Chinese system underpins GDP growth

Source:Global Times Published: 2017/10/19 23:53:39

According to the National Bureau of Statistics, China's GDP expanded 6.9 percent year on year in the first three quarters of 2017, an increase of 0.2 percent above that of the corresponding period of last year. The Q3 GDP grew 6.8 percent, the ninth straight quarter of growth ranging between 6.7 and 6.9 percent, or a medium-high growth rate.

Most international media outlets responded positively to China's newly released economic data. Other key economic data of China simultaneously pointed in a positive direction, indicating that China's economy has been steadily growing under government guidance.

The structural adjustments to the Chinese economy since the 18th CPC National Congress are taking effect and a consistent new endogenous driving force has been unleashed. Expanding consumption is an obvious trend and new forms of business keep popping up. Creativity is no longer a slogan but can easily be felt by Chinese people in their daily life.

Chinese people's lives are increasingly Internet-based. Online taxi hailing and bike sharing is widespread in China. Smartphone payment has stimulated consumption and made life more convenient. 

While a generation of older Chinese was once reluctant to spend, now they are one of the main consumer groups in the tourism market. The gradual perfecting of endowment insurance and healthcare has played a vital role in opening up the market for the elderly.

China is a country with a vast territory, the world's largest population and huge societal diversities and disparities. The depth of its development cannot be measured by the existing experiences of other economies. While Japan, an economic miracle, maintained high-speed growth for two decades, China has kept up four decades of fast development and the momentum is still strong. This is perhaps the result of the country's own potentiality and abundance.

The huge advantages of the CPC's long-term rule are fully manifest in the market economy. The Chinese system is reliable in organizing large-scale construction projects, addressing major issues and preventing risks. This system is key to the country's rapid development in the past decades.

For instance, while poverty is a headache for many countries and poses a heavy burden on the economy, it has been systematically alleviated in China. China is planning to wipe out poverty by 2020. This is not simply an act of charity, but an incentive to the Chinese economy. Some poverty-reduction models have been creatively integrated with local economic development.

China has long explored the relationship between market incentives and governmental guidance. 

China's economy is transforming from high-speed to high-quality development, a result of both market laws and CPC leadership. China has plenty of room to support economic development and the capability to improve its economic governance system. Society's needs and its ability to adapt to reforms are the criteria for China to draw up a reform blueprint.

The report delivered by Xi Jinping at the opening of the 19th CPC National Congress outlines the vision of building a moderately prosperous society by 2020, basically realizing socialist modernization by 2035 and a great modern socialist country by 2050. To ensure medium-high economic growth relies upon the CPC's determination and capability to develop the economy, enhance people's livelihoods and effectively manage the whole situation.

 

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