China confident to conquer all difficulties, challenges
On Aug. 13, People’s Daily published an
article under the pen name “Guo Jiping”, probing into the economic development
of China.
The economic and trade friction unilaterally
started by the US has brought too many uncertainties to
Chinese economy and even the world.
However, China’s economy still maintains
stability while making progress despite the domestic downward pressure and
trade disputes with the US. It is still a major highlight of the world economy.
Any inharmonious voice that overstates China’s
short-term economic fluctuation, sings the blue over the country’s economy, or
exaggerates the country’s economic risks will be turned down in the face of
facts.
The major macroeconomic indicators of China
have been maintained within a reasonable range, and consumption is served as a
more powerful engine of economic growth. In addition, domestic demand is making
larger contribution to growth, with continuous improvement being made in people’s
living standard and quality. More factors are driving high-quality development
of the country.
China released half-year economic data in
mid-July, saying its GDP increased 6.3 percent from a year ago, and 7.37
million new jobs were created. Besides, 19,400 new enterprises were being
established on a daily basis, and consumption contributed 60.1 percent to
economic growth. In addition, the service sector contributed 60.3 percent to
GDP growth.
The annual economic growth of the country is
equal to the total GDP of a medium-sized developed country.
China has a population of nearly 1.4 billion,
a 900-million-strong workforce, a talent pool of 170 million college graduates
and people with professional skills. It is also home to the world’s largest middle-income
group and over 100 million market entities.
Domestic demand is a major driving force of
China’s economic growth. It contributed 108.6 percent to the country’s growth
in 2018, and final consumption 76.2 percent.
China is the world’s second largest investor
in R&D, spending 2.18 percent of its GDP in this field. New economic
drivers such as the strategic emerging industry and sharing economy are
gradually maturing.
China is optimizing its economic structure,
transforming development models and improving economic quality. It is seeing a
more obvious trend of maintaining stability and making progress. Facts have
proved that China has adequate conditions to keep stable, sustainable and
healthy development of its economy.
The confidence for China’s high-quality
economic development comes from the strong leadership of the of the Communist Party
of China Central Committee (CPCCC). Such leadership, guiding the overall
situation and coordinating the work of all sides, plays a key role for China to
handle its affairs well.
The confidence also comes from China’s vital
decision to implement reform and opening up. During the past 40 years, China
has created an economic miracle, becoming the world’s second largest economy,
the largest manufacturing country, the largest trader of goods, the second
largest consumption power, and the second largest destination of foreign
capital. In addition, it has also maintained for years the largest foreign
exchange reserves.
Starting this year, the country successively
issued Foreign Investment Law of the People's Republic of China which
has reduced the items on the negative lists for foreign investment market
access in pilot Free Trade Zones and the rest of the country, and further
expanded the areas of reform and opening up, demonstrating
its sincerity and resolution to open wider.
The confidence comes from the country’s people-centered
philosophy of development and also the undying spirit. It is because of the
joint efforts made by every Chinese that China has turned risks into
development opportunities and pressure into impetus again and again.
When global industrial chain, supply chain and
value chain are highly integrating, China and the world need to maximize the common
denominator of interests.
Today, China is a major trading partner of
over 130 countries, the only country in the world that can produce all the products
listed in the International Standard Industrial Classification of All
Economic Activities(ISIC) which is issued by the United Nations,
and the largest contributor for world economic growth. It will also promote the
rapid development of other countries as China embraces high-quality
development.
The global market needs to expand the cake of
common interests, while equal and win-win cooperation maintains the only right
path. Those practices forcing China to compromise and containing its
development through adding additional tariffs and pressuring Chinese
enterprises are ridiculous and doomed to fail.
The Chinese people believe that no power is
able to deprive their country of the right to development or stop their efforts
to pursue a better life. China has the confidence to conquer all difficulties
and challenges, and the economic progress of the country is unstoppable.
The Chinese people will jointly pave a wider
road leading to a brighter future together with the people from the rest of the
world.
(Guo
Jiping is the pen name for a commentary column of People’s Daily that
explains China’s stands and views on major international issues.)
Source: People’s Daily
China confident to conquer all difficulties, challenges
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