Improve supply efficiency, tap growth potential, and establish an incentive mechanism and policy platform for fair competition; It requires countries to adjust their own enterprise systems, enterprise organization and management, and enterprise innovation mechanisms to form a micro-foundation to adapt to globalization; It requires opening up domestic agriculture, high-tech industries, finance, telecommunications, logistics and other fields to develop global competitiveness.
In the current global competition, the continuous expansion of financial innovation and cross-border financial links has promoted the integration of global financial markets and the development of virtual economy, and brought globalization into a higher stage of development. Driven by multinational companies, cross-border mergers and acquisitions have become the main form of foreign direct investment; Multinational companies allocate resources on a global scale and develop global production and management networks, becoming an important force of "supranational" in globalization; Improving the operational capability of global integrated logistics and attaching importance to talents, knowledge management and innovation activities have become the key for modern enterprises to gain competitiveness. This series of changes has posed new challenges to the reform of economic management system and operation mechanism in various countries.
The Impact of Economic Globalization on China's Economic System Reform The impact of economic globalization on China's economy is mainly reflected in the system. Facing the new situation of economic globalization, rapid development of scientific and technological revolution, accelerated pace of international industrial structure adjustment and more intense international competition, it is urgent to accelerate the reform of China's economic system objectively.
(A) the impact of economic globalization on China's socialist basic economic system This round of economic globalization is still dominated by developed capitalist countries, which inevitably involves how to actively participate in the globalization process while maintaining and developing the socialist characteristics of China's market economy. In the era of globalization, capitalism is in the rising stage of globalization, and its internal contradictions will not disappear, but will continue to intensify and erupt in the process of globalization. Therefore, in the long run, socialism will revive rather than end in the globalization of capitalism.
The impact of globalization on China's basic socialist economic system is: firstly, it intensifies institutional competition, which will inevitably form pressure to further improve China's basic socialist system. In the absence of ready-made model and development experience for reference, it is urgent to insist that practice is the only criterion for testing truth and carry out institutional innovation from reality. Second, it intensifies the contradiction between efficiency and fairness, which will inevitably increase the pressure of social and economic instability and imbalance. This urgently requires us to speed up the reform of micro-foundation and property right structure, cultivate and develop a number of multinational companies with core competitiveness, and support and enhance the strength and ability of small and medium-sized enterprises to participate in globalization.
At the same time, establish and improve the public finance system, financial transfer payment system, social service and security system, especially the overall social security system, medical care system and social voluntary assistance system covering urban and rural areas; Establish a reasonable income distribution system, etc. Third, the competition for developing advanced productive forces is intensifying, which will inevitably form the pressure of comprehensive national strength contest. This urgently requires us to carry out scientific and technological innovation, speed up the adjustment of traditional systems, mechanisms and policies that constrain the development of advanced productive forces, and establish a basic economic system that is suitable for China's current level of productive forces and can meet the challenges of globalization.
Among them, accelerating the reform of science and technology education system is the basis of enhancing China's comprehensive national strength and competitiveness. The key points of China's scientific and technological innovation are: on the one hand, the scientific research achievements independently developed by foreign countries and China are effectively transformed into advanced productive forces, and innovative technologies are applied to transform traditional industries and develop emerging service industries; On the other hand, it is urgent to improve the civilized quality of the whole nation, including further improving the basic education system in China. At present, China's socialist market economic system is still not perfect, and social productive forces are still underdeveloped. To vigorously develop social productive forces and establish a basic economic system that can represent the fundamental interests of the overwhelming majority of the people, we must proceed from reality, give priority to enriching the people and strengthening the country, and make full use of all the achievements of the development of human civilization and the advanced productive forces created by developed countries to develop ourselves.
At the same time, we should maintain, develop and improve the socialist characteristics of China's market economy in the global system competition.
(II) Impact of economic globalization on perfecting China's market system The internationalization of the domestic market and the new changes in the internationalization of the international market brought about by economic globalization are bound to have a major impact on the further improvement of China's socialist market economic system, mainly in the following aspects: First, it has a major impact on China's socialist market economic system.
