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Seminar on “An Estimation of the New Economy’s Contribution to Economic Growth” Held in Beijing
 
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The Chinese economy has made great progress since the Reform and Opening-up. However, the factors that contributed to the rapid growth in the past three and a half decades are waning in influence, such as the population dividend, the institutional reform dividend, and other technical innovations and technical advances. The next phase of China’s economic development should focus more on internal, innovation-led, and structure reforms. This seminar was held on September 27th, at Unirule Beijing Office. Several experts including Professor SHENG Hong, Director of Unirule; Professor YAO Zhongqiu from Beihang University; Mr. LIANG Chunxiao from Ali Institute,; and Mr. WANG Junxiu from Institute of Scientific and Technical Information of China attended this seminar.

 

From the perspective of price and transaction cost, Professor SHENG Hong thought online retail was able to lower transaction cost, in the form of commercial transaction cost and that of consumers, and therefore, changing the lowered transaction cost into new sails revenue. In this way, the increase of online retail could contribute to the GDP growth. Professor SHENG Hong also introduced his methodology of estimating online retails’ contribution to the GDP growth.

 

Mr. LIANG Chunxiao thought there were three aspects of the New Economy’s contribution to growth: the first was price elasticity, as the prices lowered, transactions increased; the second was the expansion of the market as more commodities were transacted; and the third was that there were more buyers. He also pointed out that the infrastructure of the New Economy was of key importance, such as Cloud computation, the mobile Internet, and the smart end devices. 

 

Mr. WANG Junxiu separated the New Economy into two parts, one was the old information-based economy, and the other is the new information economy that was driven by data. What characterised the latter was its strong penetration backed by the immense data. And this type of economy has become the main part of the New Economy. 

 

Professor YAO Zhongqiu pointed out that the New Economy contributed to growth mainly because it facilitated more entrepreneurs to come about and start their business. Therefore, when the contribution of the New Economy was evaluated, pure amount was not sufficient but the quality of the growth should also be considered, that was, the New Economy allowed more people to become entrepreneurs.

 

Mr. HUANG Chaoda thought the New Economy mode solved issues such as the transaction cost, information asymmetry, and transaction efficiency.

 

Mr. YE Jianning thought the Internet was merely an instrument that increased efficiency. Whether it promoted to economic growth still took time to test.

 

 

Mr. YANG Tao though the Internet itself did not constitute the New Economy, but it provided merely infrastructure. The online retail was a form of doing conventional business on the new infrastructure and it did not differ much from the traditional way of transaction. Its advantage lay in the decreased unit cost of scaling. However, he didn’t deny that almost all industries and sectors had been hit and challenged by the Internet, including the law firms. Therefore, in light of this, two actions seemed to be rational, one was to build platforms, the other was to learn to survive the platformisation of business. At last, he emphasised the importance of the credibility of platforms.

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