About the Author
Zhao Zhong, Vice Dean and Professor, School of Labor and Personnel, Chinese Min University, Researcher of The Common Prosperity Research Institute;
Han Baojiang, Director and Professor of the Economics Department of the Central Party School;
Bai Chong'en, Dean and Professor, School of Economics and Management, Tsinghua University;
Li Shi, Senior Professor of Liberal Arts, Zhejiang University, Dean of the Institute of Sharing and Development;
Zeng Xiangquan is a Dahua Chair Professor at Chinese University and director of the China Institute of Employment Research.
Excerpt
On the afternoon of September 25, 2021, Chinese University held the inauguration ceremony of the Institute of Common Prosperity and the "Common Prosperity Forum".
Professor Zhao Zhong of the Institute of Common Prosperity of Chinese University made a report on "Solidly Promoting Common Prosperity in High-quality Development", discussing how the market and the government can work together to promote common prosperity.
Professor Han Baojiang, director of the Economics Department of the Central Party School, elaborated in depth on the nature of common prosperity.
Professor Bai Chong'en, dean of the School of Economics and Management of Tsinghua University, analyzed how to better reflect common prosperity at different distribution stages from the perspective of three distributions.
Professor Li Shi, senior professor of liberal arts at Zhejiang University and dean of the Institute of Sharing and Development, believes that the more critical issue of common prosperity is how low-income people can become rich.
Professor Zeng Xiangquan, Chair Professor of Dahua Chair at Chinese Min University and Director of the China Institute of Employment Research, made an in-depth discussion on how to promote common prosperity by improving process fairness.
First, the essence of common prosperity
Professor Han Baojiang, director of the Economics Teaching and Research Department of the Central Party School, mainly discussed three issues around the nature of common prosperity.
(1) What kind of problem is common prosperity?
Professor Han Baojiang believes that common prosperity is not a new topic, it is an old topic, but also an eternal topic. First of all, this is an old topic. Since the party led the people to seize political power and established the socialist system, common prosperity has been regarded as the fundamental goal of leading the Chinese people in economic construction and the construction of various undertakings. Chairman Mao Zedong first proposed the term "common prosperity" in 1955, saying: "Now that we are practicing such a system, we can move towards greater prosperity and strength." This wealth is the common wealth; this strength is the common strength, and everyone has a share. "The 70 years since the founding of New China are 70 years of achieving common prosperity, especially in the more than 40 years of reform and opening up, and China is steadily advancing on the road of common prosperity." Second, it's an eternal topic. According to the basic law of economic development, imbalance is absolute, and balance is relative, so common prosperity as a problem of economic equilibrium is a goal of continuous struggle.
(2) Common prosperity has the problem of explicit wealth and the problem of implicit wealth
Explicit affluence refers to the accessibility of income and property. People tend to focus only on explicit affluence, but pay little attention to the accessibility of public goods, that is, implicit affluence. Since the founding of New China, the obvious wealth and prosperity achievements of property and income accessibility have been remarkable. We are now able to create the richest people in the world with the largest Number of Forbes rankings, reflecting the strength, capabilities and potential of the Chinese economy. As a developing country, China's average life expectancy can reach more than 70 years, and Beijing, Shanghai, Jiangsu and Zhejiang can reach more than 80 years old, which represents the achievements of infrastructure construction such as public health care, social security and transportation networks, and the improvement of people's well-being. Therefore, to see wealth, we must see both explicit and implicit, as a socialist country, we should emphasize hidden wealth, and the accessibility of public goods should be significantly improved.
(iii) Common prosperity is first and foremost a question of productive forces, and then a question of distribution
Comrade Deng Xiaoping said in his 1992 southern tour speech that the essence of socialism is to liberate the productive forces, develop the productive forces, eliminate exploitation, eliminate polarization, and achieve common prosperity. This thesis fully embodies the organic unity of ends and means. Properly handling the inherently unified relationship between the development of productive forces and income distribution is the logical starting point for solving the problem of common prosperity. General Secretary Xi Jinping pointed out that it is necessary to promote common prosperity in high-quality development. Han Baojiang believes that for common prosperity, we must first make a big cake, then we must divide the cake well, and finally make a big cake and divide the cake with both hands and hard hands. In this sense, common prosperity is first of all how to make China's economic development have a continuous and long-term process, so that China's ability to make cakes has a sustained and long-term growth.
