On December 5th, 2020, the Spiritual Interpretation Lecture on the Fifth Plenary Session of the 19th CPC Central Committee, hosted by Party Committee of BNUBS, Youth League school of BNUBS and Postgraduate Association was held successfully in Room 9406 of Jingshi Hotel. This activity is also one of the series activities of our School to study and implement the spirit of the fifth Plenary Session of the 19th CPC Central Committee.

The keynote speaker is Professor Li Yiping from Renmin University of China. He is also a distinguished Professor at The Yan 'an Executive Leadership Academy of the Organization Department of the CPC Central Committee, a member of the Political Participation and Deliberation Committee of the All-China Federation of Industry and Commerce, and chief Economist of the Research and Development Promotion Association of Western China. The lecture was attended by Sun Zhijun, secretary of the Party Committee of the School, teachers' representatives of each party branch and representatives of undergraduate and graduate students of each grade of the School. The lecture was hosted by Cui Sixuan, a postgraduate student from BNUBS in 2020.

First of all, Professor Li Yiping analyzed the international and domestic situation, and concluded that China's economy still has a lot to do. Later, combined with the communique of the fifth Plenary Session of the 19th CPC Central Committee, Li explained to the students several important issues in a simple and profound way, including double circulation, real economy, social distribution and how to build a high-quality socialist market economy system. Double cycle is the hot word in 2020, and internal cycle is the top priority. Teacher Li quotes from many sources. Taking Adam Smith's judgment on resource endowment as the background and combining with China's national conditions, which showed that it was feasible for China to construct a domestic great cycle. In addition, from a national security perspective, the United States blockade of some of our key technologies has forced us to speed up our own development.

When talking about the real economy, Teacher Li emphasized the financial risk and "from the real to the virtual". Take history as a mirror and you will know where things stand. Whether it is the subprime mortgage crisis in the United States or the decade of recession in Japan, they all told us that financial risks need regulation and prevention. Currently, China has the problem of excessive leverage, which requires the role of supply-side structural reform. Social distribution is an important part of social reproduction. Teacher Li mentioned that there are still some problems in China's distribution. Compared with labor, capital is still in the dominant position of distribution. There is also a large income gap within the labor force, which needs to be gradually improved. In the end, Teacher Li explained briefly how to build a high-quality socialist market economic system, we need to find a balance between the government and the market, and China has obviously found a relatively harmonious equilibrium state, especially in the face of such a major public health event, showing the superiority of socialism.

At the end of teacher Li's explanation, he gave a patient answer during the Q&A session. The lecture came to a successful conclusion.

Provided by the Postgraduate Association