Injured shareholders can go to the Sina shareholder rights protection platform to register for the company’s rights protection: http://wq.finance.sina.com
According to the Financial Associated Press on March 16 (Editor Shi Zhengcheng), xAI, which is in the state of "tear down and rebuild", seems to have regarded financial intelligence as one of the focuses of development in the next stage, trying to grab a piece of the pie from competing products such as Anthropic and OpenAI.
As of press time, xAI has posted at least 20 expert recruitment positions in the financial field on its official website, covering positions in securities research, macro research, corporate finance, quantitative trading, cryptocurrency, etc. These experts are expected to "teach" Grok artificial intelligence how to perform financial modeling by providing a series of data, as well as engage in specific work in various financial segments.
Taking "Equity Research Specialist" as an example, the job description states, "You will leverage your deep expertise in capital markets, fundamental analysis, financial modeling, valuation and investment research to create a training environment that simulates the real world and provide high-quality model evaluation, accurate data annotation and detailed input to train and optimize our AI models."
To put it simply, this position mainly provides learning materials for AI, aiming to improve AI’s ability to write stock research reports. xAI requires applicants to have at least 2 years of buy-side or sell-side equity research experience with clear industry coverage responsibilities.
Similarly, “crypto market experts” are required to provide annotations, annotations, evaluations, and expert reasoning across text, voice, and video multimodalities to support model training and benchmarking.
According to a report from the Financial Associated Press last week, as 9 of the "11 Arhats" who co-founded xAI with Musk have left, the world's richest man admitted that xAI is in a state of reconstruction. He also hired two senior employees from the well-known AI programming company Cursor last week to initially show the company's next direction.
As worries about an AI investment bubble are rampant, top developers are increasingly focusing on exploring business opportunities in professional fields. Among them, the financial field with both willingness to pay and ability has become a "must battleground" for military strategists. Both Anthropic and OpenAI have released tools designed to simplify financial work such as market analysis and research reporting, and have even triggered panic selling by traditional software vendors.
For xAI, there is an urgent need to establish revenue growth points. Although the company was valued at $250 billion when it merged with SpaceX last month, most of xAI's revenue so far has come from related transactions in Musk's other ventures, including Tesla and SpaceX.
Returning to the topic of this article, industry elites who are about to apply for xAI’s “financial expert position” will face the leadership of a high school graduate.
It is reported that the person in charge of xAI’s training data is Diego Pasini. Information shows that Pasini received his high school diploma in 2023 and then entered the University of Pennsylvania to study computer science and economics. He entered the company after winning the "hackathon" organized by xAI in January 2025.
At a staff meeting last month, Pasini said that one of the current bottlenecks in developing Grok is training data. Currently Grok relies heavily on data from social network X.
【Observation and thinking】
Authors: Jian Xinhua and Nie Changfei (respectively special researchers of Jiangxi Provincial Research Center for Theoretical System of Socialism with Chinese Characteristics, special professors of the School of Economics and Management of Nanchang University, and associate professors of the School of Economics and Management of Nanchang University)
Insufficient effective demand is one of the main reasons for the increasing downward pressure on the economy. To maintain the necessary economic growth rate, we must effectively expand effective demand and reduce the downward pressure on the economy. The "Outline of the Fifteenth Five-Year Plan for National Economic and Social Development of the People's Republic of China" emphasizes "adhering to the strategic basis of expanding domestic demand and adhering to the close integration of benefiting people's livelihood and promoting consumption, investing in things and investing in people." Proposing that "investing in things and investing in people are closely integrated" is an important innovation and development in the investment theory and practice of the socialist market economy. It is of great significance for expanding effective domestic demand, enhancing development momentum, stabilizing economic growth, promoting high-quality development and Chinese-style modernization, and promoting common prosperity and comprehensive development of people.
To engage in production and business activities and develop the economy under market economy conditions, investment is necessary, because only through investment can we obtain the human and material elements needed for production and business and economic development. The main entities of investment include enterprises, individuals and governments. The investment purposes and roles of different investment entities are not exactly the same. Enterprises and individuals invest mainly to obtain maximum returns, and government investments also need to obtain returns, but mainly to provide public goods and services to society. In general, all reasonable investments can increase market demand, expand production, and promote economic development. However, judging from the types of production factors obtained through investment and the roles they can play, investment can be divided into two categories: investment in things and investment in people. The functions of these two types of investments are not exactly the same, and the relationship between these two types of investments will also affect the overall effect of investment.
