Consolidate a "Maximum Consensus," Grasp Five "Must-Coordinate" Relationships, and Strive to Do a Good Job in Economic Work

Theory originates from practice, and is higher than practice, leading practice. Since the 18th National Congress of the CPC[1]1 The 18th National Congress of the CPC (held in 2012) marked the beginning of a new era of socialism with Chinese characteristics under Xi Jinping's leadership., the Party Central Committee with Comrade Xi Jinping at its core has continuously summarized and refined the practical experience of economic development in the New Era, deepened the understanding of the laws governing economic work, proposed a series of important theses, and formed Xi Jinping's economic thought. At the Central Economic Work Conference[2]2 The Central Economic Work Conference is an annual high-level meeting that sets the economic policy agenda for the following year. held at the end of last year, General Secretary Xi Jinping summarized and put forward the important understanding of "one maximum consensus and five must-coordinate relationships," which further enriched and developed Xi Jinping's economic thought and provided ideological guidance for economic work in the coming period. Upholding the centralized and unified leadership of the Party Central Committee is the fundamental guarantee for doing a good job in economic work. At critical moments and important nodes, the Party Central Committee promptly assesses the situation and makes decisions and deployments, ensuring that China's economic ship sails against the wind and waves, moving steadily and going far[3]3 行稳致远 (xing wen zhi yuan) is a Chinese idiom meaning to move steadily and go far, indicating sustained and stable development.. This is the maximum consensus formed by the whole Party and the whole society, and the inevitable conclusion of years of practical experience. To promote high-quality development, we must coordinate the relationship between an effective market and a competent government, between aggregate supply and aggregate demand, between cultivating new drivers and updating old drivers, between optimizing increments and revitalizing stock, and between improving quality and expanding quantity. This is the inevitable requirement of the new era conditions and development tasks for economic work, and it is the enrichment and development of Xi Jinping's economic thought. We must arm our minds and guide practice with the Party's innovative theories, strive to do a good job in economic work, and provide a solid economic foundation for realizing Chinese-path modernization.

理论源自实践，又高于实践、引领实践。党的十八大以来，以习近平同志为核心的党中央不断总结提炼新时代经济发展的实践经验，持续深化对经济工作的规律性认识，概括提出一系列重要论断，形成了习近平经济思想。在去年底举行的中央经济工作会议上，习近平总书记总结提出“一个最大共识、五个必须统筹”的重要认识，进一步丰富和发展了习近平经济思想，为今后一个时期的经济工作提供了思想引领。坚持党中央集中统一领导是做好经济工作的根本保证，在关键时刻、重要节点，党中央及时研判形势、作出决策部署，确保我国经济航船乘风破浪、行稳致远。这是全党全社会形成的最大共识，是多年实践经验得出的必然结论。推动高质量发展必须统筹好有效市场和有为政府的关系、总供给和总需求的关系、培育新动能和更新旧动能的关系、做优增量和盘活存量的关系、提升质量和做大总量的关系。这是新的时代条件和发展任务对经济工作提出的必然要求，是习近平经济思想的丰富发展。我们要用党的创新理论武装头脑、指导实践，奋发有为做好经济工作，为实现中国式现代化提供坚实的经济基础。

I. Must coordinate the relationship between an effective market and a competent government to form an economic order that is both "vibrant" and "well-regulated"

一 必须统筹好有效市场和有为政府的关系，形成既“放得活”又“管得住”的经济秩序

General Secretary Xi Jinping pointed out: "Developing a socialist market economy is a great creation of our Party, and the key is to handle the relationship between the government and the market." Handling the relationship between the government and the market is the core issue of economic system reform. The combination of an effective market and a competent government is the key factor in the success of China's socialist market economy. The historical experience since reform and opening up shows that the socialist market economy can not only give play to the strengths of the market economy, enabling the market to play a decisive role in resource allocation, but also highlight the superiority of the socialist system and better play the role of the government, providing institutional support for China to create the "two miracles" of rapid economic development and long-term social stability[4]4 The "two miracles" refer to the dual achievements of rapid economic development and long-term social stability that China has achieved under the socialist market economy.. As China's economy shifts from a stage of high-speed growth to a stage of high-quality development, new and higher requirements are placed on coordinating the relationship between an effective market and a competent government.

习近平总书记指出：“发展社会主义市场经济是我们党的一个伟大创造，关键是处理好政府和市场的关系”。处理好政府和市场的关系，是经济体制改革的核心问题。有效市场同有为政府相结合，是我国社会主义市场经济取得成功的关键因素。改革开放以来的历史经验表明，社会主义市场经济既能够发挥市场经济的长处，使市场在资源配置中起决定性作用，又能够彰显社会主义制度的优越性，更好发挥政府作用，为我国创造经济快速发展和社会长期稳定“两大奇迹”提供了制度支撑。随着我国经济由高速增长阶段转向高质量发展阶段，对统筹好有效市场和有为政府的关系提出了新的更高要求。

