Recently, a forum concerning the construction of the modern economic system and the annual celebration of the think tank in Guangdong Province was held in Guangzhou. Over 80 scholars from the Chinese Academy of Social Sciences (CASS), Fudan University, Jinan University, the Guangdong Academy of Social Sciences and other universities and institutes carried out in-depth discussions around new issues and trends in Chinese economic development.

Pei Changhong, former director of the Institute of Economics under CASS, said that urban economic development has presented new trends. First, developing the emerging industry of the digital economy has become a national strategy. Second, intelligent manufacturing has become a new trend of the industrial economy, pushing it toward high-quality development. Third, in terms of the supply of public goods, special industries have emerged as market mechanisms have been introduced. But there are some urgent problems to be solved, such as return on investment and the commercial interests of enterprises’ development. Fourth, the rise of Bay Area economies and urban agglomeration has become a mark of regional economic congregation. Fifth, the urban economy will experience another round of competition. Although the existing competition mechanism among regions is still effective, regional reform and innovation is needed to keep up with the times.

Zhang Jun, dean of the School of Economics at Fudan University, said that there is no immutable successful model for economic development. We need to carefully research and predict the time for transformation while recognizing that the continual growth of the Chinese economy still depends on the huge domestic market.

Wang Jun, president of the Guangdong Academy of Social Sciences, said that having a tremendous population size and domestic market is an important basis for the Chinese economy’s transition to a new stage. In regard to future innovation, we need to make breakthroughs with systems and mechanisms. First, we should push the participation of private resources and capital in economic activities through improving the business environment. Second, we should guide more funds into innovation-related fields and industries by means of effective incentive mechanisms. Third, we should also push new start-ups to become big enterprises and encourage strategic emerging industries to become new main industries.