To Achieve High-quality Economic Development by Improving Total Factor Productivity

On November 1, the research group of "China's Macroeconomic Situation Analysis and Forecast" at the Institute for Advanced Research of Shanghai University of Finance and Economics released their report for the third quarter of 2022 – Economic Development of China under the Background of Global Economic Downturn.

The research group made a systematic analysis on main risk factors of China's economy and suggested that we improve total factor productivity to achieve high-quality economic development. On the whole, positive factors in China's economic development have accumulated, while the foundation for economic recovery is not yet solid. So we are facing great pressure to achieve the annual economic growth target. According to the research group, in the medium to long term, China's economy will continue to enjoy benefits of the reform; we shall stick to the direction of market-oriented reform, steadily expand institutional opening-up and speed up the establishment of a high-level socialist market economy so as to achieve steady progress and high-quality development.