The so-called investment in things refers to the type of investment that obtains all production factors except people through investment, including the purchase of production materials, technology, information and other material conditions for production, operation and research and development. Investing in materials can not only provide necessary material and technical conditions for enterprise production and operation and social and economic development, but also expand investment demand, enhance economic growth momentum, promote the development of related industries, and promote economic growth.
The so-called investment in people refers to the type of investment that obtains human elements through investment, such as investment in hiring various types of labor, developing various types of education including vocational training, and improving medical and health care levels. Investing in people can not only provide decisive human elements for enterprise production and operation and economic and social development, but more importantly, it can improve the quality and ability of the labor force, promote high-quality full employment, increase labor income, thereby increase consumer demand with purchasing power, boost consumption, better promote the development of related industries, and promote economic growth. Investing in people is more reflected in investing in people's livelihood, which can better implement the people-centered development concept, promote common prosperity and the all-round development of people, and is also conducive to maintaining social stability and creating a better social environment for further economic development.
Investment in things and investment in people are indispensable, closely related, and interdependent, and have certain quantitative proportions and structural characteristics. Under different economic conditions, the quantitative proportions and structural conditions of the two may be different. If the relationship between the two is properly handled, they can complement each other and complement each other; otherwise, they may be out of proportion and structurally unbalanced.
The close integration of investment in things and investment in people emphasizes the overall planning, coordination, appropriate quantity and proportion, and reasonable structure of these two types of investments. Only by continuing to invest in things and people at the same time can production and business activities be sustained, and the economy and society can continue to develop; only when investment in things and investment in people meet actual needs, have a coordinated quantity and proportion, and have a reasonable structure will there be no waste of resources, the investment effect can be improved, and the economy and society can develop with high quality.
Comparatively speaking, investing in things brings results quickly and is more direct and obvious. For example, investing in cutting-edge new machinery and technology, cheap and high-quality new energy, better raw materials, high-quality seeds, important data and information, etc., often results immediately; investing in people brings results relatively slowly, and is not particularly direct and obvious. For example, investing in education and training to improve people's scientific and cultural quality, investing in improving medical care to improve people's health quality are difficult to achieve immediately. Even investing in hiring elite talents in science and technology and management will take a period of time and process before their outstanding role in production, operation and economic development can be played and revealed. From an enterprise's perspective, the internal positive effect of investing in things is greater and the external positive effect is relatively small; the internal positive effect of investing in people is not necessarily small, but the external positive effect is definitely greater, because the improvement of people's quality and ability is beneficial to society and enterprises. In addition, enterprises invest in robots and automated equipment to replace labor and use more "things" instead of more people, which can greatly reduce labor costs and improve labor productivity, making the individual labor time of the enterprise lower than the socially necessary labor time, thereby obtaining excess returns. This results in people tending to place more emphasis on investing in things. In fact, investing in people is more fundamental and important than investing in things, because things are created, invented, produced, and used by people. From a long-term and fundamental perspective, more attention should be paid to investing in people.
Our country is currently facing increasing downward pressure on the economy and insufficient effective demand. The reasons are multifaceted. In addition to insufficient growth momentum in the world economy, severe challenges to the international economic and trade order, and more complex and fierce international competition and the game of great powers, traditional industries need to be further transformed and upgraded, some key core technologies are controlled by others or have shortcomings, and modern industrial systems need to be further constructed. These are also important factors. To overcome these difficulties and challenges, we must "promote the formation of more economic development models that are dominated by domestic demand, driven by consumption, and endogenously grown." This also means that investment in materials and investment in people must be closely integrated, the direction and field of investment should be optimized, the investment structure should be improved, the quality and efficiency of investment should be improved, and high-quality development should be promoted. New means of production (labor materials and labor objects) and high-tech are important components of new productivity. It is necessary to increase material capital investment to obtain corresponding machinery and equipment, infrastructure, raw materials and technology. High-quality labor is also an important component of new productivity. The creation, production and use of high-tech and new means of production also require higher-quality and capable labor. Therefore, we must neither "emphasize things over people" nor "emphasis on people over things." We must closely integrate investment in things and investment in people. This will not only help better develop new productive forces, but also effectively expand investment demand and consumer demand, and enhance the driving force for economic growth.
