NANJING—Experts shed light on China’s new development pattern at the High-Level Forum of the 14th Academic Conference of the Social Science Community in Jiangsu Province, on May 8.

The world today is undergoing major changes unseen in a century, among which the new technological revolution and industrial transformation are important variables. Wang Yiming, vice chairman of the China Center for International Economic Exchanges, said that the new technological revolution is reshaping countries’ economic competitiveness and competition patterns, and has changed the original “center-periphery” spatial structure.

Domestically, China has shifted to a stage of high-quality development, Wang continued. The country is shifting from “quantity catch-up” to “quality catch-up,” and from “scale expansion” to “structural upgrading.” The economy which was driven by factors of production is now transitioning to a pattern driven by innovation. Meanwhile, the country is also shifting from a “distribution imbalance” to “common prosperity for everyone,” and from a growth pattern heavily reliant on carbon to “green growth.”

Quan Heng, full-time vice chairman of the Shanghai Federation of Social Science Associations, said that the new development pattern aims at cultivating endogenous economic drive and solving the major contradictions facing China’s development. It is a medium and long-term strategy that needs to be implemented during the 14th Five-Year Plan (2021–25) period and beyond.

“Smoothing the domestic circulation” means that the focus of opening up has changed in terms of fields and priorities. It is most vital to shift from opening commodities and factors of production to a higher level of institutional opening, Quan said.

“At the same time, we cannot rely on the traditional model of opening up, and we must be soberly aware of the important role of expanding domestic demand,” Quan noted.

During the 14th Five-Year Plan period, China must adhere to both “bringing in” and “going out,” and facilitate a wider, broader, and deeper level of comprehensive opening up, so that the domestic and international circulations complement and reinforce each other, said Shen Kunrong, a professor at Nanjing University Business School. To build such a new development pattern, we must deepen supply-side structural reforms, enhancing efficiency through deeper reforms, boosting vitality with higher levels of opening up, and unleashing potential by constructing better carriers.

To smooth domestic and international circulations, Wang suggested accelerating technological self-reliance and strengthening basic research. It is important to ensure that the industrial chain and supply chain are autonomous and controllable while constantly expanding and upgrading domestic consumption. It is also vital to break through both obvious and hidden obstacles in the economic cycle.

The domestic circulation should open up all production, distribution, circulation, and consumption links to promote a freer and fairer flow of all production factors. It is important to improve the national economy’s efficiency, and strengthen the endogenous drive for economic development.

To accelerate the construction of a new development pattern, Quan said that it is necessary to build a unified, open, and orderly competitive large market. It is necessary to promote the construction of a high-standard and high-level open economy, and accelerate the construction of new-type urbanization and new infrastructure projects. In addition, it is necessary to promote income distribution reform, and form a reasonable and orderly distribution pattern.