We must better play the role of the government and solve the problems of absence and overstepping. General Secretary Xi Jinping pointed out: "Scientific macro-regulation and effective government governance are inherent requirements for giving full play to the advantages of the socialist market economy system." Better playing the role of the government does not mean playing a greater role, but adhering to doing what should be done and not doing what should not be done[5]5 有所为、有所不为 (you suo wei, you suo bu wei) is a Chinese saying meaning to do what one should and refrain from what one should not, emphasizing the proper boundary of government action., grasping the boundary between action and inaction, and doing well and thoroughly what the government should do. Doing what should be done means continuously building a law-based economy and a credit-based economy, improving market rules and taking the lead in abiding by them, focusing on correcting market failures, regulating competition order, building a unified national market, and providing a fair competition stage for various business entities such as state-owned enterprises, private enterprises, foreign-funded enterprises, and individual businesses. It is necessary to give play to the important role of the government in planning guidance, industrial layout, and innovation leadership, and promote technological innovation and industrial transformation. It is necessary to improve the macroeconomic governance system, strengthen macro-regulation, smooth out economic cycles, prevent large fluctuations in economic operation, and promote long-term sustained and healthy economic development. It is necessary to strengthen quality supervision and standard construction, and use rules and standards to drive the improvement of product and service quality. Not doing what should not be done means preventing improper intervention in micro-level activities, not engaging in local protectionism and self-small cycles, not engaging in profit-seeking law enforcement, and not arbitrarily imposing fines, inspections, and seizures. The more standardized government behavior is, the more effective the market role will be. Government behavior must be comprehensively brought into the track of the rule of law, comprehensively building a law-based government, improving the government's credit commitment mechanism, strengthening the protection of property rights, regulating law enforcement involving enterprises, reducing the institutional costs of market operation, and organically combining and complementing the market mechanism and the principle of rule of law.

要更好发挥政府作用，解决好缺位、越位问题。习近平总书记指出：“科学的宏观调控，有效的政府治理，是发挥社会主义市场经济体制优势的内在要求。”更好发挥政府作用不是更多发挥政府作用，而是要坚持有所为、有所不为，把握好有为和无为的边界，把政府该做的事情做好做到位。有所为，就是要不断建设法治经济、信用经济，完善市场规则并带头遵守规则，着力矫正市场失灵，规范竞争秩序，建设全国统一大市场，为国有企业、民营企业、外资企业及个体工商户等各类经营主体提供公平竞争的大舞台。要发挥政府在规划引导、产业布局、创新引领等方面的重要作用，推动科技创新和产业变革。要完善宏观经济治理体系，加强宏观调控，熨平经济周期，防止经济运行大起大落，促进经济长期持续健康发展。要加强质量监管、标准建设，以规则标准带动产品和服务质量提升。有所不为，就是要防止对微观主体活动的不当干预，不搞地方保护主义和自我小循环，不搞趋利性执法，不能乱罚款、乱检查、乱查封。政府行为越规范，市场作用就越有效。要把政府行为全面纳入法治轨道，全面建设法治政府，健全政府守信践诺机制，加大产权保护力度，规范涉企执法行为，降低市场运行的制度成本，使市场化机制和法治化原则有机结合、相得益彰。

We must give full play to the market mechanism and create a fairer and more dynamic market environment. Accelerate the construction of a high-standard market system that is unified, open, orderly competitive, well-regulated, and well-governed; improve basic market institutions such as property rights protection, market access, fair competition, and social credit; achieve equal access, fair supervision, openness and order, integrity and law-abiding; accelerate the construction of a unified national market that is efficient, standardized, fair competition, and fully open; promote the unification of basic market system rules, fair market supervision, and high-standard interconnection of market facilities; promote the smooth flow of goods, factors, and resources on a larger scale. Through a more complete market mechanism, promote the survival of the fittest, gather innovation factors, let the vitality of various factors such as labor, capital, knowledge, technology, management, and data burst forth, let all sources of social wealth flow fully, and form a development situation where people make the best use of their talents, things are used to the fullest, land yields its utmost, and goods flow smoothly[6]6 This set of four-character idioms (人尽其才, 物尽其用, 地尽其力, 货畅其流) describes an ideal state of resource utilization and economic vitality..

要充分发挥市场机制作用，创造更加公平、更有活力的市场环境。加快建设统一开放、竞争有序、制度完备、治理完善的高标准市场体系，完善产权保护、市场准入、公平竞争、社会信用等市场基础制度，实现平等准入、公正监管、开放有序、诚信守法，加快建设高效规范、公平竞争、充分开放的全国统一大市场，推动市场基础制度规则统一、市场监管公平统一、市场设施高标准联通，促进商品要素资源在更大范围内畅通流动。通过更加完善的市场机制，促进优胜劣汰，汇聚创新要素，让劳动、资本、知识、技术、管理、数据等各类要素的活力竞相迸发，让一切创造社会财富的源泉充分涌流，形成人尽其才、物尽其用、地尽其力、货畅其流的发展局面。

Coordinate the relationship between an effective market and a competent government, so that the "invisible hand" and the "visible hand" work in synergy. Both the government and the market are means of resource allocation. An effective market and a competent government are interdependent and mutually supportive. They must be efficiently combined and coordinated to achieve the optimal effect of resource allocation. General Secretary Xi Jinping emphasized: "We cannot replace or negate the role of the government by the decisive role of the market in resource allocation, nor can we replace or negate the decisive role of the market in resource allocation by better playing the role of the government." To coordinate the relationship between an effective market and a competent government, it is necessary to strengthen the concept of systems thinking, prevent misalignment and absence, and form a synergy of efficient coordination between the government and the market in resource allocation. In the relationship between government and market, the government is the subject and the market is the object. The role of the government is proactive, and the role of the market is spontaneous. The key is to regulate government behavior and transform government functions. Only when the government plays a better role in its own areas of responsibility can the market play a decisive role in resource allocation. We must adhere to the direction of socialist market economy reform, accelerate the construction of a high-level socialist market economy system, transform the institutional advantages of the socialist market economy into governance effectiveness, and provide lasting impetus for promoting high-quality development and advancing Chinese-path modernization.