Economic globalization has expanded the boundary of market allocation of resources, enabling large enterprises to choose the rational allocation of resources in their own countries, regions and even the whole world; It has promoted the reform of micro-regulation on a global scale, and deregulation of government has become a major policy adjustment for countries to play the role of market mechanism; Shareholder capitalism is replacing corporate capitalism, which has prompted fundamental changes in the internal governance structure of enterprises in various countries and is bound to have a major impact on the rigid economic management system.
In order to adapt to the new situation of economic globalization, not only China's socialist market system needs to be further improved and opened, but also China's future system needs to have more flexible response ability and adjustment flexibility to the global change trend.
Second, it will have a significant impact on China's macro-control system. Participating in economic globalization and developing an open economy, any trouble in the international economic environment will be transmitted to the domestic economy through various channels, thus affecting the operation and stability of the domestic macro-economy.
The international action mechanism mainly includes:
(1) period. If the global economy slows down or even falls into recession, it will have a serious impact on domestic economic growth and development prospects through foreign trade, utilization of foreign direct investment, stock market, foreign exchange market and expectations for the future.
(2) the impact of the policy. Under the environment of economic globalization, the monetary, fiscal revenue and expenditure, interest rate, exchange rate policies and foreign trade policies adopted by developed countries, which account for a large proportion of the world economy, will all have an impact on China's macro policies through international transmission mechanisms.
(3) The influence of external shocks. Generally speaking, external shocks mainly affect the macroeconomic growth of China. In the process of structural transformation and major institutional adjustment in China, external shocks are likely to aggravate the instability of the domestic economy.
(4) the influence of the industry. When there is a great structural transformation in the world, the new international industrial division of labor system and industrial transfer, the competitive strategy adjustment of multinational companies and the wave of innovation will all have an impact on China's industrial policy and structural adjustment. This requires China to establish a new regulation system to adapt to the changes of globalization as soon as possible, and implement effective macro-control from the aspects of internal balance and external balance, short-term stability and long-term development, demand change and growth potential, so as to resist and eliminate the adverse effects of international economic changes on China's economy to the maximum extent.
Third, it has a great influence on the micro-foundation of China's economy. In the global environment, the international competitiveness of industries and enterprises will occupy a major position. To enhance the competitiveness of enterprises, it is necessary to create a more convenient entrepreneurial environment, more relaxed institutional conditions for enterprise innovation, a policy platform more conducive to fair competition of enterprises, and a micro-supervision system centered on improving the market competition environment.
At present, the competitiveness of western multinational companies has shifted to the stage of service economy, knowledge management and development of global management network system; Multinational companies in emerging market economies have also begun to shift their competitiveness to high value-added manufacturing, application and innovative technology industries, and provide supporting manufacturing, marketing and R&D for large multinational companies. Developing manufacturing industry with medium technology and medium added value, developing modern agriculture with high precision, high efficiency and diversified characteristics, and developing finance, telecommunications, logistics, professional services and high-tech industries have become the focus of China's next industrial restructuring.
In this case, China's strategy of "bringing in" and "going out" will be transformed into a comprehensive globalization strategy. This will pose a greater challenge to China's traditional microeconomic management system. Fourth, it will have a great impact on China's financial system. At present, financial integration has become a new driving force for the development of economic globalization. The rules system of trade globalization based on industrial civilization is changing to the direction of global financial market integration based on post-industrial civilization, which will lead to fundamental changes in the global economic system.
Under the condition that finance, technology and services have become the new means of international competition, how to establish an effective financial supervision system, improve the risk management market system including financial derivatives, develop the credit, settlement and information network system in line with international standards, effectively crack down on online fraud and crime, and speed up the construction of financial and information network infrastructure all pose new challenges to perfecting the socialist market economic system.
