Deeply Understand and Apply the “Five Must-Coordinate” Principles

At present, the operation of our country’s economy is generally stable, with progress amid stability, demonstrating strong vitality and resilience, yet it also faces numerous risks and challenges. In response, General Secretary Xi Jinping has emphasized that “we must coordinate the relationship between an effective market and a well-functioning government,” “we must coordinate the relationship between aggregate supply and aggregate demand,” “we must coordinate the relationship between cultivating new drivers and upgrading old drivers,” “we must coordinate the relationship between optimizing increments and revitalizing stock,” and “we must coordinate the relationship between improving quality and expanding total volume.” These regularities reflect the key requirements for further advancing economic work. Deeply understanding and applying the “Five Must-Coordinate” principles, and grasping the initiative in economic work through overall planning and balanced consideration, is of great significance for achieving a successful conclusion of the 14th Five-Year Plan and a good start to the 15th Five-Year Plan.

当前，我国经济运行总体平稳、稳中有进，展现出强大活力和韧性，但也面临不少风险挑战。对此，习近平总书记强调，“必须统筹好有效市场和有为政府的关系”“必须统筹好总供给和总需求的关系”“必须统筹好培育新动能和更新旧动能的关系”“必须统筹好做优增量和盘活存量的关系”“必须统筹好提升质量和做大总量的关系”。这些规律性认识，体现了进一步做好经济工作的关键要求。深刻理解运用“五个必须统筹”，在统筹兼顾中把握经济工作主动权，对实现“十四五”圆满收官、“十五五”良好开局，具有重要意义。

Better Integrating an Effective Market and a Well-Functioning Government

有效市场和有为政府更好结合

Handling the relationship between the government and the market is the core issue of economic system reform. Since reform and opening up, and especially since the New Era, the Party has led the people in continuously deepening their understanding of the relationship between the government and the market through practical exploration, promoting the better integration of an effective market and a well-functioning government.

处理好政府和市场的关系，是经济体制改革的核心问题。改革开放以来特别是新时代以来，党领导人民在实践探索中不断深化对政府和市场关系的认识，促进有效市场和有为政府更好结合。

Coordinating the relationship between an effective market and a well-functioning government is key to forming an economic order that is both “vibrant and well-regulated.” General Secretary Xi Jinping points out: “The market’s decisive role in resource allocation is a general law of the market economy; a market economy is essentially an economy where the market determines resource allocation. Perfecting the socialist market economy system must follow this law, focusing on solving problems such as an imperfect market system, excessive government intervention, and inadequate supervision.” The advantage of an effective market lies in its ability to optimize resource allocation efficiency and maximize benefits. The role of a well-functioning government is to assume the functions of maintaining market order and compensating for market failures.

统筹好有效市场和有为政府的关系，是形成既“放得活”又“管得住”的经济秩序的关键所在。习近平总书记指出：“市场决定资源配置是市场经济的一般规律，市场经济本质上就是市场决定资源配置的经济。健全社会主义市场经济体制必须遵循这条规律，着力解决市场体系不完善、政府干预过多和监管不到位问题。”有效市场的优势在于能够实现资源配置效率最优化和效益最大化。有为政府的作用在于承担起维护市场秩序、弥补市场失灵的职能。

At the beginning of this year, the “National Unified Market Construction Guidelines (Trial)” was officially released. The Sixth Meeting of the Central Committee for Financial and Economic Affairs pointed out that the basic requirement for advancing the construction of a national unified market in depth is “five unifications and one opening up,” namely, unifying basic market institutions, unifying market infrastructure, unifying government conduct standards, unifying market supervision and law enforcement, unifying factor resource markets, and continuously expanding opening up both internally and externally. In current economic work, whether it is building a new development pattern or promoting high-quality development, there is an urgent need to construct a national unified market. This requires coordinating the relationship between an effective market and a well-functioning government. On the one hand, based on the principles of marketization and the rule of law, we must fully leverage the decisive role of the market in resource allocation, create a fairer and more dynamic market environment, and use the “invisible hand” to solve problems related to vitality and efficiency. On the other hand, we must better play the role of the government, accelerate the transformation of government functions, and use the “visible hand” to solve problems related to order and fairness. By scientifically defining the boundaries between the government and the market, regulating improper market competition and intervention behaviors, we can improve the quality and efficiency of economic development.

