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[Master's Lecture Series] Li Yining: Prosperity of the Nation and its People

Peking University, Oct. 28, 2014: On the afternoon of Oct. 10th, Master’s Lecture of Peking University was inaugurated at the Auditorium of Administrative Building. Professor Li Yining, Director of Office of Humanities and Social Sciences and Honorary Dean of Guanghua School of Management, gave his keynote speech entitled “Prosperity of the Nation and its People”.

This 84-year-old economist investigates economic issues throughout China every year. During his speech, Professor Li combined case studies with the history of Chinese economy and experience of other nations, expounding the approaches to prosperity of the nation and its people.

"A crucial turning point of Chinese economy came in 1979–the opening year of reform and opening-up policy.” Professor Li commented, “We were facing a period of structural and developmental economy transitions–a dual task. Since then, the experience for dual task has been enriched by practice. For example, we encourage self-innovation and industrial upgrading.” He also pointed out that urbanization will afford a golden opportunity for Chinese economy development.

From the perspective of history, he put forward that “structure” matters more than “quantity”:  "Compared with GDP (Gross Domestic Product), the structure of economy is more relevant to prosperity. Besides, as an important aspect of economical structure, human resources in our country is in need of adjustment.” 

Professor Li also stressed that bridging the income gap between urban and rural areas was in urgent need. “To compare the urban areas with rural areas in China, the former has the advantages in all three capital types–physical capital, human capital and social capital, which jointly create wealth,” he explained. Then, with his case study in Zhejiang Province brought forward,  Professor Li analysed the factors that impact the income in rural areas.

In addition, Professor Li  emphasized the essence of Chinese dream–the realization of the nation’s prosperity, rejuvenation and people’s well-being. “To realize Chinese dream, Chinese economy should seize opportunities in the new phase.”

Extended Reading:
Master’s Lecture, given by prestigious professors in humanities and social science, is a series of lectures concerning the 12 key words of core socialist values: prosperity, democracy, civility, harmony, freedom, equality, justice, the rule of law, patriotism, dedication, integrity and friendship. On May 4th, 2014, President Xi Jinping visited Peking University and urged young people to follow the core socialist values and foster them in society.

Written by: Meng Yiran
Edited by: Li Ruiqi
Source: PKU News (Chinese)