7% target reflects China’s ‘new normal’

Source:Global Times Published: 2015-3-6 0:13:02

China has set its growth target at about 7 percent for this year. Announced by Chinese Premier Li Keqiang in his work report to the National People's Congress on Thursday, this figure soon drew wide attention  both at home and abroad.

Consistent with the predictions of many, the target conforms to a variety of views. It is neither overestimated nor underestimated, and reflects how much room China needs and can handle for economic growth.

Although some international agencies have estimated that China's actual growth rate in 2015 will only be lower than that, the 7 percent target is believed to be achievable. China may face escalating economic downturn pressures, but it is still confident in fulfilling the target and so is the international community.

Voices that laud the 7 percent target have prevailed in China's public discourse. The approval echoes what the people really think. In fact, recent years have seen Chinese society involved in a heated debate about GDP, and people have got more used to holding a realistic view about the role of the figure.

Therefore, without extreme views, this 7 percent target is a real reflection of the expectation of China's public for the country's growth.

The growth target will also send the Chinese society into a soft landing. It is hard to locate the most economically rational speed China's growth should have, but China needs a growth rate that can be recognized and accepted by mainstream society.

The 7 percent growth rate will be part of China's economic "new normal."

The Chinese have gone through the psychological gap caused by the slowdown of economic growth, and they will find the real benefits are produced at a slower speed. The "new normal" will serve as an updated version of the Chinese economy.

Although boasting a double-digit growth rate for years, Chinese society has been in more favor of a down-to-earth development. Paying closer attention to environmental protection, social justice and sustainable development, the Chinese have developed a deeper understanding of development.

Over the years, the commitments of China's ruling Party and the Chinese people have been imposing a profound impact on the world. There is no doubt that the 7 percent growth target will continue to serve as an impetus to the international community.

The Chinese are growing more confident than ever, and China is far from seeing an end to its huge potential. China's development is being more scientifically reinforced. China's future is not blurry.

On the contrary, the certainty of China's outlook will make its development path more sustainable. 



Posted in: Editorial

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