今年年初，《全国统一大市场建设指引（试行）》正式发布。中央财经委员会第六次会议指出，纵深推进全国统一大市场建设，基本要求是“五统一、一开放”，即统一市场基础制度、统一市场基础设施、统一政府行为尺度、统一市场监管执法、统一要素资源市场，持续扩大对内对外开放。在当前经济工作中，无论是构建新发展格局，还是推动高质量发展，都迫切需要建设全国统一大市场。这就要求必须统筹好有效市场和有为政府的关系。一方面，要在坚持市场化、法治化原则的基础上，充分发挥市场在资源配置中的决定性作用，创造更加公平、更有活力的市场环境，以“看不见的手”解决活力、效率等方面的问题。另一方面，要更好发挥政府作用，加快转变政府职能，以“看得见的手”解决有序、公平等方面的问题。通过科学界定政府和市场的边界，规范不当市场竞争和市场干预行为，提高经济发展质量和效益。

Dynamic Balance Between Aggregate Supply and Aggregate Demand

总供给和总需求动态平衡

Supply and demand are two fundamental aspects of the internal relations of a market economy, forming a dialectical relationship of both opposition and unity. Aggregate supply generally refers to the total quantity of products and services provided by a country’s economy to the whole society within a certain period. Aggregate demand generally refers to the total purchasing power of the whole society for products and services within a certain period. 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 a prerequisite for the healthy operation of the socialist market economy.

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。总供给一般是指一国经济在一定时期内为全社会提供的产品和服务总量。总需求一般是指全社会在一定时期内对产品和服务的购买力总量。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，是社会主义市场经济健康运行的前提条件。

Coordinating the relationship between aggregate supply and aggregate demand is an important foundation for smoothing the circulation of the national economy. Economic work must exert force from both the supply and demand sides, promoting strong momentum, overall matching, dynamic balance, and positive interaction between the two ends. Demand-side management focuses on solving aggregate problems and emphasizes short-term regulation, mainly by adjusting taxes, fiscal expenditures, and monetary credit to expand or suppress demand, thereby driving economic growth. Supply-side management focuses on solving structural problems and emphasizes stimulating the driving force for economic growth, mainly by optimizing factor allocation and adjusting production structure to improve the quality and efficiency of the supply system.

统筹好总供给和总需求的关系，是畅通国民经济循环的重要基础。做好经济工作要从供需两端协同发力，促进供需两端动力强劲、总体匹配、动态平衡、良性互动。需求侧管理，重在解决总量性问题，注重短期调控，主要是通过调节税收、财政支出、货币信贷等来扩大或抑制需求，进而推动经济增长。供给侧管理，重在解决结构性问题，注重激发经济增长动力，主要通过优化要素配置和调整生产结构来提高供给体系质量和效率。

Currently, to smooth the circulation of the national economy, we must organically combine deepening supply-side structural reform with implementing the strategy of expanding domestic demand. On the one hand, comprehensively optimize and upgrade the industrial structure, enhance the resilience of the supply system by improving innovation capacity, competitiveness, and overall strength, improve the quality of the supply system by optimizing factor allocation, promoting technological innovation, and adjusting production structure, continuously expand effective supply and medium-to-high-end supply, and enhance the adaptability of supply to changes in demand. On the other hand, firmly grasp the strategic basis of expanding domestic demand, stimulate the potential of domestic demand, and accelerate the filling of shortcomings in domestic demand, especially consumption. We must implement the “Special Action Plan for Boosting Consumption” issued in March this year, implement the “two new” and “two major” policies with greater intensity, and continuously release consumption potential and stimulate investment vitality. By exerting force from both the supply and demand sides, we continuously enhance the compatibility and balance between supply and demand, enabling supply-side reform and demand-side management to complement and reinforce each other, forming a higher-level dynamic balance where demand drives supply and supply creates demand, thereby achieving a virtuous cycle of the national economy.

当前，畅通国民经济循环，必须把深化供给侧结构性改革同实施扩大内需战略有机结合起来。一方面，全面优化升级产业结构，通过提升创新能力、竞争力和综合实力来增强供给体系的韧性，通过优化要素配置、促进科技创新和调整生产结构来提高供给体系的质量，不断扩大有效供给和中高端供给，增强供给对需求变化的适应性。另一方面，牢牢把握扩大内需这个战略基点，激发内需潜力，加快补上内需特别是消费短板。要落实好今年3月印发的《提振消费专项行动方案》，以更大力度实施“两新”“两重”政策，持续释放消费潜力、激发投资活力。通过供需两侧协同用力，不断增强供给与需求的适配性、平衡性，使供给侧改革和需求侧管理相辅相成、相得益彰，形成需求牵引供给、供给创造需求的更高水平动态平衡，实现国民经济良性循环。