First, make the cake bigger. We must continue to unswervingly persist in taking economic construction as the central task. General Secretary Xi Jinping pointed out that the comrades of the whole party must fully implement the party's basic theory, basic line and basic strategy to better lead the development of the cause of the party and the people. Among them, the basic line is one center and two basic points, and taking economic construction as the center is still the only choice for achieving common prosperity and consolidating the material foundation of common prosperity. In addition, to make the cake bigger, we should also adhere to the priority of employment. Employment is the foundation of income, our society has always paid attention to hard work to get rich, we need to find a balance around full employment and economic growth, and we must have a reasonable economic structure.
Second, divide the cake. First of all, there must be a solid basis for ownership, because the means of production are the fundamental basis for determining distribution. Adhere to the dominant position of public ownership and the leading role of the state-owned economy, and even more to develop the private economy, which has made outstanding contributions to the national economy, to a higher level, and never let private entrepreneurs feel political, property rights and personal insecurity. At the same time, it is necessary to reform the distribution system and earnestly form a distribution system according to work that is inclined to labor and to front-line workers. In addition, it is also necessary to do a good job in secondary and tertiary distribution.
Second, better reflect common prosperity at different stages of distribution
Professor Bai Chong'en, Dean of the School of Economics and Management of Tsinghua University, mainly discussed how to better reflect common prosperity at different distribution stages from the perspective of three distributions.
(i) Primary distribution should pay attention to institutional mechanisms that affect both efficiency and equitable achievement
Professor Bai Chong'en stressed that at the level of primary distribution, it is especially necessary to understand that common prosperity is not the opposition between efficiency and fairness, but more importantly, the institutional mechanism issue affects the realization of efficiency and fairness at the same time.
First, for primary distribution to be both efficient and equitable, it is particularly necessary for the endowments of low-income earners to better realize their value. For example, the most important elements of farmer ownership are land and manpower. In terms of land, due to improper restrictions on the circulation of homestead land and land contracting rights, the efficiency of land use in rural areas is low. If the land contracting right can be more rationally circulated and large-scale production can be formed, agriculture can be more modernized, and it is more conducive to attracting agricultural management talents to make the land produce more value, create better employment opportunities for farmers, and make distribution arrangements, which can bring higher incomes to farmers. If farmers' homesteads are further converted into urban construction land indicators, it will also be easier for farmers to obtain housing in towns and cities and improve their living conditions. In terms of manpower, the unportability of public services restricts the flow of labor factors and prevents farmers from increasing their productivity by moving to the cities. If farmers have fewer obstacles to accessing the cities to work, they can get better public services in the cities, and improved housing conditions can also make the factors of labor that farmers have more fully realize their value.
Second, policy implementation needs to pay special attention to the alternative flexibility of labor and capital. There are some policies with particularly good intentions that hope to make low-income earners higher, but with the embedding of automation technology, labor and capital substitution are enhanced, and if labor costs are too high, enterprises will replace labor with more capital. In this sense, it is particularly necessary to pay attention to the substitution elasticity of capital and labor, if the substitution elasticity is large, then increasing labor remuneration will make many people lose employment opportunities, but it is neither efficient nor unfair, and the distribution is even more unreasonable.
Third, efforts should be made to form a more rational distribution of endowments. This aspect is education. A more equal distribution of human resource endowments is the fundamental guarantee of long-term common prosperity. Improving the educational conditions of rural left-behind children and migrant children is particularly important. The low professional quality of workers is not conducive to common prosperity. A system should be established to incentivize enterprises to recruit people without work experience, so that enterprises can provide vocational literacy training for employees on the job, which may be better than requiring schools to provide such education. On the other hand, carbon emissions, which used to be issued to power plants for companies to trade. But another option is to distribute it to consumers, which will incentivize consumers to reduce their use of energy and trade excess carbon emissions to increase their incomes, thus having a positive effect on income distribution.