统筹好有效市场和有为政府的关系，让“无形之手”和“有形之手”协同发力。政府和市场都是资源配置的手段，有效市场和有为政府相互依存、相互支撑，必须高效结合、相互协调，才能实现最优的资源配置效果。习近平总书记强调：“既不能用市场在资源配置中的决定性作用取代甚至否定政府作用，也不能用更好发挥政府作用取代甚至否定使市场在资源配置中起决定性作用。”统筹好有效市场和有为政府的关系，需要强化系统观念，防止错位缺位，形成政府和市场高效协同配置资源的合力。在政府和市场关系中，政府是主体，市场是客体，政府作用具有主动性，市场作用具有自发性，关键在于规范政府行为，转变政府职能。政府只有在自身职责领域更好发挥作用，才能使市场在资源配置中起决定性作用。必须坚持社会主义市场经济改革方向，加快构建高水平社会主义市场经济体制，把社会主义市场经济的制度优势转化为治理效能，为推动高质量发展、推进中国式现代化提供持久动力。

II. Must coordinate the relationship between aggregate supply and aggregate demand to smooth the national economic cycle

二 必须统筹好总供给和总需求的关系，畅通国民经济循环

Supply and demand are two basic aspects of the internal relationship of the market economy, a dialectical relationship of both opposition and unity. The two are inseparable, interdependent, and mutually conditional. Without demand, supply cannot be realized, and new demand can give rise to new supply; without supply, demand cannot be met, and new supply can create new demand. The dynamic balance between aggregate supply and aggregate demand is the basic condition for the stable and healthy development of the economy and the basic goal of macroeconomic regulation. If aggregate supply and aggregate demand are imbalanced, the national economic cycle will be blocked, and may even cause drastic economic fluctuations. Historically, the economic and financial crises in Western countries mostly manifested as severe imbalances between aggregate supply and demand. The balance between aggregate supply and aggregate demand is a relative and dynamic process. To achieve such a balance, efforts are needed from both the supply and demand sides.

供给和需求是市场经济内在关系的两个基本方面，是既对立又统一的辩证关系，二者你离不开我、我离不开你，相互依存、互为条件。没有需求，供给就无从实现，新的需求可以催生新的供给；没有供给，需求就无法满足，新的供给可以创造新的需求。总供给和总需求的动态平衡是经济实现平稳健康发展的基本条件，是宏观经济调控的基本目标。如果总供给与总需求失衡，就会导致国民经济循环不畅，甚至可能引发经济剧烈波动。历史上，西方国家发生的经济金融危机，大多表现为总供求之间严重失衡。总供给与总需求之间的平衡是相对、动态的过程，实现这样的平衡，需要从供需两侧协同用力。

We must continue to deepen supply-side structural reform. In recent years, the Party Central Committee has decided to implement supply-side structural reform, significantly improving the quality and efficiency of China's supply system and continuously improving the quality of economic development. Under new development environments and conditions, deepening supply-side structural reform has many new requirements. In terms of quality, we must adhere to technological leadership and innovation-driven development, accelerate the development of emerging industries, and promote the transformation and upgrading of traditional industries. In terms of quantity, we must insist on advancing and retreating, protecting and suppressing, increasing and decreasing, comprehensively rectifying "involution-style competition"[7]7 Involution-style competition (内卷式竞争) is a term describing excessive, zero-sum competition that leads to diminishing returns and inefficient resource allocation. in some industries, maintaining reasonable capacity utilization, and forming a healthy and sustainable industrial development ecology. It is necessary to promote enterprises to improve supply quality, promote high quality and good price, encourage "upward competition", provide more high-quality products and services, improve the adaptability and balance of supply to demand, and strive to create and stimulate new demand with new supply.

要持续深化供给侧结构性改革。近年来，党中央决策实施供给侧结构性改革，推动我国供给体系质量和效率明显提升，经济发展质量不断提高。在新的发展环境和条件下，深化供给侧结构性改革有许多新要求。质的方面，要坚持科技引领、创新发展，推动新兴产业加快发展，促进传统产业转型升级。量的方面，要坚持有进有退、有保有压、有增有减，对一些行业要综合整治“内卷式”竞争，保持合理的产能利用率，形成健康、可持续的产业发展生态。要推动企业提高供给质量，促进优质优价，激励“向上竞争”，提供更多的优质产品和服务，提升供给对需求的适配性、平衡性，努力以新供给创造和激发新需求。

We must persist in taking the expansion of domestic demand as a long-term strategic move. Affected by multiple factors at home and abroad, China's domestic demand is insufficient and external demand is unstable. The imbalance between aggregate supply and demand has become the biggest constraint on the smooth flow of the national economic cycle. China's domestic demand potential is huge, but has not yet been released. Due to geopolitical conflicts and rising global protectionism, the world economic recovery is weak, and the instability and uncertainty of external demand have increased significantly. Against this background, expanding domestic demand is a strategic move related to long-term economic stability and development, not a stopgap measure to deal with short-term fluctuations. Especially as a super-large economy, China must base the foundation of stable and healthy economic development on the strong support of domestic demand. It is necessary to adopt strong and effective macroeconomic policies, accelerate the filling of the shortcomings of domestic demand, especially consumption, so that domestic demand becomes the main driving force and stabilizer of economic growth. It is necessary to establish and improve a long-term mechanism for expanding residents' consumption, especially to expand consumption demand supported by income, so that residents have stable income to consume, a good experience to be willing to consume, and no worries to dare to consume. It is necessary to improve the mechanism for expanding investment, innovate and optimize investment and financing mechanisms, expand investment demand with reasonable returns, coordinate investment in things and investment in people, coordinate increasing government investment and driving social investment, so that effective investment can not only promote the expansion of current demand but also be transformed into future advanced productive forces and new quality productive forces.

