Nurturing specialized talent key task

Further efforts are expected to harness policy advantages to drive the growth of emerging industries and cultivate diverse trade relationships, amid challenges to boosting domestic demand and dealing with external trade tensions, experts said.

Central to this endeavor is the pivotal role of nurturing specialized talent to navigate these evolving tasks, experts added.

Their remarks were made during the launch ceremony of the School of Economics at the University of International Business and Economics on Saturday, held in Beijing.

Zhao Zhongxiu, president of the university, emphasized that this initiative aims to optimize the disciplinary layout in the field of economics within the university. By integrating relevant resources from the School of International Trade and Economics and the Institute of International Economy, the establishment of the School of Economics will lay a solid foundation for the university to achieve its goal of building a world-class institution.

"We aim to drive the development of the digital economy major, generating original achievements in fields such as digital economy and industrial upgrading," Zhao said.

He expressed the school's commitment to establishing a world-class theoretical economic innovation hub by 2035, nurturing a cohort of exceptional economists and top academic talent.

Justin Yifu Lin, former chief economist of the World Bank and dean of the Institute of New Structural Economics at Peking University, expressed confidence that the newly established school will become a vital platform for nurturing top economic talent and fostering cutting-edge economic theories, enhancing the role of China's economic scholars on the international stage, and contributing more Chinese solutions to global economic development.

Lin said China's economy will continue to rise, becoming the world's largest economy while maintaining rapid growth.

Lin added that China's economic growth should not only focus on quantity expansion, but also prioritize high-quality growth. Continuous technological innovation, industrial upgrading and the release of new quality productive forces are essential.

"In this process, monetary and fiscal policies can support entrepreneurs in innovation, investment and production," he said.

Pei Changhong, former director of the Institute of Economics at the Chinese Academy of Social Sciences, highlighted key areas where China can enhance its practices, such as intellectual property protections, carbon emissions management and services sector innovation.

"Furthermore, in the realm of international cooperation, China should actively engage in global economic governance, promoting the establishment of a just, fair and transparent international economic and trade rules system. Currently, the urgent task is to establish unified global digital trade rules.

"China can exert efforts in deepening cooperation with the least developed countries, improving regulations for China-Europe freight trains, promoting the internationalization of high-speed rail technology, among other multidimensional approaches, to share Chinese experiences to support the modernization of Global South countries and contribute to a global community with a shared future," Pei said.