Fourth, better competition policies are good for common prosperity. Certain industries or businesses have too high barriers to entry, limiting competition and being neither fair nor efficient. For enterprises with monopoly positions, it is necessary to improve supervision, not only to protect the innovation ability and enthusiasm of enterprises, but also to promote competition to improve efficiency and create employment opportunities.
(2) Redistribution should weigh efficiency and fairness
At the level of redistribution, there may be a greater tension between efficiency and fairness, but the tension caused by different measures may be different.
First of all, it is necessary to consider the soundness and perfection of the tax system, such as real estate tax, in the redistribution. In fact, China's wealth inequality is far greater than income inequality, and the most important of which is real estate. Professor Bai Chong'en believes that the taxation of housing outside a certain per capita area will not have a greater impact on efficiency, but also promote fairness, although the resistance to promoting may be greater, and efforts should be made to promote.
Second, social security also has a lot to do with redistribution. The social security system in some areas of net labor loss is heavily burdened, which prompts the government to expand the levy and further cause population loss, forming a vicious circle. Therefore, it is necessary to design a better high-level social security system. At the same time, however, regional disparities should also be taken into account, as a consistent national standard of treatment would result in inadequate security in areas with higher incomes and costs of living, while lower income areas would have a higher level of security than wages, resulting in premature retirement. Since rural land contracting rights and homesteads can play a role in social security, if these two are used to provide for the elderly, it will not be able to enter the market circulation, how to design a system that not only enables the effective circulation of elements but also ensures that social security is not weakened is an important research problem.
Finally, there is the issue of housing systems and redistribution. Because the land system makes local governments highly dependent on land finance, resulting in excessive land prices, which leads to an increase in the living burden of young people without houses in cities. The current situation is that the consumption growth rate of young people in first-tier cities is lower than that in second- to fourth-tier cities, which may stem from the difference in housing burdens. Therefore, a question worth considering is whether it is possible to liberate the spending power of young people in first-tier cities by providing more affordable housing.
(iii) The three distributions should be a system that makes the use of funds efficient
Three allocations, one of the key issues is to support the comparison of the advantages and disadvantages of certain expenditure items by encouraging donations and tax financing, because tax breaks are required to encourage donations. Professor Bai Chong'en believes that the reason why donated funds may be more efficient than the use of financial funds should be that donors have a deeper understanding of social needs, but to achieve this advantage, it is necessary to ensure that donors have the right to choose the direction of use of funds. If this advantage is not realized, taxation may be more institutionalized than pushing for donations. It is hoped that the three distributions will be a system that encourages innovation and the incentive to donate, while at the same time making the use of funds very efficient.
The key issue of common prosperity is low-income people
Professor Li Shi, senior professor of liberal arts at Zhejiang University and dean of the Institute of Sharing and Development, believes that if the gap between middle-income people and high-income people is not solved, the society cannot be called a common prosperity society. He talked about three questions about how low-income people can get rich.
(1) The situation of low-income people
Common prosperity should focus on the most critical issues, and the key problems of common prosperity may be the problems of low-income people. If we only narrow the gap between middle-income people and high-income people, we cannot make low-income people rich and truly realize a common prosperity society.
What is the status of low-income people in our country? First, the proportion of low-income people is significant. According to the division standards of the National Bureau of Statistics, 60%-70% of the population in China is a low-income group, and more than 95% of the rural population is a low-income group. Second, among low-income people, a significant proportion of people have lower incomes. According to CHIPS (China Household Income Survey) data estimates, there are about 100 million people in China who have a monthly income of less than 500 yuan. A monthly income of 500 yuan is equivalent to an annual income of 6,000 yuan, and last year's absolute poverty standard was an annual income of 4,200 yuan, and there is a very large group between 4,200 yuan and 6,000 yuan. Third, from the perspective of the trend of change, according to the optimistic calculation of Professor Li Shi's team, about 50% of the people will still belong to the low-income group by 2035. Fourthly, the problem of relative poverty is getting worse. Based on the rural relative poverty criterion, the incidence of relative poverty in rural areas increased by about 5 percentage points from 1988 to 2013. If you look at the relative poverty in rural areas by the national relative poverty standard, there are about 300 million people.