Coordinated Advancement of Cultivating New Drivers and Upgrading Old Drivers

培育新动能和更新旧动能协同推进

New drivers and old drivers refer to different sources of impetus in economic development. Among them, new drivers refer to the impetus formed in the new round of technological revolution and industrial transformation, while old drivers refer to the impetus formed by relying on traditional industries and development models. New drivers and old drivers are interconnected and influence each other. The cultivation of new drivers is based on old drivers, and the upgrading of old drivers requires the guidance and drive of new drivers. General Secretary Xi Jinping emphasizes: “We must take scientific and technological innovation as the guide, vigorously cultivate and expand emerging industries and future industries, seize the commanding heights of international competition, and shape new drivers and new advantages for economic development. At the same time, accelerate the transformation and upgrading of traditional industries, which are the basic foundation for economic growth, employment, and income, so that they radiate new vitality and promote the smooth and orderly transition and replacement of old and new development drivers.”

新动能和旧动能是指经济发展中的不同动力来源。其中，新动能是指在新一轮科技革命和产业变革中形成的动力，旧动能是指依靠传统产业和发展模式形成的动力。新动能与旧动能是相互联系、彼此影响的。新动能的培育以旧动能为基础，旧动能的更新需要新动能引领和带动。习近平总书记强调：“要以科技创新为引领，大力培育壮大新兴产业和未来产业，占据国际竞争制高点，塑造经济发展新动能、新优势。同时，加快推动作为经济增长和就业收入基本依托的传统产业改造升级，使之焕发新的生机活力，推动新旧发展动能平稳接续转换。”

Coordinating the relationship between cultivating new drivers and upgrading old drivers is an inherent requirement for developing new quality productive forces according to local conditions. When economic development reaches a certain stage, it inevitably faces the issue of transitioning between old and new drivers. The transition between old and new drivers is essentially a shift from traditional factor-driven growth to innovation-driven growth, involving adjustments in the driving mechanism, upgrading of the industrial structure, and reshaping of institutions and mechanisms. It is not simply about replacing old drivers with new ones, but about upgrading old drivers while cultivating and strengthening new ones. On the one hand, we must take scientific and technological innovation as the guide, attach importance to developing strategic emerging industries and proactively laying out future industries, shape new advantages for economic development, and actively cultivate new drivers. On the other hand, we must focus on using advanced technology and cutting-edge technologies to transform and upgrade traditional industries, promoting their transformation and upgrading. In this process, we must both prevent the abandonment of traditional industries as “low-end industries” or “backward industries” and address issues such as traditional industries being “large but not strong.” This requires promptly applying the achievements of scientific and technological innovation to specific industries and industrial chains, perfecting the modern industrial system, and further enhancing the resilience and security level of industrial and supply chains.

统筹好培育新动能和更新旧动能的关系，是因地制宜发展新质生产力的内在要求。经济发展到一定阶段，必然会面临新旧动能转换问题。新旧动能转换本质上是从传统要素驱动转向创新驱动，涉及动力机制调整、产业结构升级、体制机制重塑等，不是简单地以新动能取代旧动能，而是在培育壮大新动能的同时更新旧动能。一方面，要以科技创新为引领，重视发展战略性新兴产业和前瞻布局未来产业，塑造经济发展新优势，主动培育新动能。另一方面，要注重运用先进技术、前沿技术改造提升传统产业，促进传统产业转型升级。在此过程中，既要防止把传统产业视为“低端产业”“落后产业”而抛弃，也要着力解决传统产业“大而不强”等问题。这就要求及时将科技创新成果应用到具体产业和产业链上，完善现代化产业体系，进一步提升产业链供应链韧性和安全水平。

In August this year, the State Council issued the “Opinions on Deeply Implementing the ‘Artificial Intelligence +’ Action,” comprehensively promoting scientific and technological innovation, industrial development, and enabling applications of artificial intelligence. Implementing the “Artificial Intelligence +” action, fully leveraging our country’s advantages such as abundant data resources, a complete industrial system, and broad application scenarios, and strengthening the extensive and deep integration of artificial intelligence with various fields, will help accelerate the transition between old and new drivers, promote the transformation and upgrading of traditional industries, and open up new tracks for the development of strategic emerging industries and future industries. The cultivation of new drivers and the upgrading of old drivers is a long-term process. We should adhere to the principles of seeking progress while maintaining stability, promoting stability through progress, establishing the new before abolishing the old, systematic integration, and coordinated cooperation. We must properly handle the relationships between the new and the old, stability and progress, and establishment and abolition. We should deeply implement the innovation-driven development strategy, promote the innovative allocation of production factors, the systematic upgrading of the industrial structure, and the continuous establishment and improvement of institutions and mechanisms, and promote high-quality development through the smooth and orderly transition and replacement of old and new drivers.