Promoting the close integration of investment in things and investment in people not only involves a comprehensive balance in the investment field, but also involves a reasonable division of labor between government investment and corporate investment, which requires scientific judgment based on different situations.
Enterprise investment and government investment should have their own emphasis on investing in things and investing in people, and improve the overall effect of investment through scientific division of labor and cooperation. Enterprises engaged in production, operation and research and development require investment in both materials and people. In particular, they should not blindly pursue replacing people with materials. The government mainly invests in materials such as public infrastructure construction, basic scientific research, and major scientific and technological research. It also invests in people to improve various education levels, improve medical and health care, and improve social security.
The main tasks of investing in goods should be to optimize and upgrade traditional industries, cultivate and expand emerging industries and future industries, and consolidate and strengthen the real economy. The focus should be on reducing ineffective investment (to solve the problem of excessive ineffective supply), expanding effective investment (to solve the problem of insufficient effective supply), and overcoming key core technical difficulties, and realizing the renewal, transformation, optimization and upgrading of fixed capital in traditional industries. On the basis of consolidating and expanding existing advantages, new advantages can be formed by complementing the strengths and weaknesses of shortcomings.
Investing in people must focus on ensuring and improving people's livelihood, adhere to the strategic basis of expanding domestic demand, insist on benefiting people's livelihood and promoting consumption, promote high-quality and full employment, provide people with satisfactory education, improve the social security system, accelerate the construction of a healthy China, and steadily promote the equalization of basic public services Equalization, promote high-quality development of the population, while promoting more workers, more skilled workers, and more innovators, increase the proportion of residents' income in national income distribution, increase the proportion of labor remuneration in primary distribution, continue to effectively expand consumer demand, and enhance economic growth momentum.
"Guangming Daily" (page 11, March 17, 2026)
Guangming Daily, Beijing, March 16 (Reporter Qiu Yue) The "2025 Medical Security Development Statistical Express" released by the National Medical Insurance Administration on the 16th showed that as of the end of 2025, the number of people insured by my country's basic medical insurance reached 1,330.6814 million people, an increase of 4.06 million people year-on-year. The insurance participation rate was consolidated at 95%, and the insurance participation structure was more optimized.
According to the Statistical Express, in 2025, the total revenue and total expenditure of the basic medical insurance fund (including maternity insurance) will be 3,587.311 billion yuan and 3,000.938 billion yuan respectively. The basic medical insurance fund for urban and rural residents had revenue of 1.12264 billion yuan and expenditure of 1.065707 billion yuan.
The statistical report shows that in 2025, 7.215 billion people will enjoy outpatient benefits, a year-on-year increase of 25.51%, of which employees will enjoy outpatient benefits 3.849 billion times, a year-on-year increase of 30.28%; residents will enjoy 3.366 billion outpatient benefits, a year-on-year increase of 20.47%. 278 million people enjoyed hospitalization benefits, a year-on-year decrease of 3.40%, of which 85 million employees enjoyed hospitalization benefits, a year-on-year increase of 3.77%; residents enjoyed 193 million hospitalizations, a year-on-year decrease of 6.27%. The average hospitalization cost per time is 8,509.28 yuan, including 11,152.69 yuan for employees and 7,338.49 yuan for residents.
The Statistical Express shows that as of the end of 2025, there were 655,800 designated medical institutions with inter-provincial connections, including 241,800 designated medical institutions with inter-provincial connections and 414,000 designated retail pharmacies with inter-provincial connections. In 2025, 15.823 million hospitalization expenses will be directly settled across provinces across the country, and fund payments will be 162.005 billion yuan. The number of settlements will increase by 10.38% year-on-year, and fund payments will increase by 2.10% year-on-year; national outpatient clinics ( Including general outpatient clinics, outpatient chronic disease outpatients, and drug purchases in pharmacies), 292 million people were directly settled across provinces, and fund payments were 45.501 billion yuan. The number of settlements increased by 30.17% year-on-year, and fund payments increased by 26.21% year-on-year.
"Guangming Daily" (page 10, March 17, 2026)
Guangming Daily reporter Li Xiaodong and Zhou Hongshuang
A few days ago, the satellite communication training room of Chengdu Industrial Vocational and Technical College was busy. Under the guidance of industry instructors, students gathered around high-performance computers to focus on processing multispectral remote sensing images transmitted back from satellites in real time.