(2) The necessity and ideas for formulating minimum affluence standards
For such a large group of people, to make them rich, to increase their income as soon as possible, to enjoy better public services, to have more property accumulation, Professor Li Shi believes that there needs to be a minimum standard of wealth.
Generally speaking, there are three ways of designing indicators of common prosperity. The first line of thinking is to first clarify what common prosperity includes. Common prosperity is closely related to people's livelihood, so the most important thing is income, property and public service levels, three variables that directly affect the well-being of families and the living standards of individuals. When constructing indicators, on the one hand, there must be a horizontal indicator to measure wealth, and on the other hand, there must be a difference indicator to measure the degree of sharing.
The second line of thinking is the minimum affluence standard, that is, it does not consider the level and difference of the indicator, but only considers whether the lowest group of people meets the affluence standard. If everyone is above the minimum standard of affluence, it is considered to have achieved common prosperity, regardless of the gap in the number of people above the standard.
The third line of thinking involves the accessibility of some indicators. For example, like migrant workers enjoying social security in cities, about 60% of migrant workers are not guaranteed, and the accessibility of this dimension is relatively poor.
There are about three options for the minimum standard of affluence. Option 1, according to China's relative poverty standard, the minimum standard of affluence is set at 1/3 to 1/2 of the average. Specifically, it can be a little higher or a little lower, but if it is a multivariate indicator, not a univariate indicator. Programme II, compared with other countries on a global scale, requires income, property and public services to be between 1/3 and the average level of income, property and public services worldwide, according to the global relative poverty standard. Programme three, according to the criteria of relative poverty in developed countries. Because China's goal is to reach the level of moderately developed countries in terms of per capita GDP by 2035, the minimum standard of affluence can also be set by reference.
(iii) Focus on common prosperity to enrich low-income people
From the above perspective, how to achieve common prosperity? In general, the focus of common prosperity should be on enriching low-income people. It is necessary to continue to adhere to the reform and opening up, the scientific concept of development and the construction of a shared society, and initially build a common prosperity society after 30 or 50 years.
Specifically, there are a large number of problems to be solved in the area of primary and redistribution. It is necessary to give full play to the role of private enterprises and increase the relative wage level of private enterprises. Take practical measures to control the negative impact of monopoly industries on the widening income gap. So that the national income can be reasonably distributed among the government, enterprises, and residents. In general, the government's share is increasing, if the government's expenditure is divided into two categories, one is the people's livelihood, the other is the economic affairs expenditure, relative to the economic affairs expenditure, the government's proportion of the people's livelihood expenditure is seriously insufficient. On the one hand, this has caused the income growth of residents to be relatively slow, and on the other hand, it has also made it impossible for basic public services to keep up.
The above-mentioned problems in the areas of primary and redistribution need to be further resolved and improved. Through the formulation of minimum affluence standards, low-income people can get more attention and policy support.
Fourth, the important role of process fairness in common prosperity
Professor Zeng Xiangquan, Chair Professor of Dahua Chair and Director of the Institute of Employment Research at Chinese Min University, mainly discussed the issue of primary distribution. Okun's book Equality and Efficiency argues that a society should obtain the greatest fairness with the least loss of efficiency, or obtain the greatest efficiency with the least unfairness. He believes that there is now a misconception that primary distribution is about efficiency, and redistribution and tertiary distribution are about fairness. But the issue of equity in primary distribution also has to be on the agenda. The report of the Eighteenth National Congress of the Communist Party of China said that both primary distribution and redistribution should take into account efficiency and fairness, and redistribution should pay more attention to fairness.
(1) The three meanings of fairness: fairness of results, fairness of opportunity and fairness of process
Equity has three meanings – fairness of outcome, fairness of opportunity, and fairness of process. The first is fairness of results. Professor Zeng Xiangquan pointed out in the journal of Chinese min University that more attention should be paid to fair results and the construction of a social security system. Okun also said that the market cannot be allowed to rule the life and death of people. The social security system actually embodies such a value concept.
