. First, the improvement in low-efficiency growth sources. Second, the income growth of low-in
come groups and the upgrade in human capital. Third, the upgrade to the consumption and industrial structures. Fourth, cuttin
g-edge innovation. Fifth, green development, which is not limited to pollution control and environmental protection.