This is the first aerospace industry college jointly built by the school and Chengdu Guoxing Aerospace Technology Co., Ltd. among higher vocational colleges in the province. It also added satellite communications and navigation technology majors at the same time. Smart production lines have moved into campuses, and industrial instructors have entered classrooms—this is the epitome of Chengdu’s precise leadership of the “education supply-side” reform with the “industrial demand side.”
In recent years, Chengdu has carried out the actions of "optimizing and improving quality, establishing characteristic parks, empowering and increasing efficiency, and filling the parks with enterprises" in the city's national-level, provincial-level development zones and municipal-level industrial parks, striving to promote the industry to "build circles and strong chains." In order to meet the needs of industrial development, Chengdu promotes the optimization and adjustment of majors in municipal higher vocational colleges and promotes the precise adaptation of majors and industries.
The Education Working Committee of the Chengdu Municipal Party Committee commissioned a third-party organization to conduct professional evaluations and conduct a panoramic diagnosis of all 162 enrollment majors in 4 municipal higher vocational colleges. This "diagnosis" is different from previous assessments. Instead, it links the government, industry, parks, enterprises, and colleges, aiming at Chengdu's key industrial chains of "building a strong chain" and creating the first "region-industry-professional" closed-loop indicator system. Among them, the dimension indicators of docking industries and docking parks account for 36%, the dimension indicators of school-enterprise cooperation account for 38%, the dimension indicators of service contribution account for 16%, and the dimension indicators of characteristic innovation account for 10%.
After multiple rounds of demonstrations, Chengdu's four municipal higher vocational colleges closed and merged 25 majors such as business English, upgraded 27 majors such as mechanical manufacturing and automation, and added 13 urgently needed majors such as drone surveying and mapping technology. The actual adjustment rate reached 40%, and more than 800 new students were enrolled in the urgently needed majors.
At present, the connection rate of majors in Chengdu's higher vocational colleges with the city's 17 key industrial chains has increased from 53% to 66%, and the connection rate with 35 industrial parks has increased from 59% to 67%. The four colleges and universities have jointly built 38 craftsman colleges and characteristic industrial colleges, 31 industry-education integration practice centers, and 51 order-based classes with enterprises such as H3C and Canop. It is estimated that by 2027, the major optimization and adjustment rate of Chengdu's higher vocational colleges will reach 88%, and the matching with key industries in the park will reach 100%.
Professional adjustment is not only an increase or decrease in quantity, but also a structural change. The reform is not limited to higher vocational colleges. Nowadays, the practice of integrating industry and education in colleges and universities is blossoming in Chengdu. Five companies including COFCO Biochemical (Chengdu) Co., Ltd. signed contracts with 5 universities including Chengdu University and Sichuan Agricultural University respectively, and appointed university professors as the company's "vice presidents of science and technology"; Chengdu University and Chengdu Economic Development Zone jointly built a "park-full" project for the automotive industry Station, a working group of 8 young doctors was established at the station, a total of more than 150 technical managers were trained, and 268 enterprises were founded by teachers and students. Chengdu Gongnong Electric Company jointly tackled key problems with professional teachers at the workstation and technical backbones of the enterprise, and the new process has begun to show results in reducing costs and increasing efficiency.
Chengdu supports municipal universities to focus on key industries such as new displays and intelligent manufacturing, and cooperates with 10 undergraduate universities such as Sichuan University and the University of Electronic Science and Technology of China and 12 high-quality enterprises in Chengdu to jointly build 4 industry-education integration practice centers. So far, these practice centers have provided vocational skills training for more than 30,000 cooperative enterprises, and provided enterprises with more than 60 services such as pilot maturation and technical consulting.
"Guangming Daily" (Page 8, March 17, 2026)
Guangming Daily, Beijing, March 16 (Reporter Chen Chen) All parts of the country have recently entered the critical period of spring irrigation preparation. The reporter learned from the Ministry of Water Resources on the 16th that as of March 15, 16 provinces across the country had started spring irrigation, with a total water supply of 4.9 billion cubic meters and an irrigated area of 57 million acres. Among them, 1,040 large and medium-sized irrigation areas have started irrigation, with a total water supply of 3.9 billion cubic meters and an irrigated area of 29 million acres.
