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Laying the Foundation for Becoming a Great Power in the Times of

the "L-Shaped Economy"

Xu Zhengzhong

Abstract: Since the Eighteenth Congress of the Communist Party of China, China's economic and social development has entered a new normal. At present, China's economic growth shows an L-shaped trajectory, shifting away from a rapid growth rate toward a medium to high growth rate. In contrast, the quality of economic development shows an inverted L-shaped pattern, and is in a critical period of upgrading, which fully shows that reform and opening up has entered a new stage, and economic, social and cultural system need a "genetic reengineering" in order to get the development of various causes to enter a new historical period. First of all, China should correctly grasp the general trend of economic and social development, base the industrial upgrading on the structural adjustment of the input factors, strive to avoid the middle-income trap, and transform national strategy promptly. Secondly, in the 2.0 version of reform and opening up, China should focus on service trade, make innovation the engine of the economy, and promote industrial transformation and upgrading. Thirdly, China should establish social universal service system, stimulate social vitality, strengthen the competitiveness of institutional structure, and lay the foundation for China as a strong nation, so that it can fully consolidate the basis of the reform of the business system, and march toward the 2.0 version of reform and opening up.

Keywords: new era, change, reform and opening up, transformation and upgrading

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