要坚持把扩大内需作为长期战略之举。受国际国内多方面因素影响，我国内需不足、外需不稳，总供求不平衡成为国民经济循环畅通的最大制约。我国内需潜力很大，但尚未释放出来。由于地缘政治冲突和全球保护主义加剧，世界经济复苏乏力，外需的不稳定性不确定性显著上升。在这样的大背景下，扩大内需是关系经济长期稳定和发展的战略之举，不是应对短期波动的权宜之计。特别是作为超大型经济体，必须把经济平稳健康发展的基础建立在国内需求强大支撑的基础之上。必须采取有力有效的宏观经济政策，加快补上内需短板特别是消费短板，使内需成为拉动经济增长的主动力和稳定锚。要建立和完善扩大居民消费的长效机制，特别要扩大有收入支撑的消费需求，使居民有稳定收入能消费、有良好的体验愿消费、没有后顾之忧敢消费。要完善扩大投资机制，创新优化投融资机制，扩大有合理回报的投资需求，统筹推动投资于物和投资于人，统筹增加政府投资和带动社会投资，使有效投资既能促进扩大当期需求，又能转化为未来的先进生产力、新质生产力。

We must promote the dynamic balance between aggregate supply and aggregate demand. Supply and demand are two sides of the same coin in economic operation. They are mutually conditional, interdependent, and dialectically unified throughout the entire process of economic operation. In reality, the balance of aggregate supply and demand is relative and temporary; there is no absolute or once-and-for-all balance, but a dynamic overall balance can be achieved through the continuous mutual adaptation of both sides. The dynamic process from balance to imbalance to new balance is an objective law of economic development. The 20th National Congress of the CPC[8]8 The 20th National Congress of the CPC (October 2022) set the direction for national development in the new era, including economic policies. clearly stated, "We must organically combine the implementation of the strategy of expanding domestic demand with deepening supply-side structural reform." It is necessary to coordinate planning for expanding domestic demand and optimizing supply, unblock the bottlenecks and blockages in the economic cycle, promote the benign interaction between supply and demand, give full play to China's advantages of a super-large market and super-strong supply capacity, achieve a higher level of dynamic balance between supply and demand, and smooth the domestic circulation. At the same time, it is necessary to stabilize the fundamentals of foreign trade and foreign investment, steadily expand diversified international markets, both expand exports and increase imports, smooth and improve the international circulation, maintain a basic balance in the current account and the overall balance of payments, and promote internal and external economic equilibrium. On the basis of smoothing domestic circulation and stabilizing international circulation, effectively build a new development pattern with domestic circulation as the main body and domestic and international circulations mutually promoting each other.

要促进实现总供给和总需求动态平衡。供给和需求是经济运行的一体两面，二者互为条件、相互依存，辩证统一于经济运行的全过程。现实中，总供求平衡是相对的、暂时的，没有绝对的、一劳永逸的平衡，但可以在双方不断相互适应中实现动态的总体平衡。由平衡到不平衡再到新的平衡的动态过程，是经济发展的客观规律使然。党的二十大明确提出，“把实施扩大内需战略同深化供给侧结构性改革有机结合起来”。要统筹谋划扩大内需和优化供给，打通经济循环堵点卡点，推动供需良性互动，充分发挥我国超大规模市场优势和超强供给能力优势，实现更高水平的供需动态平衡，畅通国内大循环。同时，要稳住外贸外资基本盘，稳步开拓多元国际市场，既扩大出口，又增加进口，畅通和提升国际循环，保持经常项目和整个国际收支基本平衡，促进经济内外均衡。在畅通国内大循环和稳定国际大循环的基础上，有效构建以国内大循环为主体、国内国际双循环相互促进的新发展格局。

III. Must coordinate the relationship between cultivating new drivers and updating old drivers to develop new quality productive forces according to local conditions

三 必须统筹好培育新动能和更新旧动能的关系，因地制宜发展新质生产力

The concept, connotation, and role and significance of new quality productive forces in high-quality development must be viewed dialectically, accurately understood, and grasped. Economic development requires a continuous stream of drivers to promote, including vigorously developing emerging industries, cultivating and strengthening new drivers, and also transforming and upgrading traditional industries, optimizing and updating old drivers. These are all unified in the process of developing new quality productive forces according to local conditions. It is necessary to strengthen the coordination and linkage between cultivating new drivers and updating old drivers. New quality productive forces emphasize the "quality form" of advanced productive forces, not the "industry form" of an emerging or traditional industry. New drivers are not simply equivalent to emerging industries; traditional industries can also give birth to new drivers. From the laws of technological revolution and industrial development, the previous industrial revolution is the foundation of the next, and traditional industries are the foundation of emerging industries. "New bamboo shoots are higher than old bamboo stalks, all due to the support of the old stems"[9]9 This couplet from a poem by Qing Dynasty poet Zheng Xie (郑燮) illustrates the dependence of new things on the old.. Without the foundation of traditional industries, emerging industries and future industries can only be castles in the air. Regions in China where emerging industries are developing well generally have a huge and solid traditional industrial system as support, which is also an important basis for developing new quality productive forces.

新质生产力的概念、内涵及其在高质量发展中的作用和意义，一定要辩证地看、准确地理解和把握。经济发展需要源源不断的动能来推动，包括大力发展新兴产业、培育壮大新的动能，也包括改造提升传统产业、优化更新旧的动能，这些都统一于因地制宜发展新质生产力的过程，必须加强新动能培育和旧动能更新的协调联动。新质生产力强调的是先进生产力的“质态”，而非某个新兴产业或传统产业的“业态”，新动能不简单等同于新兴产业，传统产业也能孕育产生新动能。从科技革命和产业的发展规律看，前一代工业革命是后一代的基础，传统产业是新兴产业的基础，“新竹高于旧竹枝，全凭老干为扶持。”没有传统产业打基础，新兴产业和未来产业只能是空中楼阁。我国新兴产业发展较好的地区，一般都有庞大坚实的传统产业体系作为支撑，这也是发展新质生产力的重要基础。

We must continuously shape new drivers and new advantages for economic development. General Secretary Xi Jinping emphasized, "New quality productive forces are an advanced form of productive forces where innovation plays the leading role," and "are mainly generated by revolutionary breakthroughs in technology." The historical process of human industrialization and modernization is essentially a process of the diffusion and application of advanced technology. Currently, a new round of technological revolution and industrial transformation is in full swing, with trends of multi-disciplinary group breakthroughs, cross-border integration of new technologies, and widespread application in numerous industries becoming more pronounced. This is giving birth to a group of emerging industries and future industries, which have become new focal points and new areas of international competition. We must take major scientific and technological innovation as the fundamental basis for developing new quality productive forces and cultivating new drivers, strengthen basic research and breakthroughs in core key technologies, strengthen the construction of national strategic scientific and technological forces, carry out large-scale demonstration actions for the application of new technologies and new products, and strive to create batches of new industrial engines with high technological content, strong market competitiveness, and great driving force, forging "new strong points" for China's economy.