At present, the total water storage capacity of key reservoirs across the country is 497.3 billion cubic meters, nearly 10% more than the same period in normal years. The water inflow from rivers is basically the same as the same period in normal years. Spring agricultural irrigation water is generally guaranteed. At present, the overall moisture situation across the country is good, the start time of spring irrigation in various places is generally later than last year, and the average irrigation amount per mu has decreased.
The Ministry of Water Resources has issued a notice to comprehensively deploy and guide detailed measures in various localities, coordinate water storage and conservation, water source dispatching, facility maintenance, water management, scientific irrigation and other tasks to effectively maintain the order of water supply; keep a close eye on potential risks, strengthen analysis and judgment, comprehensively study and judge crop structure, soil moisture, water demand, water resources allocation and water inflow forecast, etc., coordinate emergency response plans for drought relief, and consolidate the basis for ensuring water supply for agricultural production.
According to reports, since the beginning of February, spring irrigation work has been progressing in an orderly manner in various places. Winter wheat areas such as Hebei, Shanxi, and Shaanxi have successively opened gates to divert water and start spring irrigation operations to help winter wheat return to green and grow. The Yellow River Water Conservancy Commission of the Ministry of Water Resources will increase the discharge volume of the Xiaolangdi Reservoir to 1,350 cubic meters per second starting from March 1. The Yellow River irrigation areas in Shandong and Henan will store water in advance to prepare for the upcoming spring irrigation water peak. The southern rice region is accelerating farmland water conservancy maintenance in winter and spring, dredging and clearing obstacles, and repairing water damage projects to provide favorable conditions for ensuring the safe and smooth flow of spring irrigation water.
"Guangming Daily" (page 10, March 17, 2026)
Author: Gao Fan is a distinguished researcher at the Shanghai Research Center for Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, Dean of the Institute of Marxism at Fudan University, and Professor at the School of Economics
The "Outline of the Fifteenth Five-Year Plan for National Economic and Social Development of the People's Republic of China" lists "adhering to the combination of effective markets and effective governments" as one of the major principles that must be firmly grasped for economic and social development during the "15th Five-Year Plan" period, and proposes "the formation of an economic order that is both 'flexible' and 'well managed'." Forming an economic order that is both "flexible" and "well managed" is a practical issue proposed by our party regarding the relationship between the government and the market. It is an important achievement in understanding the regularity of economic development and an important guarantee for continuing to write a new chapter of the two miracles on the new journey. It is of great significance to deeply explore its background, connotation, characteristics and implementation path.
Deepening understanding of the relationship between government and market and its internal logic
Properly handling the relationship between the government and the market is the core issue of economic system reform. Since the reform and opening up, especially since the new era, the party has led the people to continuously deepen their understanding of the relationship between the government and the market through practical exploration and promote a better combination of effective markets and promising governments. The Third Plenary Session of the 18th Central Committee of the Communist Party of China proposed to "make the market play a decisive role in resource allocation and better play the role of the government." The report of the 19th National Congress of the Communist Party of China emphasized "making the market play a decisive role in resource allocation and better play the role of the government." The report of the 20th National Congress of the Communist Party of China proposed to "give full play to the decisive role of the market in resource allocation and better play the role of the government.", 2024 The Central Economic Work Conference in 2016 proposed that "it is necessary to coordinate the relationship between the effective market and the effective government to form an economic order that is both 'flexible' and 'manageable'." The "Recommendations of the Central Committee of the Communist Party of China on Formulating the 15th Five-Year Plan for National Economic and Social Development" adopted by the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China proposed "the formation of an economic order that is both 'flexible' and 'well managed'." The expansion of the role of the market and the government to the role of the market, the government and the economic order marks the deepening of my country's characterization of the relationship between the government and the market from focusing on the economic operating mechanism to covering the operating mechanism, process and results at the same time; from "making the market play a decisive role in resource allocation" to "giving full play to the decisive role of the market in resource allocation", which means The policy focus has shifted from the stage of building and improving the market system to the stage of fully releasing the inherent functions and effectiveness of the market system; from being both "flexible" and "managed" to both "flexibly liberalized" and "managed well", it reflects that the government's management of economic operations has expanded from a dimension focused on risk prevention and order stability to a coordinated dimension of overall development and security.
