SOURCE / GT VOICE
GT Voice: Will China resume development pattern back before COVID-19?
Published: Mar 03, 2021 07:53 PM
The 13th Chinese People's Political Consultative Conference (CPPCC) National Committee kicks off its annual meeting on Sunday at the Great Hall of the People in Beijing, marking the start of this year's two sessions - the annual meetings of the CPPCC and the National People's Congress, China's top legislature - the most important annual political event in China. Photo: VCG

The 13th Chinese People's Political Consultative Conference (CPPCC) National Committee kicks off its annual meeting on Sunday at the Great Hall of the People in Beijing, marking the start of this year's two sessions - the annual meetings of the CPPCC and the National People's Congress, China's top legislature - the most important annual political event in China. Photo: VCG

China's annual two sessions, a key event on the country's political calendar, is scheduled to be held on Thursday. As the world remains trapped within the COVID-19 pandemic, how China sets its economic tone for the year has drawn global attention.

With multiple economic indicators resuming normal "pre-pandemic" levels, will China see its development pattern or growing path back before the outbreak? It takes more dimensions to observe the potential adjustments of China's economic development agenda.

The world is struggling through a painful recession due to the pandemic which has triggered repeated lockdowns and has claimed, so far, over 2.5 million lives across the world. Though massive vaccination programs have been initiated in many countries and regions, and economies signaling rebounds, lurking risks have become more imminent, such as the growing bubble alert in foreign financial markets.

In addition to the challenges brought about by the health crisis, what cannot be overlooked is an anti-globalization trend which has been pushed by US-led Western clique during the previous years. By playing up protectionism and decoupling theories, the clique has seriously destructed long-formed global value chains.

As one of the major powers expected to drive the global recovery, China, itself, is at the historic crossroad of its "Two Centenary Goals," the new journey of comprehensively building a modern socialist country is about to start.

Adjusting development patterns and growing paths is not only a move to address external challenges, but more to meet internal requirements so as to enhance its growth and ensure a rosy prospect for its people, foreign businesses operating in China, as well as overseas markets which pursue cooperation with China, amid the increasingly turbulent world.

There are clues to predict potential adjustments out of the two sessions. Shoring up research of bottleneck technologies may become one of the main themes, especially against the backdrop of the wrestling between China and the US when it comes to technological development. The advancement of China in the high-tech area will not be stagnated by foreign forces that hold jealousy and fear over China's development.

Continued promoting of its "dual circulation" economic strategy can be expected as well, which takes the domestic market as the mainstay and allows domestic and foreign markets to boost each other. It'll not only boost own growth, but also offer driven force for global recovery.

After accomplishing its poverty alleviation target on schedule and lifting all rural poor populations under the current standard out of poverty, promoting rural revitalization, as a new agenda, will highly boost development potential for the sustainable development of Chinese economy.

The world has seen accelerating globalization since the initiation of the 21st century, with economic situation changing rapidly. Adhering to the path of socialism with Chinese characteristics, the Chinese people have quickly been adjusting its agenda, and have successfully ensured fast and stable development of the country. Continuing growth of the nation can be highly expected during the post-pandemic era, and it'll contribute crucial strength to the global recovery.


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