要不断塑造经济发展新动能新优势。习近平总书记强调，“新质生产力是创新起主导作用”的先进生产力质态，“主要由技术革命性突破催生而成”。人类工业化、现代化的历史进程，本质上是先进技术扩散应用的过程。当前，新一轮科技革命和产业变革方兴未艾，多学科群体突破、新技术跨界融合、众行业广泛应用的趋势更加明显，正在孕育形成一批新兴产业和未来产业，并成为国际竞争新焦点新领域。我们要把重大科技创新作为发展新质生产力、培育新动能的根本依托，加强基础研究和关键核心技术攻关，加强国家战略科技力量建设，开展新技术新产品大规模应用示范行动，努力打造一批又一批科技含量高、市场竞争力强、带动作用大的产业新引擎，锻造中国经济“新长板”。

We must continuously promote traditional industries to radiate new vitality and vigor. To develop new quality productive forces, traditional industries cannot be simply discarded; the economic structure cannot experience a fault line; and we cannot deviate from the real economy to the virtual and cause bubbles. After years of development, China's traditional industries are globally leading in terms of scale, structural system, technical level, and international competitiveness, and are an important material and technological foundation and decisive factor for China's economic strength, comprehensive national power, and people's living standards. As the base of the modern industrial system, traditional industries are the basic support for economic growth and employment income. To develop new quality productive forces, we must never simply withdraw from traditional industries as "low-end industries" or "backward industries." We must actively use digital technology and green technology to transform and upgrade traditional industries, expand the scope of large-scale equipment renewal and trade-in of consumer goods, and through multiple paths such as digital empowerment, process upgrading, and management innovation, promote the transformation of traditional industries towards high-end, intelligent, green, and integrated directions, continuously enhancing vitality and competitiveness in continuous updating and iteration.

要持续推动传统产业焕发新的生机活力。发展新质生产力，传统产业不能简单丢弃，经济结构不能出现断层，不能脱实向虚、泡沫化。经过多年发展，我国传统产业在规模体量、结构体系、技术水平、国际竞争力等方面居于全球领先地位，是我国经济实力、综合国力、人民生活水平的重要物质技术基础和决定性因素。传统产业作为现代化产业体系的基底，是经济增长和就业收入的基本依托，发展新质生产力，决不能把传统产业当作“低端产业”“落后产业”简单退出。要积极运用数字技术、绿色技术改造提升传统产业，加力扩围实施大规模设备更新和消费品以旧换新，通过数字赋能、工艺升级、管理创新等多种路径，推动传统产业向高端化、智能化、绿色化、融合化方向转型，在持续更新迭代中不断增强生命力和竞争力。

We must deeply grasp the dialectical relationship between cultivating new drivers and updating old drivers. It is necessary to promote a smooth transition and replacement between new and old development drivers. From international experience, the hollowing out of traditional industries often restricts technological and industrial innovation capabilities and weakens economic competitiveness. China's various regions have large differences in resource endowments and industrial development levels. To develop new quality productive forces, we cannot blindly follow one industry or simply copy one model; we must not "all rush forward"[10]10 一哄而上 (yi hong er shang) is a Chinese idiom meaning to all rush headlong into action without careful planning, often leading to chaos.. It is necessary to fully consider the actual situation of the region, give full play to its own advantages, find the best path, and form a new quality productive force cultivation model with local characteristics. In particular, we must grasp the "qualitative form" update, highlight the key of "new quality," and develop new quality productive forces according to local conditions. The Three-North regions[11]11 The Three-North regions (三北地区) refer to Northwest China, North China, and Northeast China, areas severely affected by desertification where afforestation and desert control projects have been implemented. have explored good experience and practices in "photovoltaic desert control," turning deserts into resources. All regions across the country can combine their own actual conditions and, in the process of coordinating the cultivation of new drivers and the updating of old drivers, yield the fruits of new quality productive forces.

要深刻把握培育新动能和更新旧动能的辩证关系。需要推动新旧发展动能平稳接续转换。从国际经验看，传统产业的空心化往往制约科技和产业创新能力，削弱经济竞争力。我国各地资源禀赋和产业发展水平差异较大，发展新质生产力不能盲目跟风一个产业、简单套用一种模式，切不可“一哄而上”。必须充分考虑本地区的实际情况，发挥自身优势，找到最佳路径，形成具有本地特色的新质生产力培育模式。特别是要抓住“质态”更新，突出“新质”这个关键，因地制宜发展新质生产力。三北地区能够探索形成“光伏治沙”的好经验好做法，把荒漠变为资源，全国各地都可以结合自身实际，在统筹培育新动能和更新旧动能过程中，结出新质生产力的硕果。

IV. Must coordinate the relationship between optimizing increments and revitalizing stock to comprehensively improve resource allocation efficiency

四 必须统筹好做优增量和盘活存量的关系，全面提高资源配置效率

Economic development is not only a process of increasing national income, but also a process of accumulating social wealth and expanding assets and liabilities. The former is increment and flow, the latter is stock, and the two aspects are closely related and interact. China's economy has shifted from a stage of high-speed growth to a stage of high-quality development, and the two-way interaction between stock and increment has significantly strengthened. Macroeconomic governance should expand its perspective, coordinate the relationship between optimizing increments and revitalizing stock, achieve optimal allocation of resources in the whole society, and promote high-quality economic development.