From a theoretical logic perspective, the relationship between government and market has always been a core topic in economics research. Western theory often oscillates between "state intervention" and "laissez-faire." For example, mercantilism emphasizes state intervention, Smith's "The Wealth of Nations" emphasizes liberalism, the German Historical School emphasizes state intervention, Marshall's "Principles of Economics" emphasizes liberalism, Keynes's "The General Theory of Employment, Interest and Money" emphasizes state regulation, and so on. This repeatedly swinging evolution process also shows that to understand the relationship between government and the market, we must go beyond the simple "dichotomy" framework and the "plate combination" paradigm, and focus on system integration and functional synergy.
From the perspective of historical logic, since the founding of New China, our country has created two miracles: rapid economic development and long-term social stability. The fundamental reason lies in adhering to the leadership of the party, giving full play to the advantages of the socialist system with Chinese characteristics, and continuously promoting the adjustment of the relationship between the government and the market. Especially after the reform and opening up, the relationship between the government and the market has undergone profound changes: the economic options of micro-subjects have continued to expand, the role of market mechanisms has become increasingly prominent, and the government's strategic planning, macro-control, and industrial policy capabilities have also continued to improve, forming a positive interaction between the government and the market that empowers each other, and constitutes an important institutional advantage for the continued advancement of Chinese-style modernization.
From a practical logic point of view, the "15th Five-Year Plan" period is a critical period for basically realizing socialist modernization and connecting the past and the future. It has achieved remarkable results in benchmarking high-quality development and significantly improved the level of scientific and technological self-reliance. There are still some aspects that need to be improved in the current economic system, such as strengthening the construction of a unified national market and giving full play to the potential of domestic demand. In the new era and new journey, only by further handling the relationship between the government and the market can we form an economic order that is more consistent with strategic deployment and key tasks.
The connotative characteristics of an economic order that is both “flexible” and “well managed”
Adhering to the combination of effective markets and promising governments is expressed from the perspective of concepts and methods; forming an economic order that is both "flexible" and "well managed" is expressed from the perspective of performance and results. The goal of combining an effective market and a promising government is to form an economic order that is both "flexible" and "well managed". The ultimate goal is to promote high-quality economic development and promote the economy to achieve effective qualitative improvement and reasonable quantitative growth. The connotation of forming an economic order that is both "flexible" and "well managed" can be understood from the following aspects:
"Let it go" emphasizes giving full play to the decisive role of the market in resource allocation. Its direction is to reduce the government's direct intervention in the market mechanism and strengthen the government's enabling role in market operation, thereby promoting a smoother flow of goods and factors, continuing to improve factor productivity and total factor productivity, stimulating the vitality of micro entities, and ultimately basing the underlying logic of economic growth on the continuous optimization of resource allocation efficiency. The development of my country's labor market provides a profound example of this. At this stage, my country's rural labor force mainly realizes large-scale non-agricultural transfer through migrant workers. This is essentially the market's response to the signal that "the labor productivity of the secondary and tertiary industries is significantly higher than that of the primary industry." However, there are still certain obstacles to the full flow of labor between urban and rural areas, regions, and industries, and the labor market has relatively obvious segmentation characteristics. In recent years, our country has continued to deepen reforms in related fields, eliminated institutional barriers to labor mobility, and empowered the market itself instead of directly allocating labor. This is the key practice of "liberalizing".
"Good governance" emphasizes giving better play to the government's role. The government's role is not only to make up for market failures and stabilize economic growth and social order, but also to provide strategic guidance and collaborative tools for economic operations based on overall and long-term goals. "Good management" not only means that the government can warn, prevent and respond to factors that may cause economic fluctuations, that is, "manage" possible risks in economic operation, but also means that the government can fully empower growth and leading factors, that is, "deduct" new growth points in economic operation. At this stage, my country's cultivation and expansion of new productive forces is closely related to its scientific and technological innovation capabilities. Scientific and technological innovation is a systematic project, which depends on the investment mechanism in the field of basic research and the transformation mechanism from basic research to applied research. Basic research is crucial to the self-reliance and self-reliance of science and technology, but it often has the characteristics of long cycle, large investment, high risk, and strong externality. It is necessary to give full play to the role of the government's "visible hand" and rely on the new national system to promote the development of basic research in an in-depth direction. At the same time, it relies on industrial policy, financial policy, and the integrated development of education, science and technology talents to improve the efficiency of basic research transformation. This has important practical value for my country to promote the construction of an innovative power and high-quality development.
