estimated to increase to 75 percent, even 80 percent by 2035, which will create more challenges for the ho
usehold registration system, public services and public fiscal expenditure. These problems demand greater attention.
The authorities also have to maintain a relatively high level and pace of research and development. China’s investment in basi
c research accounts for only 5.5 percent of the overall R&D investment. The corresponding figures for the US and Fr
ance are 17 percent and 25 percent. Which means China’s long-term development requires more investment in
basic technologies, in the absence of which its high-quality and healthy development could suffer.
Moreover, investment will be the main momentum of China’s econom
ic growth for a long time to come. But given that A share listed companies’ return on inves
tment is only 3 percent－a rather low rate－the investment environment needs serious improvement.