The second is equity of opportunity. The most famous theory is the Swedish scholar Muir Dahl's principle of cyclic cumulative causality – poverty is the cause of poverty, and rich is the cause of rich. The intergenerational transmission of rich and poor has been studied extensively in the economic community and is a complex and intractable problem. There are four important concepts in the social sciences, two of which relate to equity of opportunity and fairness of outcomes. One is equality, with an emphasis on opportunity. The other is equity, which emphasizes need.
The third is process fairness. Compared with fairness of results and fairness of opportunity, process fairness is easier to solve in China at present. Process fairness is the decision mechanism of income distribution, such as the compensation decision mechanism.
(2) Problems existing in process fairness
Achieving process fairness is not an empty phrase and a concept, but a set of logic and techniques.
First, the remuneration determination mechanism usually contains four quadrants of responsibility, ability, performance and market, and some of the current systems that determine wages solely on the basis of performance are unreasonable. The design of the position-based compensation system emphasizes two aspects of fairness: one is the internal fairness based on job evaluation, and the other is the external fairness based on market research.
Second, China's labor distribution rate is low. In traditional manufacturing, workers work long hours and have low hourly wage rates. In the Internet industry, the proportion of online ride-hailing platform companies and workers' shares lacks basis, and the platform is too high.
Third, there are a large number of non-staff personnel in public institutions, and the income gap between those in the public institutions and those in the staff is large. The salaries of different departments in the same unit also depend heavily on the income-generating capacity of the department, while the remuneration of civil servants is more linked to the financial situation of the local government.
Fourth, barriers to the transfer of social security for migrant workers have caused serious inequities. China's coastal areas have a large social security balance, and the pension is very high. However, the social security premiums paid by migrant workers when working on the coast cannot be completely transferred, resulting in very low pensions for farmers after returning to their hometowns.
(3) Recommendations for achieving fairness in the process
From the two aspects of the distribution relationship between capital and labor and the distribution relationship within the organization to explore how to promote common prosperity, Professor Zeng Xiangquan put forward the following five suggestions.
First, enterprises that donate enthusiastically in response to the slogan of common prosperity should first actively improve the protection of labor rights and interests related to the enterprise itself, fulfill the social responsibility of the enterprise, and put forward an effective plan for the fair distribution of capital and labor.
Second, reform the corporate governance structure, and the State-owned Assets Supervision and Administration Commission will manage the independent directors in a unified manner. The senior managers of some monopoly state-owned enterprises have the problem of abnormally high salaries and lack the constraints of the remuneration committee. The unified management of independent directors is conducive to the establishment of a well-founded enterprise remuneration distribution system.
Third, implement an audit system for the fairness of income distribution, and comprehensively sort out and evaluate the unfair problems in the field of primary distribution.
Fourth, promote scientific salary design, including job analysis, job evaluation, salary survey and performance management.
Fifth, in view of the historical problem that the social security of migrant workers cannot be carried and transferred, it is recommended to formulate a return method so that the social security paid by migrant workers can be returned after real-name authentication.
Fifth, solve the problem of insufficient and unbalanced development in high-quality development
Professor Zhao Zhong, deputy dean of the School of Labor and Personnel of Chinese University and researcher of the Institute of Common Prosperity, said that after decades of construction, China has made great progress in all aspects, but there is still a big gap compared with the world's major developed countries. At the same time, there are still large differences in the level of development between urban and rural areas and between regions, and the degree of income and wealth inequality between households is still high. The key to achieving common prosperity is to solve the problem of insufficient and unbalanced development in high-quality development.
(1) Give play to the basic role of the market and solve the problem of income distribution in economic development
In the process of promoting common prosperity, development is still a major prerequisite, and it is still necessary to give full play to the basic role of the market. The core function of the market is to effectively allocate resources, and the realization of its functions is highly dependent on the improvement of the overall market environment. When improving the market environment, it is necessary to "stand" and "break": on the one hand, to consolidate the foundation for the market to play a role; on the other hand, to break down the obstacles that hinder the market from effectively allocating resources.