Both "liberal release" and "good management" emphasize the dialectical unity and organic synergy of the roles of the government and the market. "Let loose" and "manage well" condition and empower each other. Only by "liberalizing" can we "manage well". Only when the market role is fully exerted and micro-entities are dynamic, can the government have stronger fiscal mobilization capabilities and a higher level of public product provision. Only by "managing it well" can it be "unregulated". Only by strengthening the public service function of the government can all kinds of micro entities form stable expectations for economic activities and create sufficient incentives for investment, innovation and consumption. As a country that implements a socialist system, has a very large economic volume and regional development differences, my country needs to simultaneously stimulate vitality and maintain order to achieve high-quality development. "Freedom" emphasizes that on the premise of strengthening top-level design, we should fully stimulate the initiative of local and market entities and promote economic development in accordance with local conditions. Chinese-style modernization is a modernization that brings prosperity to all people. "Good management" requires the government to better play its role and promote the economy to achieve a good combination of development, sharing and sustainability. The leadership of the Communist Party of China provides the fundamental guarantee for coordinating the relationship between the government and the market. Therefore, it is both realistically necessary and institutionally feasible for our country to form an economic order that is both “flexible” and “well managed.”
Practical requirements for forming an economic order that is both “flexible” and “well managed”
At the micro level, efforts should be made to deepen the market-oriented reform of factors. Deepen the reform of the household registration system, promote the citizenization of agricultural migrant workers, continue to improve the level of rural social security, and promote the spontaneous flow of urban and rural labor mainly based on price signals such as wages; deepen the reform of the rural land system, safeguard the land contract rights, homestead use rights, and collective income distribution rights of farmers who settle in cities in accordance with the law, explore ways to establish voluntary paid exit, and build a unified urban and rural construction land city market, improve the efficiency of land factor allocation; deepen the reform of the financial system, enrich the supply of financial products, strengthen the support of capital factors for various market entities, and reduce corporate financing costs; improve the data basic system, improve digital rights confirmation, pricing, transactions, governance and other institutional mechanisms, strengthen the enabling role of digital technology in resource allocation, and give full play to the positive role of digital technology in information docking and market expansion.
At the meso level, efforts are made to promote industrial transformation and upgrading. In order to achieve our economic and social development goals on the new journey, our country must promote the deep integration of technological innovation and industrial innovation, maintain a reasonable proportion of manufacturing, and accelerate the construction of a modern industrial system with advanced manufacturing as the backbone. This not only requires governments at all levels to play a guarantee role in basic research investment and market order maintenance, but also requires various enterprises to carry out product innovation and technological innovation according to changes in market demand. In this process, the synergistic promotion effect of promising governments and effective markets must be maximized. Accelerate the improvement of government performance assessment and incentive mechanisms oriented towards high-quality development, place employment creation, innovation achievements, urban-rural integration, total factor productivity improvement and other factors in a more prominent position, and encourage local governments to not only focus on short-term growth, but also strive to cultivate regional long-term competitiveness and build a regional economic ecology that is both dynamic and well-regulated.
At the macro level, we should give full play to the advantages of the socialist system with Chinese characteristics and uphold and improve the basic socialist economic system. Chinese-style modernization is socialist modernization led by the Communist Party of China. Our country’s promotion of economic development is essentially to serve the all-round development of people and the common prosperity of all people. To form an economic order that is both "flexible" and "well managed", we must always adhere to the leadership of the Communist Party of China, adhere to the socialist system, and give full play to the advantages of the socialist system with Chinese characteristics. In terms of strategic guidance and regional coordination, we rely on the organic combination of different types of planning to ensure the continuity and systematicness of development paths, and transform the top-level design of coordinated regional development into development practice through mechanisms such as industrial collaboration and counterpart support. At the same time, we must adhere to and improve the basic economic system based on development goals and changes in the times. In terms of ownership, we adhere to and implement the "two unshakable principles" to promote the complementary advantages and common development of various ownership economies; in terms of distribution systems, we insist on distribution according to work as the main body and the coexistence of multiple distribution methods, and build a coordinated and supporting institutional system for primary distribution, redistribution, and third distribution, and promote the formation of an olive-shaped distribution pattern; in terms of economic operation systems, we adhere to the socialist market economic system, improve the macro-control tool system, enhance macro-policy synergy, improve macroeconomic governance efficiency, and promote finance to better serve the real economy.
"Guangming Daily" (page 11, March 17, 2026)
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