国务院今年8月印发《关于深入实施“人工智能+”行动的意见》，全面推进人工智能科技创新、产业发展和赋能应用。实施“人工智能+”行动，充分发挥我国数据资源丰富、产业体系完备、应用场景广阔等优势，加强人工智能与各领域广泛深度融合，有助于加快新旧动能转换，推动传统产业改造升级，开辟战略性新兴产业和未来产业发展新赛道。新动能的培育和旧动能的更新是一个长期的过程，应坚持稳中求进、以进促稳，先立后破、系统集成、协同配合，把握好新与旧、稳与进、立与破的关系，深入实施创新驱动发展战略，促进生产要素创新性配置、产业结构系统性升级、体制机制不断建立健全，在新旧动能平稳接续转换中推动高质量发展。

Improving the Increment and Revitalizing the Stock Complement Each Other

做优增量和盘活存量相辅相成

Stock and increment are an important pair of concepts in economics. Stock refers to the total wealth formed by past economic activities, generally representing already-formed commodities, capital, and industries, constituting the basic plate of the current economy. Increment refers to the increase in assets generated by economic activities in a given period, generally representing new resources and new production capacity.

存量和增量是经济学中的一对重要概念。存量是指过去经济活动形成的全部财富总量，一般代表着已经形成的商品、资本和产业，构成当前经济的基本盘。增量是指某一时期经济活动产生的资产增加量，一般代表着新资源、新产能。

Coordinating the relationship between improving the increment and revitalizing the stock is an important pathway to comprehensively enhancing the efficiency of resource allocation. Revitalizing the stock means optimizing and reorganizing economic resources including land, capital, technology, equipment, and talent, reallocating idle or low-efficiency resources to more efficient fields, thereby creating and realizing greater benefits. Its core lies in activating idle assets, tapping and releasing the potential of existing resources, and raising the efficiency of resource utilization. Improving the increment emphasizes placing greater focus on raising quality and efficiency when adding new factor inputs, maximizing the marginal rate of return on various assets through technological innovation, industrial upgrading, and the like.

统筹好做优增量和盘活存量的关系，是全面提高资源配置效率的重要途径。盘活存量是指优化重组包括土地、资金、技术、设备、人才等在内的经济资源，将闲置或低效资源重新配置到更高效的领域，从而创造和实现更大的效益，其核心在于激活闲置资产，挖掘和释放现有资源的潜能，提升资源利用效率。做优增量强调在新增要素投入时更加注重提高质效，通过技术创新、产业升级等最大化各类资产的边际回报率。

It can be said that improving the increment can open up space and provide opportunities for revitalizing the stock, while revitalizing the stock can create preconditions and provide resources for improving the increment. The two are organically unified and complement each other. After long-term development, China needs to coordinate the use of all types of incremental and stock resources, and be adept at driving the increment through revitalizing the stock. For example, to promote high-quality urban development, it is necessary, on the basis of a comprehensive inventory of the base numbers of urban assets and resources such as housing, facilities, and land, to fully renovate and utilize stock housing such as old factory buildings, low-efficiency office buildings, and idle traditional commercial facilities, and to establish a planning adjustment mechanism suited to the needs of building function conversion and mixed-use development. At present, localities in practice are revitalizing low-efficiency land, safeguarding development space for industrial transformation and upgrading, expanding development space for new quality productive forces, and adding new momentum for development. By revitalizing the stock to drive the increment and comprehensively enhancing the efficiency of resource allocation, this will play an important role in promoting high-quality development.

可以说，做优增量能够为盘活存量开拓空间、提供机遇，盘活存量能够为做优增量创造前提、提供资源，两者有机统一、相辅相成。经过长期发展，我国需要统筹用好各类增量资源和存量资源，善于通过盘活存量来带动增量。例如，推动城市高质量发展，就需要在全面摸清城市房屋、设施、土地等资产资源底数的基础上，充分改造利用老旧厂房、低效楼宇、闲置传统商业设施等存量房屋，建立与建筑功能转换和混合利用需求相适应的规划调整机制。目前，各地在实践中盘活低效用地，保障产业转型升级发展空间，拓展新质生产力发展空间，增加发展新动能。通过盘活存量来带动增量，全面提高资源配置效率，将对推动高质量发展发挥重要作用。

Raising Quality and Expanding Total Volume Are Dialectically Unified

提升质量和做大总量辩证统一

The law of the mutual transformation of quality and quantity is the general law of the development of things. Economic development is a dynamic process of the dialectical unity of quantitative and qualitative change. Total volume is the foundation, concerning the speed, scale, and extent of economic development. Without a certain total volume, there is no guarantee for the stable operation of the economy, nor can high-quality development be discussed. Only through the continuous accumulation of total economic volume can conditions be created for qualitative improvement. Quality is the key, concerning the structure, level, and efficiency of economic development.