(III) Impact of economic globalization on China's development of an open economic system An important feature of this round of economic globalization is that the traditional import substitution system or export-oriented system has begun to turn to the establishment of an open economic system. Under the condition that China's socialist market economy is not perfect, developing an open economic system will undoubtedly set a new and higher benchmark for China's economic system reform. To adapt to the new situation of globalization, it is not only the basic requirement of WTO rules, but also the inherent requirement of market economy system to establish a non-discriminatory and fair competition incentive mechanism and market system suitable for domestic and foreign investment, domestic foreign trade and domestic and foreign-funded enterprises.
Judging from the general law of international development, the establishment of an open economic system first requires a relatively perfect domestic market economic system. This includes: an effective macro-control system, a unified big market with free flow of factors, a competition policy suitable for all kinds of ownership economies, and a relatively complete system of market order management rules. The higher the degree of integration of domestic market economy, the more effective it is to establish an open economic system. However, the development of China's open economic system is promoted under the imperfect domestic market economic system, which is undoubtedly a huge challenge. Developing an open economy in the global environment is more challenging than perfecting the market economy system in China.
From this point of view, the pressure and difficulty of economic system reform faced by China after its entry into WT0 even exceeded the reform and opening up in 1979. Therefore, on the basis of establishing and perfecting the rules of open economic system, we should study and formulate the reform strategy of open economic system in line with China's specific national conditions, development stages and long-term goals as soon as possible.
This includes: first, always grasp the principle that market opening cannot harm the fundamental interests of China; In a short period of time, it will not have an excessive impact on China's major industries, enterprises, employment and international payments; Don't endanger the bottom line of China's financial security, industrial security and system security, and make a good response plan. Second, on the basis of fully fulfilling the commitment of market opening, we should make great efforts to solve the main factors that hinder the development of China's social productive forces from the system. Including creating a fairer and more effective market competition environment and establishing an enterprise system with clear property rights; Formulate incentive mechanisms such as taxation, foreign exchange, credit and R&D support with supply efficiency as the core, and improve government functions with clear positioning, honesty and efficiency.
The third is to study and formulate the industrial support and protection policy system under the condition of open market economy. Make full use of the WTO's exception clauses, special safeguard clauses and corresponding special treatment clauses for developing countries, and support and protect its infant industries, basic industries and sensitive industries through legislative, administrative and social forces under the conditions of fulfilling commitments and respecting honesty. At the same time, through legislation, formulate the implementation, termination, rewards and punishments, revision and supervision procedures of corresponding support and protection measures, as well as the evaluation mechanism of these measures.
Fourthly, a macro early warning, monitoring and guarantee mechanism should be established to control the possible external shocks, internal uncertainty disturbances and risks in the process of medium and long-term structural transformation within a foreseeable range. At the same time, further improve the micro-risk management system, including establishing management tools to resist foreign exchange risk, asset risk, price risk and other risks. Fourth, the new requirements of economic globalization for China's economic system reform First of all, economic globalization requires us to speed up the transformation of government functions and management systems. In global competition, institutional competition is the first.
The transformation of government functions is an important part of establishing a soft institutional environment conducive to participating in economic globalization. This requires us to take the opportunity of joining WTO to return the rights and obligations that enterprises should enjoy as soon as possible; Transform government functions into providing public goods and services, and speed up the standardization and improvement of China's socialist market economic system.
At present, China's current government management methods and policies are not suitable for this requirement in many aspects. Including the fact that the dominant position of enterprises in the market has not been fully established, and protectionism in some localities and departments is more serious; The orientation of government functions is not clear enough, the phenomenon of absence and offside coexist, and the administrative management system and methods do not meet the basic requirements of coping with globalization in many aspects; Some new situations and problems in the market economy lack legal norms and guarantees, and the phenomenon of non-compliance with laws, lax enforcement and impunity in economic operation and management is still serious. If these problems are not adjusted, cleaned up and solved in time, it will seriously restrict the ability of China enterprises to cope with external competitive pressure.
