China's economic rise sets pace for new era

Source:Global Times Published: 2017/12/21 6:39:40

The annual Central Economic Work Conference recently concluded its three-day session in Beijing on December 20. The event served as a highlight of the country's political and economic progress, indicating China's long-term focus on economic development since it first introduced reform and opening-up measures. 

Among the ruling parties of the world, only the CPC holds an annual economic conference for its top leaders and decision-makers designed to streamline thoughts, while infusing continued momentum and scientific support into the country's progress.

This year's conference was especially significant because it is the first Central Economic Work Conference following the 19th CPC National Congress.

Economic growth remains the key issue in today's competitive global arena. It does not matter that China's political system is abhorred by some Western nations, and its military force has yet to achieve first-class standards when compared to other powers, but national confidence continues to rise, and of course, the country's ongoing economic boom has been a key influence.  

The ongoing momentum has generated power for the development of various causes, advancing China's attractive qualities and natural right to have its voice heard on the world stage. Meanwhile, the conference was also a reaffirmation of the positive expectations on China's future apart from the world.

Xi Jinping Thought on Socialist Economy with Chinese Characteristics in the New Era is an unprecedented guarantee for the nation's growth and development. It will lead to an even more specific development strategy and stability, ensuring that a concrete and unmovable blueprint remains forever secure. And the results remain evident due to the fact the strategy in place is not a "bait-and-switch" gimmick used by a few Western leaders and controlled by unseen forces. 

The nation's economy has routinely endured criticism from Western countries in the face of advanced development and growth. China's political system is different from Western countries and therefore requires a different system to drive, and later evaluate the economy. However, the differences in how other Western nations developed are easy to notice.

In the future, global economic development primarily will be shaped by China and the West. Whether China can win the economic growth race will be determined by a few important aspects.

Given China's long-term rapid economic growth, it is unrealistic to expect the same pace to continue. What is the country's bottom line growth rate? At least going into the future for the next half-century or longer, China's economic growth rate can expect to outperform the West and hit higher levels than any upward movement of the US economy. It's not an easy thing to accomplish.  Given the current size of the two economies, the US needs a 3 percent growth increase, while China needs 5 percent, in order for both country's economic growth rates to be equal. 

China has the capability to accelerate development in areas of technology and national defense, and whatever gaps may exist with other developed nations in these two areas will soon be closed. Strong and comprehensive growth will happen faster than GDP growth while safeguarding the country with the power required to confront any and all challenges at both the regional and international level. The country's current capacity for economic growth is greater than where it was at in the past, and it will continue to grow at a rapid rate when compared with its Western counterparts.

Furthermore, the country's economic development will continue to improve the quality of life and ensure improvement on living standards that will become one of the highest in the world. In recent years, China has attached great focus on balancing fairness and efficiency as part of its economic development strategy, never losing its initial grasp of the Socialist system.  No other country can do this better, nor have many tried.  To be successful with such a concerned national vision, the foundation requires constant attention to achieve optimized results. 

Last but not least, China will have enough backup strength to survive any unforeseen or accidental crisis. The nation needs the most secure risk prevention system in place.  China continues to stress risk prevention methods on its overall financial system. At this year's Economic Working Conference, the prevention and resolution of significant risks were placed among the "three tough fights" for the upcoming three years, reflecting a practical and calm characteristic of Chinese leadership.

The points above connotate the current high quality of China's economic development. China is a country guided by the Communist Party, and the entire party and nation should always stand firmly united with the CPC Central Committee with Xi Jinping as its core. Through firm and accurate political leverage, China will have even greater capabilities to regulate movement, revise objectives, and achieve the highest goals possible when it comes to economic development. 

Under the current leadership, any problem that may arise within China's economy will be carefully treated. Then again, there is not a problem China cannot overcome. With the efforts from all members of Chinese society, along with the committed, hardworking, and responsible Party members, and increased development potential, there is no reason China cannot become of the most well-developed countries in the world. But what society needs right now is greater confidence and self-motivation, along with a focus on self-improvement never before seen in the new era.

Posted in: EDITORIAL

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