Fan Cong and Zhang Qiancheng: Shortage of Assets, National Wealth Orientation and High-Quality Economic Development

Release time:2020-06-10Author: Fan Cong and Zhang Qiancheng

After years of rapid economic growth and entering middle-income countries, asset shortage has become a typical fact in our country's economic and financial development. The shortage of assets is closely related to the "three imbalances" facing our country's economic operation, namely, the structural imbalance between supply and demand in the real economy, the imbalance between finance and the real economy, and the imbalance between real estate and the real economy. Based on the theory and reality of asset shortage, this article reveals the inherent logic and practical urgency of the economic operation mode to be oriented towards national wealth and the implementation of high-quality development. In terms of ways to alleviate the shortage of assets, this article gives relevant suggestions: 1. increase the supply of assets from the financial supply side to quell the problems caused by the shortage of assets and strengthen the ability of financial services to serve the real economy; 2. shift the economic operation mode from GDP-oriented to national-wealth-oriented in order to increase the quantity and quality of capital accumulation, thereby creating a richer and more sustainable future income stream. At the same time, the focus of the development of the financial industry is to provide high-quality assets while serving the real economy, strengthen wealth management functions, and provide value storage services. Therefore, we must promote high-quality development with new development concepts.