Institute and vice president of the China Society of Economic Reform
Structural reform on the supply side and the macro adjustment to the demand-side can be done at the same time.
While we must push forward with reforms continuously, whenever there are econom
ic fluctuations, it is still necessary to take some macro-control measures.
That’s what developed countries and market-economy countries have done to stabilize their economies over the years.
We can’t hold back some necessary adjustment me
asures on the demand side just because supply-side reform fails to see results. We need action on both sides.
When we discuss reforms, don’t forget that if the reform isn’t rolled out amid a stable develop
ment environment and the economy doesn’t move at a stable growth level, it will be hard to advance many reforms.
Huang Yiping, deputy dean of the National School of Development of Peking University
pinnacle. Since the end of the 1980s, he had made his voice heard constantly and had been labeled the “CPC veteran cadre + CPC critic.”
As a representative figure among veteran outspoken officials, he was hailed among Chinese liberals and Western public opin
ion. Among his propositions, the most famous was opposing the construction of the Three Gorges Dam.
Looking back on Li’s life, the prime of his life was embedded in the wave of the Chinese Revolu
tion and the country’s early development; he suffered a lot during that period of time.
In his later years, he participated in the creation of a special type of “veteran cadre + critic.” Stronger opinion was not at al
l unusual in those years, but the label of a retired official helped increase the gravity of Li’s voice and consolidated his stance.
Li’s later years were a success from another perspective as well. He had been enjoying a
generous pension and lavish benefits after retirement until he died in Beijing Hospital.
While benefiting from the privileges the state provided, he was also supported by China’s do
mestic anti-establishment forces and some Western powers. He was one of China’s least lonely old men and veteran cadres.
It should be noted that Li in his later years became a symbol of the diversificat
ion of Chinese society. Considering the meaning of this symbol, different conclusions can be drawn.
Supporters may hold that he had added a voice and more importantly a “scarce voice,” while
opponents would argue that he had become a tool for hostile and unfriendly forces to attack the Chinese system.
Li’s later years demonstrated a special way of boycotting China’s mainstream path. Such a role played by him may reflect various value judgments.
According to the latest data released by the State Administration of Foreign Exchange, China’s tourism trade deficit reached $237.4 billion in 2018, an increase of $21.4 billion over the prev
ious year. While the record high figure reflects the growing scale of outbound tourism consumption by domestic residents, it remains qu
estionable whether the domestic demand is so strong that it even caused the record outbound tourism consumption.
However, by analyzing relevant reports and statistics, I believe some of the figures about China’s tourism industry may
be dodgy, which could therefore be misleading for investment decision-making and should be clarified.
According to the preliminary statistics of the China Tourism Academy, Chinese travelers made 140 million outbound trips in 2018, up 1
1 million from 129 million in 2017. To a certain extent, the steady increase in the number of Chinese o
utbound trips indicates that the consumption is still growing and not falling.
But the important question is how many people actually traveled abroad
out of the 140 million outbound trips. According to the Annual Report of China Outbound Tou
rism Development 2018, Chinese trips to foreign countries and regions accounted for about 33.3 percent of total out
bound trips in 2017. Assuming that the ratio remained unchanged in 2018, then the number of trips to foreign c
ountries and regions came to about 46.67 million. Again assuming that half of the people who went abroad on av
erage twice last year, then the number of Chinese who went to foreign countries and regions was approximately 31 million.