经济发展既是国民收入提高的过程，也是社会财富积累、资产负债扩大的过程，前者是增量、流量，后者是存量，两个方面紧密相关、相互作用。我国经济已从高速增长阶段转向高质量发展阶段，存量与增量之间的双向互动关系明显增强。宏观经济治理要扩大视野，统筹好做优增量和盘活存量的关系，实现全社会资源优化配置、推动经济高质量发展。

We must fully recognize the importance of revitalizing stock resources. After more than 40 years of rapid development since reform and opening up, China has accumulated a huge stock of various types of assets. Whether in terms of value or physical quantity, the stock economy has become a "giant" scale, urgently requiring strengthened asset and liability management, coordinated use of various incremental and stock resources, and comprehensive improvement of resource allocation efficiency. The Party Central Committee's proposal to increase residents' property income and develop the second-hand housing and second-hand car markets are all strategies to use revitalizing stock to optimize increments. From the practice of many places, regions that are good at revitalizing stock resources, assets, and funds have more obvious results in promoting development. Optimizing increments and revitalizing stock complement and promote each other. Optimizing increments can provide conditions and opportunities for revitalizing stock, and revitalizing stock can provide space and resources for optimizing increments. Combining the two can better tap development potential and expand development space.

要充分认识盘活存量资源的重要性。经过改革开放以来40多年快速发展，我国积累了规模庞大的各类资产。无论从价值量还是实物量看，存量经济都已成为“巨人”体量，迫切需要加强资产和负债管理，统筹用好各类增量资源和存量资源，全面提高资源配置效率。党中央提出增加居民财产性收入，发展二手房、二手车市场，都是以盘活存量来做优增量之策。从很多地方的实践看，善于盘活存量资源、资产、资金的地区，推动发展的成效也更明显。做优增量和盘活存量相辅相成、相互促进，做优增量能够为盘活存量提供条件和机遇，盘活存量能为做优增量提供空间和资源。把两者有机结合起来，就能更好挖掘发展潜力，拓展发展空间。

We must revitalize stock and drive increments with a broad vision. Revitalizing stock and expanding capacity should make more use of reform methods and technological means. China's stock resources are extremely abundant, and the potential for revitalizing stock is huge. In particular, many idle or inefficiently used resources can be turned into treasures and turn decay into magic. It is necessary to effectively revitalize basic assets such as land, promote the "vacating the cage to change the birds" and "renewal development" of industrial parks, revitalize various types of inefficient urban land, optimize the spatial structure of production and living, and increase public service facilities. It is necessary to promote high-quality urban renewal, implement the renovation of "urban villages"[12]12 Urban villages (城中村) are villages that have been surrounded by expanding cities, often with substandard housing and infrastructure, subject to renovation programs., and promote the renovation and utilization of old neighborhoods, old residential areas, and old buildings. It is necessary to make full use of funds such as local government special bonds and central bank relending to purchase existing commercial housing at reasonable prices and convert them into affordable housing and other uses, effectively meeting the housing needs of groups such as new citizens and young people. It is necessary to develop a circular economy, strengthen the recycling of waste resources, and vigorously develop "urban mining"[13]13 Urban mining (城市矿山) refers to the recovery of valuable metals and materials from waste, especially electronic waste, as a resource.. It is necessary to standardize the development of the second-hand car and second-hand housing markets, forming a market system for coordinated development of new and old cars, new and old houses. Through leasing, equity investment, cooperation, etc., revitalize and utilize idle housing legally owned by farmers. Idle infrastructure such as rural primary and secondary school buildings can be converted to other uses through standardized means. These show that revitalizing stock has great potential.

要以宽广视野盘活存量带动增量。盘活存量、扩充容量要更多运用改革办法、技术手段。我国存量资源极为丰富，盘活存量的潜力很大，特别是许多闲置或低效利用的资源，完全可以变废为宝，化腐朽为神奇。要有效盘活土地等基础性资产，推动产业园区“腾笼换鸟”“焕新发展”，盘活城镇各类低效用地，优化生产生活空间结构，增加公共服务设施。要高质量推进城市更新，实施城中村改造，推进老旧街区、老旧小区、老旧建筑改造利用。要用足用好地方政府专项债、央行再贷款等资金，以合理价格收购存量商品房转为保障性住房等用途，有效满足新市民、青年人等群体的住房需求。要发展循环经济，加强废旧资源循环利用，大力开发“城市矿山”。要规范发展二手车、二手房市场，形成新车与旧车、新房与旧房协调发展的市场体系。通过出租、入股、合作等方式，盘活利用农民合法拥有的闲置住房。对农村闲置的中小学校舍等基础设施，可以通过规范的方式合理转换用途。这些表明，盘活存量大有可为。

The Third Plenary Session of the 20th Central Committee of the CPC[14]14 The Third Plenary Session of the 20th Central Committee (July 2024) focused on further deepening reform comprehensively and advancing Chinese modernization. pointed out, "Explore the implementation of national macro balance sheet management." This is a major innovation in improving the macroeconomic governance system. It is necessary to deeply study the relationship between macro balance sheet conditions and economic growth, innovate macro policy tools, and improve the national macro asset and liability management capacity. At the national level, compile macro balance sheets of residents, enterprises, and the government, accurately depict the asset and liability conditions of the whole country, localities, and various fields, find out the baseline, grasp the "family background," and on this basis comprehensively analyze the potential for economic growth, identify economic and financial risks and hidden dangers, assess solvency, form policy measures to optimize the scale and structure of macro assets and liabilities, and improve the systematicness, pertinence, and effectiveness of macroeconomic governance.

