Zhang Xueliang: The growth and development of the Yangtze River Delta in the future depends on “four keys”

Zhang Xueliang, Chair Professor of Shanghai University of Finance and Economics

The Yangtze River Delta, originally a mere geographic term, has gradually acquired the meaning of an economic zone. With the strengthened regional economic connections, the scope of the Yangtze River Delta has also expanded. Today, the development of the Yangtze River Delta is at a new critical point.

At the present stage, we must put the integrated development of the Yangtze River Delta in the light of the national masterplan for regional development strategy, closely following the country's strategic policy of promoting economic regions for "strong and active growth driver,""exemplary high-quality development,""leading modernization," "advanced regional integration," and "higher platform for new reform and open experiments."

In such a campaign, first and foremost is the promotion of "strong and active growth drivers." "Strong and active growth" means both speed and quality. To be a "driver"of such growth, we Yangtze River Delta people shall be even more hardworking, more enterprising, more innovative, and more tech-savvy. It is not only a responsibility but also a mission for the Yangtze River Delta economic growth to reach a most efficient and productive balance between speed and quality. We must work out the way for high quality development at a reasonable and sustainable growth rate: Neither should be at the cost of the other.

For example, for a world-level city belt to rise in the Yangtze River Delta by 2035, the average annual growth rate of GDP needs to be maintained at above 6%, so that the total economic volume can leap from the current US$3.4 trillion to US$10 trillion in 2035. In the long run, economic development is the dialectical unity of quantitative change and qualitative change, neither being dispensable. The transition from a phase of rapid growth to a stage of high-quality development further demands us to deal well with the relationship between quality and quantity. We must promote the level of economic agglomeration both in quantity and quality before realizing a qualitative leap.

Meanwhile, it should be pointed out that during, and even for some time after, the “14th Five-Year Plan” period, the growth and development of the Yangtze River Delta should be in the full sense of the two words, for which we must successfully accomplish “four keys.” The first one is the “ecological key”: we shall essay to preserve and develop the lucid waters and lush mountains as invaluable assets. Second is the “livelihood key”: we have to find proper and productive market mechanisms to supply high-quality public goods in education, medicine and provision for the aged. Third is the “culture key”: we have to deeply explore the Jiangnan culture to improve the civilization of the Yangtze River Delta. Fourth is the “innovation key”: we have to achieve growth and development in technological innovation and industrial transformation and upgrading. In short, it is necessary to indeed transform the advantages in the Yangtze River Delta of technological innovation, resource ecology, culture and civilization, and strategic positions into the advantages for development and growth, making up for the shortage in livelihood service, and enhance their sense of gains, happiness and satisfaction.

RELEASE TIME2021-01-02