Therefore, it will be a severe test in the next 5-8 years to accelerate the transformation of government functions and management system and establish a new market economy system that adapts to globalization. Secondly, economic globalization requires us to establish a new property right structure. To further improve the socialist market economic system, on the one hand, it is required to continue to adhere to the basic economic system in the primary stage of socialism, that is, to help consolidate and develop the basic economic system with public ownership as the main body and multiple ownership economies developing together at this stage in China; On the other hand, the ownership structure is required to be open, and the diversity and openness of the ownership structure should be adhered to on the premise of maintaining the dominant position of public ownership.
In the process of economic globalization, more foreign-funded enterprises will invest and set up factories in China and form various forms of joint ventures with more state-owned enterprises and non-state-owned enterprises. Therefore, only by constantly adjusting and perfecting the ownership structure and keeping the ownership structure open can we meet the needs of foreign enterprises investing in China in the process of economic globalization. In fact, the non-public economy, including foreign capital economy, is an important part of the socialist market economy.
Perfecting the socialist market economic system under the condition of open economy is not only conducive to accelerating the strategic adjustment of the layout of state-owned economy, giving full play to the leading role of state-owned economy in the national economy and developing various forms of collective economy, but also conducive to supporting, encouraging and guiding the healthy development of private, individual and foreign-funded enterprises, treating enterprises with different ownership equally and creating an equal competitive environment for the development of all kinds of enterprises. In addition to the important enterprises related to national security and economic lifeline should be controlled by the state, non-state-owned enterprises, individuals and foreign investors are encouraged to participate in the restructuring of state-owned enterprises in an appropriate way and form mixed-ownership enterprises.
Third, economic globalization requires us to establish a new macro-control system. In the global environment, we should further strengthen the state's macro-control of economic operation and relevant legislation, rectify and standardize the market economic order, avoid the negative impact of disorderly and vicious competition on economic development, and guard against economic and financial risks. Under the condition of open economy, it is more difficult, wider and heavier for the state to carry out macro-control over the economy. We should not only consider the needs of domestic economic development, but also consider the impact of changes in the international economic environment on the domestic economy, set macro-control objectives with a broader vision, further improve and strengthen macro-control means, and prevent and resolve changes in the international economic and financial situation.
May have adverse effects on the domestic economy, maintain the internal and external macroeconomic balance, and promote the healthy development of the domestic economy.
Finally, participation in economic globalization also requires the establishment and improvement of a market economic system that is in line with international standards, so that it can not only meet the requirements of the socialist market economy, but also be conducive to the development of an open economy. The difference between socialist market economy and other market economies mainly lies in the difference of basic economic system. Apart from the differences in the basic economic system, the socialist market economy has many similarities with other market economies in terms of economic operation mechanism and macro-control methods.
With the acceleration of China's reform and opening-up process and China's accession to the World Trade Organization, to further improve the socialist market economic system, we should not only further open the market, but also establish and improve a unified, fair, standardized and orderly national market system, and establish market economic rules that are in line with international standards in accordance with the basic principles of the WTO, so as to facilitate enterprises to participate in international competition and carry out international economic cooperation.
Verb (abbreviation of verb) Perfecting China's foreign-related economic system In the process of economic globalization, we must further reform and improve China's foreign-related economic system, including the foreign trade system, the utilization and expansion of foreign capital, the exchange rate system and the formation mechanism, the gradual opening of capital projects and the convertibility of RMB in accordance with internationally accepted rules.
First of all, in the reform of foreign trade system, according to the needs of China's social and economic development, structural adjustment and accession to the World Trade Organization, we will gradually reduce tariffs, reduce quantitative restrictions and standardize quota management, and implement national treatment for foreign products and services in accordance with the principle of non-discrimination. At the same time, learn from and adopt international standards, promote the construction of technical trade measures system, effectively implement inspection and quarantine and epidemic monitoring in health, safety, hygiene and environmental protection, and prevent harmful substances and organisms from entering the country through trade channels.
