On September 9th, the “Medium- and Long-Term Development” research group of the Development Research Center of the State Council released the latest research report in Beijing Fund Town—10 Years Outlook of China's Economic Growth (2018-2027): Medium-Speed ​​Platform and High Quality Development.

The Report proposed that the platform for China’s medium-speed economic growth has been initially established. It is expected that potential growth rate of China's economy will be less than 6% in the next decade, and GDP per capita will rise from the current 60,000 Yuan to about 130,000 Yuan.

Liu Shijin, Deputy Director of the Economic Committee of CPPCC, former Deputy Director of the Development Research Center of the State Council, Vice Chairman of the China Development Research Foundation, and Member of the Monetary Policy Committee of the People's Bank of China, made a keynote speech on behalf of the research group.

“According to international experience, medium-speed growth platform will probably last for 10 years or even longer after its formation for laying a stable foundation for achieving the development goals of 2020 and a longer period. The slowdown in economic growth is not a certainty that we will enter a high-quality development stage, we still need to overcome a series of problems and challenges,” Liu Shijin said. “After entering a high-quality development stage, opportunities such as metropolitan areas, innovation centers, and emerging industrial bases will spring up endlessly.”

Liu Shijin said in the lead of the Report: The third background factor for high quality development is the accelerated growth of the metropolitan area. China is in the process of urbanization. An important structural change in the recent two or three years is the acceleration of resources agglomeration including the population, especially young people, in the metropolitan area. According to relevant statistics, the cities with the largest population inflows in 2015 are Shenzhen, Beijing and Shanghai, and they are the core cities of the three metropolitan areas of the Pearl River Delta, Beijing-Tianjin-Hebei Urban Agglomeration and Yangtze River Delta. Concentrate on improving resource allocation efficiency, stimulating innovation, increasing income, and offering more employment and entrepreneurial opportunities. And these effects are the reason why agglomeration occurs and accelerates.