Xi’s speech to CPC Congress offers crucial insights into China’s direction, global role

By Hu Weijia Source:Global Times Published: 2017/10/18 22:33:39

The speech by General Secretary of the Communist Party of China (CPC) Central Committee Xi Jinping delivered Wednesday at the opening session of 19th CPC National Congress aroused heated discussion at a time when the world is eager to know how changes in China will affect the global economy.

Nearly a decade after the global financial crisis, the world economy is still struggling to regain momentum because the role of the US, Japan and some other high-income countries as the growth engines of the world has been weakened. India's economic success in recent years has attracted a lot of attention but the nation still has a long way to go to become a driving force for the massive global economy. In this scenario, ensuring China can achieve a GDP growth rate of more than 6.5 percent is an issue of great importance to the global economy. Since 2013, China has contributed about 30 percent on average of annual global GDP growth, more than the total of the US, the eurozone and Japan. This has been a hard-won achievement for China when more importance was attached to its own economic transition. Now China has become a more active player on the international economic stage, with its Belt and Road initiative bringing new momentum to development in numerous developing countries and regions.

Xi's speech gave people a wealth of information. The world's second-largest economy will further open up and deepen financial reforms to guarantee sustainable growth. Despite increased uncertainty about global growth prospects, China's economy is set to grow about 6.8 percent year-on-year in the second half of the year. Xi said Wednesday that the CPC will lead the country to basically realize socialist modernization by 2035. With vigorous reform measures expected to be implemented following the Party Congress, China is on track to achieve a raft of economic goals, and this will be good news for not only the country but also the whole world.

The author is a reporter with the Global Times. bizopinion@globaltimes.com.cn

Posted in: EYE ON THE ECONOMY

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