In view of the current trade protectionist measures in developed countries, we should further establish and improve anti-dumping, countervailing and safeguard measures, strengthen consultation and response to foreign anti-dumping and countervailing, and safeguard the legitimate rights and interests of Chinese enterprises in domestic and foreign markets. We will implement a foreign trade business qualification registration system and gradually liberalize the foreign trade business rights of various enterprises. At the same time, it is necessary to establish and improve the foreign economic and trade system and give play to the role of intermediary organizations. In order to meet the requirements of China's entry into the World Trade Organization, it is urgent to formulate and improve foreign trade laws and regulations, increase the transparency of foreign trade policies, and establish and improve a foreign economic and trade system that conforms to international common rules and China's national conditions.
Secondly, in the utilization of foreign capital, we should continue to focus on attracting foreign direct investment, further improve the policy of utilizing foreign capital, improve the investment environment, and gradually implement national treatment for foreign-invested enterprises. In accordance with the commitment to join the World Trade Organization, we will gradually open up the service fields such as banking, insurance, telecommunications, foreign trade, domestic trade and tourism, gradually implement national treatment for foreign-invested enterprises, and formulate a unified, standardized and transparent foreign investment access policy. Except for important industries or enterprises that are related to national security and economic lifeline, the restrictions on the ratio of foreign shares of other enterprises shall be lifted.
Encourage foreign investors, especially multinational companies, to participate in the restructuring and transformation of state-owned enterprises, invest in high-tech industries and export-oriented enterprises, promote the adjustment of China's industrial structure and improve the technical level, and actively explore various ways to promote the utilization of foreign capital and the reform of the property rights system of state-owned enterprises by means of acquisition, merger, venture capital and investment funds. Encourage policies to guide more foreign investment in the transformation of old industrial bases, infrastructure construction, ecological construction and environmental protection, mineral and tourism resources development, and the development of advantageous industries in the central and western regions.
We will continue to make rational use of loans from international financial organizations and foreign governments, and make good use of international commercial loans such as syndicated loans, financial leasing and export credit. Strengthen the full-scale management of foreign debt, strengthen the monitoring of foreign debt and short-term capital supervision, maintain a reasonable scale of foreign debt, optimize the debt structure, improve the borrowing and repayment mechanism with unified responsibilities and rights, and prevent debt risks.
Thirdly, implement the strategy of "going out", encourage powerful enterprises to invest and set up factories abroad, make full use of local resources and markets to develop transnational operations, promote the export of products, services and technologies, promote the outward transfer of domestic mature industries and excess production capacity, expand the space for economic development, and improve the ability of enterprises to adapt to the trend of economic globalization and actively participate in international economic cooperation.
Develop scarce domestic resources through overseas cooperation, promote domestic industrial structure adjustment and resource replacement, and provide necessary resource guarantee for long-term economic development. The implementation of "going out" strategy must be guaranteed and supported in system and policy. The key point is to establish and improve the service system for foreign investment, and provide necessary convenience and support in finance, insurance, foreign exchange, taxation, talents, law, information services, entry and exit management and other related fields. At the same time, it is necessary to improve the internal management mechanism of overseas investment enterprises, strengthen and standardize the supervision of foreign investment, and prevent the loss of state-owned assets and capital flight.
Finally, further reform and improve the foreign exchange management system and exchange rate system, steadily promote the liberalization of capital account, adhere to a single and managed floating exchange rate system based on market supply and demand, gradually improve the exchange rate formation mechanism, and implement a more flexible exchange rate policy to create conditions for the ultimate realization of full convertibility of RMB.
With China's accession to the World Trade Organization and the improvement of opening to the outside world, foreign financial institutions and investment funds such as banks and insurance will gradually enter the China market. The further reform of the domestic financial system and the continuous development of the capital market have also created the necessary conditions for expanding the use of capital investment. Gradually opening the capital flow under the capital account and finally realizing the free convertibility of RMB is not only the general trend of developing an open economy, but also the inevitable requirement for China's economy to integrate into the mainstream of the world economy.
Of course, the opening of the capital account also means that China's financial market will eventually become a part of the global financial market, and international financial markets and capital flows will spread to China more quickly, which requires further strengthening the monitoring and supervision of capital flows and implementing more flexible exchange rate policies to prevent and resolve financial risks.