Jointly hosted by the Economic Association of Jiangsu Province and the Party School of the Jiangsu Provincial Committee of the CPC, the symposium on the new momentum of Jiangsu economic growth was held in Nanjing, Jiangsu Province, on Jan. 7. Attending scholars discussed such topics as the transition of new and old momentum of economic growth, construction of urban agglomeration, green development and innovation-driven economy.

Liu Zhibiao, a professor from the Business School at Nanjing University and a distinguished professor of the “Cheung Kong Scholars Program” of the Ministry of Education, said that the revitalization of the real economy is the main way to add new momentum to China’s economic growth. The key to revitalizing the real economy is to further deleverage, lower costs and change the way companies get financing based on cutting excessive industrial capacity, Liu added.

Wu Xianman, vice-president of the Jiangsu Provincial Academy of Social Sciences, pointed out that systemic and mechanism reforms can push forward the transition of the new and old momentum of economic growth. Reform can only achieve substantial results by focusing on people’s incomes and adhering to people orientation, Wu said.

Hu Xueqin, a professor from the Business College at Yangzhou University, said an innovation-driven economy is the main route to economic development and achieving a new type of modernization. It is vital to realize the shift from factor-driven and investment-driven approaches to ones driven by innovation in a bid to strengthen the momentum of economic growth.