Mr. Wu Choukiao won the Chinese Economic Innovation award

"China economist Annual Forum and China Economic Theory Innovation Award (2010) Ceremony" was held at Renmin University on November 20, 2010. The above picture is liyining for Zhou Xiaochuan Award certificate.　　(Photo source: Sina Financial Liang) November 20 Afternoon news, the State Council Development Research Center researcher Mr. Wu, Chinese central bank governor Zhou Xiaochuan, China Construction Bank chairman Guo today won the Chinese Economic Theory Award for the overall reform theory. The reasons for the three winners are: The central government's overall reform of the economic system has not formed a plan since December 1978, when the Communist Party of China (plenary) was held in central China during the 12 plenary session of the CPC in October 1984. Economic reforms are largely local, piecemeal and spontaneous. In the 1985, there were some fluctuations in the process of China's economic operation, in view of the serious flaws of the single dash reform.　　Some economists, represented by Mr. Wu, are sceptical about whether they should continue along the direction of "decentralization" it is considered that the outstanding contradictions arising in the process of reform, or some negative consequences arising from the uncoordinated and incomplete reform, are related to the system of reform and not supporting. The remedy of this theory is to promote the matching reform, in order to invigorate the enterprise, establish and perfect the socialist unified market, and realize the transformation of the macroeconomic management mode, so that the main pillars of the new economic system are established quickly.　　They advocated the government to carry out the reform of the price-tax-money linkage set up the national unified market in the commodity circulation, and participated in the 1986 State Council leadership proposed "the price, the tax, the financial matching reform" The plan design work, becomes and "the Enterprise reform Main Line theory" advocated different "the whole reform theory" the main representative.　　The PBOC announced yesterday that it would raise the reserve requirement for deposit-taking financial institutions by 0.5% per cent, starting November 29, 2010, to tighten liquidity management and regulate the flow of money and credit appropriately. The announcement of the policy the day after the central bank governor Zhou Xiaochuan appeared at Renmin University, as the Chinese Economic Theory Innovation Award (2010) winners received the prize, aroused the media attention.　　But he did not talk about the issue today. He pointed out that China in the reform of the market economy theory Pareto Improvement, the income should let the common people realize, thus obtains the populace's support. China insists on gradualism in its reforms, but it is fast compared to many countries, and it does not, like shock therapy, emphasize the relationship between development and stability. It is a right choice to be resolute and master the reform of gradualism. (Yuanping from Beijing) The following is a transcript: Mr. Zhou: Ladies and gentlemen, good evening! First of all, I would like to thank the Chinese Economic Community for the attention, support and encouragement of our research, and to encourage and support the Chinese economic circles, as Mr. Wu said.　　I also thank the Organizing Committee for organizing today's event, which gives us an opportunity to accept this award. It should be said that the Mr. Wu teacher came here today to make a speech, butI can't figure out his situation, he asked me to accept the prize, I didn't have any preparation. I want to guess, what I am talking about here, I do not know before the king has two very good short film, Mr. Wu teacher has spoken, at the same time, the short film for you to introduce, the team has a large number of economists and practitioners in the middle make a great contribution, We thank him for his contribution and in-depth research to make the spirit of dedication, I think if I want to be able to speak, I hope to Mr. Wu teachers led by the overall reform of the theory of a simple comment. First of all, I think this theory emphasizes the transformation from the old centralized planned economy system to a socialist market economy system, which is a system of the whole, it is impossible to put together a thing to do, but the final system has a lot of interrelated content, so it is the system construction,　　Shows that reform and opening-up have integrity. The most typical change here bread contains the first thing we want to put together the advantages of the different economic systems we have seen are simple pieces together or the elements of a simple piece together, at the beginning, such as a combination of planned economy and market regulation, slowly accept that this reform is systematic, not only including different economic areas, Also further developed to the legal system, the development of the social system, such a reform of the preliminary and more systematic description is proposed in the short film, the party's 14 proposed the establishment of a socialist market economy system, 14 plenary in 1994 proposed the establishment of a socialist market economy, 50 basic framework,　　Basically reflects the concept of wholeness. 2nd, I would like to say that, since the transformation of the whole, it will involve what should be done first, which is done afterwards, how to do? Make the reforms as smooth as possible while achieving results while bringing benefits to the process. So this question becomes the problem of the optimal order, how should reform arrange the order of the various agendas, the optimal order is a very difficult topic, the pros and cons of each reform, as well as the benefits of reform, each of the constraints are not very clear, has a certain degree of ambiguity, and some problems exist in dispute,　　Therefore, in fact, the optimal order is very difficult to prove and design.　　The discussion of this question is beneficial, because the discussion of the optimal order makes it possible to achieve a suboptimal order in the end, rather than a poor order, which is also an important part of the study of the theory of holistic reform. The third part, I do not know that Miss Wu agreed to disagree, we discussed this issue, Pareto improvement issues.　　