China’s economic governance will benefit entire world

By Toumert AI Source:Global Times Published: 2017/10/23 22:18:39

Illustration: Peter C. Espina/GT

As General Secretary of the Communist Party of China (CPC) Central Committee Xi Jinping delivered a speech at the opening session of the 19th CPC National Congress on Wednesday, a new paradigm of economic development and governance was announced that will have a deep impact on China's future in the 21st century.

This was not a mere event held to discuss results and promote ideas. The world is watching with excitement as China is entering a defining moment in its drive to uphold its past gains while seeking to position itself in a new era of economic growth inspired by socialism with Chinese characteristics.

First, we noticed a call for giving priority to the real economy. If we've learned anything from the global financial crisis of 2008, it is that any economic model that does not focus on the public as a whole will only widen the gap between the rich and poor, and between the real economy and the financial one.

To address this issue, China aims to shift its manufacturing orientation toward medium- and high-end goods and services, as well as advanced products, in a broad move toward quality. We are seeing China move from the era of "Made in China" to one of "Innovated and Made in China" products.

This process will require restructuring the manufacturing sector so the country can become a world industrial power, with more technological research-driven clusters and hubs.

The future of China's economic dominance in this regard lies in its capacity to transform its workforce into an original, research-oriented one. Xi said in his speech that people with talent are a strategic resource for China as it endeavors to achieve national rejuvenation and stay ahead in international competition.

Second, we have a vision of an international economic order that places China at both ends of globalization: an opening-up policy for both inward and outward economic exchanges.

It involves a totally new concept of China's interaction with the world, one that is not only based on attracting participants from around the globe to join and profit from its internal market.

This is a commitment from China at an institutional and strategic level to play an important role in safeguarding the global order of free trade as long as we abide by fair and equitable interactions among nations, and we do not lose our sight of the real economy, on projects that matter and can have a concrete impact on everybody's lives.

To achieve that, the country has re-affirmed the major role of the Belt and Road initiative as an institution and a platform that will promote Chinese innovation, knowhow and success, and share Chinese wealth with the world.

Third, we citizens of the world have come to see that China - through perseverance and the wise governance of the CPC - has indeed crossed an important threshold in its rise since 1949.

China is now not only a miracle, a rising economic nation. China is a power that reflects a vision of governance, and economic policies, a nation, a civilization that nurtures equality and development, while preserving its core identity.

It's all good news for the defenders of multilateralism, socialism and governance based on an equitable global order rooted in the concepts of respect, win-win outcomes and harmony among all.

The author is director of Education, International Bachelor Program at the International School under the China Foreign Affairs University. bizopinion@globaltimes.com.cn

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