质量互变规律是事物发展的一般规律，经济发展是量变与质变辩证统一的动态过程。总量是基础，关乎经济发展的速度、规模和程度。没有一定的总量，经济稳健运行就没有保障，高质量发展也无从谈起，只有通过经济总量的持续积累，才能为质的提升创造条件。质量是关键，关乎经济发展的结构、水平和效益。

Coordinating the relationship between raising quality and expanding total volume is an inevitable requirement for consolidating the material foundation of Chinese-path modernization. Expanding total volume emphasizes pursuing growth in quantitative indicators such as industrial scale and market share, reflecting quantitative accumulation, and can provide a solid material foundation and strong technical support for high-quality economic development. A large total volume means possessing vast resources and production capacity, and possessing the material basis for realizing industrial upgrading and technological progress. Raising quality emphasizes pursuing growth in quality indicators such as technological content, innovation capacity, structural rationality, and resource utilization rate, meaning possessing a strong internal driving force for innovation and sustainable development capacity. Looking at the relationship between the two, qualitative improvement provides sustained impetus for quantitative growth, while quantitative growth provides an important foundation for qualitative improvement. The two are mutually conditional and complement each other.

统筹好提升质量和做大总量的关系，是夯实中国式现代化物质基础的必然要求。做大总量，强调追求产业规模、市场占有率等数量型指标的增长，体现的是量的积累，能够为经济高质量发展提供坚实的物质基础和有力的技术支撑。总量大，意味着拥有庞大的资源和生产能力，拥有实现产业升级和技术进步的物质基础。提升质量，强调追求技术含量、创新能力、结构合理性、资源利用率等质量型指标的增长，意味着具有强大的创新内驱力和可持续发展能力。从二者关系来看，质的提升为量的增长提供持续动力，量的增长为质的提升提供重要基础，二者互为条件、相辅相成。

General Secretary Xi Jinping points out: “Economic development is a spiraling upward process; the ascent is not linear. When quantitative accumulation reaches a certain stage, it must turn to qualitative improvement. China’s economic development must also follow this law.” [2] When economic development reaches a certain stage, the industrial structure will shift from being dominated by resource-intensive and labor-intensive industries toward being dominated by technology-intensive, innovation-driven industries and the service sector. Building a modern socialist country in all respects sets new and higher requirements for the scale, quality, structure, and speed of economic development. It is necessary to coordinate the relationship between raising quality and expanding total volume.

习近平总书记指出：“经济发展是一个螺旋式上升的过程，上升不是线性的，量积累到一定阶段，必须转向质的提升，我国经济发展也要遵循这一规律。”经济发展到一定阶段，产业结构会从以资源密集型和劳动密集型产业为主向以技术密集型、创新驱动型和服务业为主导的方向转变。全面建设社会主义现代化国家对经济发展的规模、质量、结构、速度提出了新的更高要求，必须统筹好提升质量和做大总量的关系。

During the 14th Five-Year Plan period, China’s total economic output successively exceeded 110 trillion yuan, 120 trillion yuan, and 130 trillion yuan. This year it is expected to reach around 140 trillion yuan, and high-quality development has achieved positive results. The 14th Five-Year Plan is drawing to a close, and the 15th Five-Year Plan is being prepared and built up. It is necessary to unify the effective improvement of quality and the reasonable growth of quantity throughout the entire process of high-quality development, both continuously expanding scale and expanding total volume, and also focusing on raising quality and improving efficiency, promoting development that is of higher quality, more efficient, fairer, more sustainable, and safer.

“十四五”时期，我国经济总量连续突破110万亿元、120万亿元、130万亿元，今年有望达到140万亿元左右，高质量发展取得积极成效。“十四五”收官在即，“十五五”谋篇蓄势。要把质的有效提升和量的合理增长统一于高质量发展的全过程，既持续扩大规模、做大总量，又着力提升质量、提高效率，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。

(The author is a specially-appointed researcher of the Research Center for Xi

（作者系教育部习近平新时代中国特色社会主义思想研究中心特约研究员、北京航空航天大学马克思主义学院院长）

Online editor: Huihui

网络编辑：慧慧