The Central Politburo of the Communist Party of China discusses plans to strengthen industry self-discipline and prevent 'inside-type' malignant competition. Gain valuable insights into China's economic policies and priorities, including the cultivation of emerging industries and support for technological self-reliance. Stay informed on the latest developments in Chinese politics and the measures being taken to drive economic growth and innovation.
Sources:
https://news.ifeng.com/c/8bdeegTYfLk
https://www.thepaper.cn/newsDetail_forward_28245148
https://finance.sina.cn/2024-07-31/detail-incfyxcm5991703.d.html
https://news.ifeng.com/c/8bdfed1iXpX
Outline:
(00:00:00) Introduction
(00:00:44) Central Politburo: To strengthen industry self -discipline and prevent "inside -type" malignant competition
(00:02:49) Politburo meetings: prevent "inner curl-type" malignant competition, unblocked backward and low-efficiency capacity withdrawal channels_ Financial upstream and downstream
(00:05:03) Central Politburo: It is necessary to increase residential income multi -channel
Simply Politics, from China
China’s Economic Priorities and Strengthening Industry Self-Discipline
The Central Politburo of the Communist Party of China discusses plans to strengthen industry self-discipline and prevent 'inside-type' malignant competition. Gain valuable insights into China's economic policies and priorities, including the cultivation of emerging industries and support for technological self-reliance. Stay informed on the latest developments in Chinese politics and the measures being taken to drive economic growth and innovation.Sources:https://news.ifeng.com/c/8bdeegTYfLkhttps://www.thepaper.cn/newsDetail_forward_28245148https://finance.sina.cn/2024-07-31/detail-incfyxcm5991703.d.htmlhttps://news.ifeng.com/c/8bdfed1iXpXOutline:(00:00:00) Introduction(00:00:44) Central Politburo: To strengthen industry self -discipline and prevent "inside -type" malignant competition(00:02:49) Politburo meetings: prevent "inner curl-type" malignant competition, unblocked backward and low-efficiency capacity withdrawal channels_ Financial upstream and downstream(00:05:03) Central Politburo: It is necessary to increase residential income multi -channel
- Duration:
- 7m
- Broadcast on:
- 31 Jul 2024
- Audio Format:
- mp3
Good morning, and welcome to Simply Politics from China. It's Wednesday, July 31st. On today's show, the Central Politburo aims to strengthen industry self-discipline and prevent inside-type malignant competition. Plus, discussions on preventing inner-curl-type malignant competition and unblocking backward and low-efficiency capacity withdrawal channels. This coverage and more, up next. I'm David, and you're listening to Simply Politics from China. We start off with news from China, where the political bureau of the CPC Central Committee recently held a meeting to analyze the current economic situation and plan the economic work for the second half of the year. The meeting, presided over by General Secretary of the CPC Central Committee, Xi Jinping, also reviewed the several provisions on rectifying formalism to reduce the burden on grassroots. Here to discuss this further is our correspondent, Celeste. Can you tell us more about the key points from this meeting? Certainly, David. The meeting emphasized the need to cultivate and strengthen emerging and future industries. This includes promoting high-level scientific and technological self-reliance and self-improvement, tackling key core technologies, and encouraging the transformation and upgrading of traditional industries. And what about the development of Gazelle and unicorn companies? The meeting underscored the importance of supporting the development of these fast-growing companies. Gazelle companies are high-growth firms that have been increasing revenues by at least 20 percent annually for four years or more, while unicorn companies are privately held startup companies valued at over $1 billion. The aim is to foster a more vibrant and competitive business environment. The term "involution" was also mentioned. Can you explain what that means in this context? "Involution" refers to a form of vicious competition where companies or industries continuously push for higher performance or output without substantial progress or innovation. The meeting stressed the need to prevent such competition and instead strengthen industry self-discipline. And what about the market mechanism of survival of the fittest? The meeting highlighted the need to strengthen this mechanism and clear the exit channels for backward and inefficient production capacity. This essentially means encouraging competition and innovation while phasing out industries or companies that are not efficient or competitive enough. It's clear that the CPC Central Committee is taking a proactive approach to managing the country's economic situation. And in line with that, the political bureau of the CPC Central Committee recently held a meeting to analyze the current economic situation and plan the economic work for the second half of the year. The meeting emphasized the need to cultivate and strengthen emerging and future industries, promote high-level scientific and technological self-reliance and support the development of gazelle and unicorn companies. Here to discuss this further is our correspondent Bella. Can you tell us more about the key points from this meeting? Certainly David. The meeting underscored the importance of fostering emerging and future industries. This includes promoting high-level scientific and technological self-reliance and self-improvement, tackling key core technologies and encouraging the transformation and upgrading of traditional industries. And what about the development of gazelle and unicorn companies? The meeting highlighted the need to effectively support the development of these fast-growing companies. Gazelle companies are high-growth firms that have been increasing revenues by at least 20% annually for four years or more, while unicorn companies are privately held startup companies valued at over $1 billion. The aim is to foster a more vibrant and competitive business environment. The term "involution" was also mentioned. Can you explain what that means in this context? Involution refers to a form of vicious competition where companies or industries continuously push for higher performance or output without substantial progress or innovation, the meeting stressed the need to prevent such competition and instead strengthen industry self-discipline. And what about the market mechanism of survival of the fittest? The meeting emphasized the need to strengthen this mechanism and clear the exit channels for backward and inefficient production capacity. This essentially means encouraging competition and innovation while phasing out industries or companies that are not efficient or competitive enough. It's clear that the CPC Central Committee is taking a proactive approach to managing the country's economic situation. And to dive deeper into this, the political bureau of the CPC Central Committee recently held a meeting to analyze the current economic situation and plan the economic work for the second half of the year. The meeting, presided over by General Secretary of the CPC Central Committee, Xi Jinping, emphasized the need to expand domestic demand, boost consumption, and benefit people's livelihood. Here to discuss this further is our correspondent, Abi. Can you tell us more about the key points from this meeting? Certainly, David. The meeting underscored the importance of focusing on boosting consumption to expand domestic demand. The economic policies should primarily benefit people's livelihood and promote consumption. This includes increasing residents' income through multiple channels and enhancing the consumption ability and willingness of middle and low-income groups. And what about service consumption? Service consumption was identified as an important starting point for expanding and upgrading consumption. The meeting emphasized the need to support consumption in various areas such as culture and tourism, elderly care, child care, and housekeeping. And what about the role of private investment? The meeting highlighted the need to further mobilize the enthusiasm of private investment and expand effective investment. This is seen as a key strategy to stimulate economic growth and development. It's clear that the CPC Central Committee is taking a proactive approach to managing the country's economic situation. Thanks for that report, Abi. And with that, we wrap up our stories for today. Thanks for listening to Simply Politics from China. We'll see you back here tomorrow. [MUSIC] [BLANK_AUDIO]