党的二十届三中全会指出，“探索实行国家宏观资产负债表管理。”这是健全宏观经济治理体系的重大创新。要深入研究宏观资产负债状况与经济增长的关系，创新宏观政策工具，提高国家宏观资产负债管理能力。在国家层面编制居民、企业、政府的宏观资产负债表，准确刻画全国、地方和各领域的资产负债状况，摸清底数，掌握“家底”，在此基础上全面分析经济增长潜力，研判经济金融风险隐患，评估偿债能力，形成优化宏观资产负债规模和结构的政策措施，提高宏观经济治理的系统性、针对性、有效性。

Coordinating optimization of increments and revitalization of stock requires adhering to keeping the fundamentals and innovating[15]15 守正创新 (shou zheng chuang xin) is a Chinese phrase meaning to uphold fundamental principles while innovating and adapting to new circumstances.. Coordinating optimization of increments and revitalization of stock is a new topic arising after China's economic development has reached a certain stage. It requires solving many new problems that have not been encountered before. There is much to do and great potential to tap. It is necessary to adhere to keeping the fundamentals and innovating, and on the premise of adhering to the institutional bottom line and legal red line, emancipate the mind, break through fixed thinking patterns, be good at observing the economy and solving problems from the perspective of combining increment and stock, and boldly explore in theory and practice. It is necessary to use reform and innovation methods, enrich the "toolbox" for revitalization policies, strengthen resource coordination, mobilize the enthusiasm of business entities in revitalization, attach importance to the leverage effect of fiscal policy tools that "four ounces move a thousand pounds"[16]16 四两拨千斤 (si liang bo qian jin) is a Chinese idiom from Taijiquan, meaning to use a small force to overcome a large force, often used to describe leverage in policy., attach importance to the unique role of financial tools to "exchange time for space"[17]17 以时间换空间 (yi shi jian huan kong jian) is a strategy of using time to improve conditions or solve problems, often used in finance or military contexts., and achieve cross-temporal and cross-spatial optimization of resource allocation.

统筹做优增量和盘活存量需要坚持守正创新。统筹做优增量和盘活存量是我国经济发展到一定阶段后产生的新课题，需要解决很多之前没有遇到过的新问题，可做的文章很多、可挖的潜力很大。要坚持守正创新，在守住制度底线和法律红线前提下，解放思想，打破思维定式，善于从增量和存量相结合的视角观察经济、解决问题，在理论和实践上大胆探索。要运用改革创新办法，丰富盘活政策“工具箱”，加强资源统筹，调动经营主体盘活积极性，重视财政政策工具“四两拨千斤”的撬动作用，重视金融工具“以时间换空间”的独特作用，实现资源跨时空优化配置。

5. Must properly coordinate the relationship between improving quality and expanding aggregate volume, and consolidate the material foundation for Chinese-path modernization

五 必须统筹好提升质量和做大总量的关系，夯实中国式现代化的物质基础

Economic development is a process of unification between "qualitative change" and "quantitative change." Qualitative change is the intrinsic purpose and direction of quantitative change, while quantitative change is the realistic foundation of qualitative change. High-quality development has the two dimensions of "quality" and "quantity." To do economic work well, we must deeply grasp the dialectical relationship between "quality" and "quantity," and unify the effective improvement of quality and the reasonable growth of quantity throughout the entire process of high-quality development.

经济发展是“质变”与“量变”相统一的过程，质变是量变的内在目的和方向，量变是质变的现实基础。高质量发展有“质”和“量”两方面内涵，做好经济工作，必须深刻把握“质”与“量”的辩证关系，把质的有效提升和量的合理增长统一于高质量发展全过程。

We must deeply understand that promoting high-quality development is the primary task of Chinese-path modernization. The 20th National Congress of the CPC [18]18 The 20th National Congress of the CPC was held in October 2022, at which Xi Jinping delivered the report setting out the Party's central task for the next period. proposed that "from now on, the central task of the Communist Party of China is to unite and lead the people of all ethnic groups to comprehensively build a great modern socialist country, realize the Second Centenary Goal [19]19 The Second Centenary Goal refers to building China into a great modern socialist country by the centenary of the People's Republic of China in 2049., and advance the great rejuvenation of the Chinese nation on all fronts through Chinese-path modernization" and that "high-quality development is the primary task in building a modern socialist country in all respects." According to the "Two-Step" [20]20 The "Two-Step" strategy for socialist modernization: first, basically realize modernization by 2035; second, build China into a great modern socialist country by the mid-21st century. strategic plan set by the 20th National Congress, by 2035 China will basically realize socialist modernization, with its economic strength, scientific and technological strength, and composite national strength rising substantially and its per capita GDP taking a great leap to reach the level of moderately developed countries. On this basis, it will continue to strive to build China into a great modern socialist country with leading composite national strength and international influence by the middle of this century. Chinese-path modernization is the modernization of a huge population. With over 1.4 billion people entering modern society as a whole, the difficulty and complexity are unprecedented. We must always proceed from the national conditions and continuously promote high-quality development. At present, China's per capita national income is still below the world average and has not yet crossed the threshold for high-income countries. To achieve Chinese-path modernization, the road ahead is still long and the tasks of development are still heavy. We must take promoting high-quality development as the absolute principle of the New Era and continuously consolidate the material foundation of Chinese-path modernization.

