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Constructing national economics with Chinese characteristics has significant implications, said Chen Yulu, president of Renmin University of China, at the first Forum on National Economic Management recently.

The forum was hosted by the School of Economics at Renmin University of China. The Report on National Economics (2015) was also released at the event.
 

Since the outbreak of the global financial crisis in 2008, many Western economists have turned their attention to developing countries such as China to better study their experience of national economic management. Currently, developing the science of national economic management with Chinese characteristics has become a common task of government and academic bodies. 
 

“The core task of universities is to cultivate professional talent, which mainly depends on the construction and development of national economics. Under new circumstances, constructing national economics with Chinese characteristics has significant implications for elevating economics,” Chen Yulu said.

Chen Zhang, a professor from the School of Economics at Renmin University of China, said that in order to revitalize national economics, it is necessary to chart a new development direction. “This requires a breakthrough from the point of addressing real economic problems and meeting development requirements, rather than debating abstract theoretical issues,” Chen Zhang added.
 

The report points out that domestic economic studies have been deeply influenced by mainstream US economics, and the formalization, instrumentalization and mathematicization of economics have caused the discipline to deviate from its original purpose. According to the report, national economics should reject and abandon these tendencies and explore the reasons and solutions of real problems instead of purely pursuing abstract mathematical modeling.

“National economics is an application-oriented discipline with distinct characteristics, and it should adhere to the characteristics in the process of systematization and standardization,” said Liu Rui, a professor from the School of Economics at Renmin University of China, adding that it require a full accounting of the operation and management experience in national economic development, while absorbing international experience.

Zhang Xiaojing, a research fellow from the Institute of Economics at the Chinese Academy of Social Sciences, said that national economic governance is a significant component, and summarizing experience is conducive to developing an economy with Chinese characteristics.
 

The experience mainly includes stressing strategic planning, finance and monetary policies that boost GDP, as well as stressing structural policies in the process of macroeconomic regulation and control, all of which should be studied in accordance with economic practices, Zhang noted.