SUFE report lists ways to bolster economy

Shanghai should strive to be a leading global city and deepen reforms as traditional economic drivers are no longer sustainable, said Tian Guoqiang, dean of the School of Economics at Shanghai University of Finance and Economics (SUFE).

Tian made these remarks on Dec 23 when SUFE published an analysis and forecast on China’s economic outlook.

“Shanghai’s positioning in the future should not be limited to just being China’s top city, but also one that has leading global ranking,” said Tian, who was in charge of the team behind the report.

He noted that though Shanghai has almost all the characteristics of a top global city, such as infrastructure, technology, science, culture, living environment and international education, it still lacks a high-profile enterprise such as Alibaba and Huawei. He added that having a more inclusive economy could help Shanghai to achieve this.

According to the report , China will achieve a GDP growth rate of about 6.7 percent throughout 2018, steadying at 6.41 percent after adjustment.

“High speed growth should not be the goal of macro economic development as quality is the most important element, but it is equally important to find out the cause for China’s economic slowdown,” said Tian.

After three decades of robust growth, China’s GDP started to slow down on a yearly basis, slipping from 6.9 in 2015 to 6.7 percent in 2016.

The report noted that with the Chinese economy undergoing transition, the imbalance between industries, enterprises as well as urban and rural development is overshadowing the country’s medium- to long-term economic transformation and development.

It also suggested three key tasks that need to be achieved: form an inclusive modern economic system, enhance the national capacity for the rule of law and government executive ability, and establish an effective social governance system.

Tian pointed out that Shanghai can also implement these suggestions to further its reform and development.