要深刻认识推动高质量发展是中国式现代化的首要任务。党的二十大提出，“从现在起，中国共产党的中心任务就是团结带领全国各族人民全面建成社会主义现代化强国、实现第二个百年奋斗目标，以中国式现代化全面推进中华民族伟大复兴”“高质量发展是全面建设社会主义现代化国家的首要任务”。按照党的二十大确定的“两步走”战略安排，到2035年我国基本实现社会主义现代化，经济实力、科技实力、综合国力要大幅跃升，人均国内生产总值要迈上新的大台阶，达到中等发达国家水平。在此基础上继续奋斗，到本世纪中叶，把我国建设成为综合国力和国际影响力领先的社会主义现代化强国。中国式现代化是人口规模巨大的现代化，我国14亿多人口要整体迈进现代化社会，艰巨性和复杂性前所未有，必须始终从国情出发，持续推动高质量发展。目前，我国人均国民收入还低于世界平均水平，尚未跨过高收入国家门槛。要实现中国式现代化，前面的路还很漫长，发展的任务还很繁重。我们必须把推动高质量发展作为新时代的硬道理，不断夯实中国式现代化的物质基础。

We must adhere to leading and expanding the aggregate economic volume by improving economic quality. An improvement in quality can open up new realms and new spaces for the growth of quantity. Every technological and industrial revolution, because of the qualitative improvement in productive forces, brings new investment and consumption opportunities, enabling the economy to break through the equilibrium formed under the original technological conditions and produce a leapfrog growth in quantity. In the era of a shortage economy, in order to resolve the contradiction of quantity as quickly as possible, the development model was relatively crude — "when radishes are in high demand, they are not washed" [21]21 "When radishes are in high demand, they are not washed" (萝卜快了不洗泥) — a Chinese proverb meaning that when demand is high, people rush and neglect quality; used here to criticize the crude development methods of the shortage economy era.. Entering the stage of high-quality development, achieving success through quality has become the only way. Whether at the micro or macro level, without effective improvement in quality there is no reasonable growth in quantity; even if there is rapid growth in the short term, it is difficult to sustain. For this reason, we must fully, accurately, and comprehensively implement the new development philosophy, adhere to innovative, coordinated, green, open, and shared development, focus on implementing the innovation-driven development strategy, focus on enhancing the overall coordination of development, focus on promoting harmonious coexistence between humanity and nature, focus on forming a new system for opening up, focus on practicing the people-centered development thought, coordinate development and security, and promote development that is of higher quality, more efficient, more equitable, more sustainable, and safer. Enterprises and industries must also enhance their innovation capabilities, increase investment in new technologies, actively carry out digital, intelligent, and green transformation of traditional industries, and rely more on improving the quality of products and services to enhance market competitiveness and expand market share.

要坚持以提升经济质量引领和扩大经济总量。质的提升能够为量的增长开辟新境界、开拓新空间。每一次科技和产业革命，都因为生产力质的提升带来新的投资和消费机会，使经济能够突破原有技术条件下形成的均衡，产生量的跨越式增长。在短缺经济时代，为尽快解决量的矛盾，发展方式比较粗放，“萝卜快了不洗泥”。进入高质量发展阶段，以质取胜成为不二法门，无论在微观上还是宏观上，没有质的有效提升就没有量的合理增长，即使短期内快速增长，也难以持续。为此，必须完整准确全面贯彻新发展理念，坚持创新、协调、绿色、开放、共享发展，着力实施创新驱动发展战略，着力增强发展的整体性协调性，着力推进人与自然和谐共生，着力形成对外开放新体制，着力践行以人民为中心的发展思想，统筹发展和安全，推动实现更高质量、更有效率、更加公平、更可持续、更为安全的发展。企业和行业也必须增强创新能力，加大新技术投入，积极对传统产业进行数智化、绿色化改造，更多依靠提高产品和服务质量增强市场竞争力、扩大市场占有率。

Expanding the aggregate economic volume can provide fertile soil and space for improving quality. Sufficient accumulation of quantitative change can trigger qualitative change. Therefore, the size of the aggregate volume itself has unique value for improving quality. In many cases, "bigness" itself is a kind "strength," as is repeatedly verified in the marketplace. The development of emerging industries and new quality productive forces can leverage the effects of economies of scale and scope. The demand-driven pull of a super-large-scale market, combined with abundant application scenarios, a complete industrial system, and diversified business organization models, can create more industrial applications, accelerate technological iteration, and cultivate more world-class enterprises and advanced technologies. Development in such fields as high-speed rail, nuclear power, mobile communications, the platform economy, artificial intelligence, drones, new energy vehicles, and the low-altitude economy all follow this rule. We must further leverage the advantages of a large country's economy, effectively translate China's advantages — such as a large population and many talents, a vast territory, diverse resources, and a high savings rate — into economic scale, form an economic scale that matches the modernization of a huge population, continuously spur qualitative change on the basis of quantitative change, steadily increase economic strength, scientific and technological strength, and composite national strength, and consolidate the material and technological foundation of Chinese-path modernization.

要以扩大经济总量为提升质量提供沃土和空间。量变的充分积累才能引发质变，因此总量规模本身对提高质量就有独特价值，很多情况下“大”本身就是一种“强”，这在商场上反复得到验证。发展新兴产业和新质生产力可以借助规模经济和范围经济效应，超大规模市场的需求牵引与丰富的应用场景、完备的产业体系、多元化的商业组织模式结合起来，可以创造出更多产业化应用，加快技术迭代，培育出更多世界一流企业和先进技术。高铁、核电、移动通信、平台经济、人工智能、无人机、新能源汽车、低空经济等领域的发展，都符合这个规律。我们要进一步发挥好大国经济优势，把我国人口和人才众多、幅员辽阔、资源多样、储蓄率高等优势有效转化为经济规模，形成与人口规模巨大的现代化相匹配的经济规模，在量变基础上不断催生质变，不断增强经济实力、科技实力和综合国力，夯实中国式现代化的物质技术基础。

Online editor: Huihui

网络编辑：慧慧