As we all know, the problem of optimal allocation of production factors in the market economy theory leads to Pareto optimality and optimal state is better known theoretically. From the perspective of reform and openness, in the process of reform, Pareto improvement can be achieved in a dynamic state. Pareto improvement makes it possible for the reform to bring more benefits to the whole population in the steps, that is, to get some of the income from the people, so that they can realize the reformCan, get the masses of people at all levels of cadres to support the reform. Of course, this approach also has a wide variety of content in research and argumentation.　　In short, China's reform and opening-up more than 30 years, and indeed in this regard has achieved success, not like the former Soviet Union and Eastern Europe, some reform, due to not be able to timely reform of the welfare, and even bring about the decline in GDP, so that the so-called reform fatigue, and also a lot of rebound in the mood Four, China insists on gradualism. Gradualism reflects that reform is a large system, and also a large system transformation, and requires a sequential arrangement, while in this process, Pareto improvement is needed. Therefore, the gradual reform has its intrinsic theoretical basis.　　In contrast, we have seen that in other countries there have been shock treatments, and that shock therapy can be a lot of evaluation compared to the present. I don't want to comment on this issue in a comprehensive way, I just want to say 3 aspects: 1, People's thinking changes, including residents and economists, but also policy decision-makers, the thinking of a process of change, there is a process of continuous understanding and transformation.　　There is a process of understanding and understanding the new system, whether it is a recognition of the old system or a new system. 2, involved in gradualism, although China said Gradualism, but we and many other countries in the reform and opening-up, in fact, we are relatively fast.　　So much progress has been made. Compared to some shock therapy, we don't seem to be doing as fast as they are, but the economic situation in this process is very different.　　Therefore, China has emphasized the interrelationship between development reform and stability in the past 20 years. 3. Supporting relationship. Reform requires a lot of mutually supportive relationships, and if the reform is not done well, it may be costly, less profitable and less likely to receive more support. Therefore, from these points of view, both resolute, while mastering the reform of gradualism is a correct choice.　　There are certainly a lot of contentious and specific issues to discuss here. The knowledge involved in the reform has been summed up as reform economics, and some have been summed up as the economics of transition. I personally introduced in the late 80 's the end of the world, especially the Hungarian economist on the reform of the academic quality of economic evaluation report. Since the reform to a certain extent to see the inefficiency of the old system, to move towards a new system to change, it is a lot of content is excessive, the study of many systems of interconnected and matching relationships are dynamic transformation process.　　After the time, and then look back, the study did not seem to be too high academic quality, at that time in the transition to the economics community generally have such a discussion. However, how to achieve the best or better in dynamic change is actually very learned, as is said in the academic, and dynamic programming content is similar. In order to deal with the problem of small sample, it is impossible to have a large amount of data to support the reform and the optimization of its coordination relationship, because the sample is notOften small, we saw in the late 70 of the system, to the 80 and 90 is not good to use, econometric methods can collect data, first of all to have a system of stability. If the system is unstable, the regression of sample is very big problem. The problem of how to make decision in small sample case is studied. In this connection, the reform economics must pay special attention to the horizontal comparison, the so-called comparative economics, I think Mr. Wu oneself in this aspect to do a lot of work, horizontal comparison, economic system comparison obtains a lot of material in the middle, but say it is not easy to draw very definite conclusion from the time series, can pay attention to obtain the theory from　　In the reform of economics, we pay attention to the change of thinking, because the change of thinking is indeed a very rich topic. The overall reform combines top-down reform with bottom-up push.　　Some of the reform, such as the early reform and Opening-up, the 1993 market Economy 50 basic framework, 1994 years of foreign exchange reform and tax reform, such as China's accession to the WTO and our banking system reform, these are the overall design top-down characteristics. We also have a lot of mobilizing the masses and launching grassroots government reform, which should be more organically combined. Some reforms are also intended to encourage and support the initiative of businesses and local governments to promote these reforms.　　For example, our rural reform, the development of a variety of ownership, this thing has a combination of the upper and lower. The first is to obey the practice test, finally from the practice, this reform is good or bad, is success or not successful? relate to the only criterion of practice in testing truth. In addition, in the great Power competition is also to promote reform and opening up, some places will take the lead to risk the implementation of reform and opening-up measures, in the process of showing the advantages of promoting the overall reform. The content also includes top-down reform and bottom-up reform. Reform of the body. The content also includes top-down reform and bottom-up reform.