There is a significant gap in the development level of urban and rural areas, the eastern, central and western regions, and the northern and southern provinces in China, and the revitalization of rural areas and the promotion of development in underdeveloped areas are the key links to common prosperity. In order to promote development with the help of market forces, it is necessary to scientifically determine the development positioning of underdeveloped areas and find the focus of market resources to play a role. At the critical moment of moving from "precise poverty alleviation" to "precision enrichment", it is necessary to explore the comparative advantages of geographical location, natural conditions, and cultural environment of various places by giving full play to the signal role of the market. Consolidating the market foundation can lay the foundation and point out the direction for the effective allocation of resources and the development of power.
In addition to consolidating the market foundation, it is also necessary to remove the institutional obstacles that hinder the effective allocation of resources in the existing market. The income gap between residents in China is mainly reflected in the income gap between urban and rural areas and between regions. In addition to relying on rural revitalization and regional development, this gap should also be based on the free movement of labour. Labor is the main factor of production, further reform of the household registration system, the establishment of a unified urban and rural labor market, and the promotion of the orderly flow of labor from the countryside to the city, from the less developed areas to the more developed areas, not only promote the development of the inflow area, narrow the gap between the outflow area and the place of inflow, but also improve the income level of workers, is the key channel to narrow the income gap between residents through market forces.
(2) Distinguish between different types of inequality and accurately implement policies
While making a big cake, you must also divide the cake. A large part of the increase in income inequality since China's reform and opening up in 1978 is due to the reform of the previous "big pot rice" distribution system. The reforms led to an increase in income inequality, but they also led to a significant increase in economic efficiency. This is the trade-off between fairness and efficiency that is usually discussed.
However, there are also many situations in our country that both reduce efficiency and undermine fairness. For example, the household registration system, ownership, employment status and other institutional obstacles to the free flow and optimal allocation of influencing factors, gender and age discrimination in the labor market, and market monopolies. These factors both hinder the free flow and optimal allocation of factors of production, reduce efficiency and widen income inequality.
When formulating policy measures to improve income inequality, it is crucial to classify the factors that contribute to income inequality: which factors do not lead to efficiency gains while at the same time causing income inequality to widen? What factors have led to increased income inequality while also led to increased efficiency? Professor Zhao Zhong believes that first of all, we should strictly limit and steadily eliminate factors that both reduce efficiency and expand inequality. For income inequalities that lead to efficiency gains, the trade-offs between fairness and efficiency could be further carefully discussed.
(3) The market and the government work together to promote common prosperity
In the process of promoting common prosperity, we must not only give full play to the role of the market, but also give full play to the function of the government.
The role of the government can be divided into three levels: at the market level, establish and improve the market mechanism, promote the orderly operation of the market, and prevent monopolies. At the industrial level, through the construction of a cross-provincial compensation mechanism, the imbalance of regional development is alleviated while giving play to regional comparative advantages, industrial division of labor and economic agglomeration. At the family level, the rational use of government resources, the most important thing is to give them fishing, but also to teach them fish, and strengthen the bottom function of the social safety net.
In accordance with the principle of "raising the low, expanding the middle and limiting the high", different policy paths are set for the three different groups of low-income people, middle-income people and high-income people.
"Raise the low", the government and the market should form a joint force. First of all, adhere to the distribution according to work, stimulate the labor potential of low-income groups, and create opportunities for low-income groups to increase labor remuneration and labor productivity simultaneously. Second, strengthen and give play to the social security system and the social assistance system for low-income groups. Finally, increase opportunities for upward mobility of low-income groups through improvements in basic public services.
"Expanding China" mainly relies on market forces. Through adjusting the economic structure, increasing employment opportunities, building an efficient and sustainable modern labor market and labor system system, and broadening the channels of residents' labor income and property income.
"Limiting the height", while protecting legal property and income in accordance with the law, improve and perfect the redistribution system, and reasonably adjust excessively high income. Optimize the market structure, break the monopoly interference with the market operation order according to law, and create a market environment for fair competition.
(This policy brief is based on expert presentations from the Common Prosperity Forum held by the Institute for Common Well-being at Chinese University on September 25, 2021.) ）
Source: Policy Brief of the National Development Institute
WeChat Editor: Tu Cheng
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