new kinetic energy for the development of china's real economy
author: zhong wei, zhang bin, zhong zhengsheng
hobbled by the subprime mortgage crisis and the covid-19 pandemic，the global economy has slowed down amidst turmoil，and globalization has encountered challenges. meanwhile，china's economy is accelerating its structural transformation and high-quality development，with a synergistic domestic-international dual circulation，and a gradual switch between old and new kinetic energy. following the global economic recovery led by china's economy in 2020，china has adopted a more moderate macro policy in 2021，and the economic growth rate has gradually returned to about 6%. at a roundtable discussion organized by china forex，zhang bin，deputy director of institute of world economics and politics，chinese academy of social sciences，and zhong zhengsheng，chief economist of ping an securities，shared their opinions on new kinetic energy for the development of china's real economy. the conversation，which follows in edited form，was moderated by zhong wei，china forex deputy editor.
zhong wei: welcome both of you to this roundtable discussion. the rise of new kinetic energy is eye-catching. for instance，the new energy industry such as photovoltaic and wind energy has made considerable technological progress. in addition，the electric vehicle industry is witnessing the burgeoning electrification，intelligence，and networking of automobiles. there are also many highlights in the biopharmaceutical field. in this context，which areas of the real economy do you think are really changing? what fields in the real economy are really changing in your view? what is the prospect of the changes in terms of competitiveness and sustainability?
zhang bin: since the reform and opening up，china's manufacturing industry has been upgrading step by step，from the rural industry in the 1980s，to the labor-intensive light industry in the 1990s，to the capital-intensive heavy industry in the first decade of the 21st century，and to the professional knowledge- and technology-intensive industry today，which is in line with the general law of industrial upgrading in other countries.
