Working to ensure long-term economic stability of China
By Zhou Renjie, People's Daily
It is necessary to analyze the
current economic development in China from a dialectical approach and try to
keep a balance between the overall strategy and specific tactics.
Strategically speaking, China
needs to focus on the general picture, stay confident about its economy, and believe
that small setbacks are only temporary.
As for specific tactics, China
should always calculate the potential risks, prepare for the worst and make
plans in advance in accordance with the right approaches so as to ensure the
long-term stability of its economy.
It should be noted that China has
secured progress in its economic development in the first three quarters.
Major economic indicators
remained within a reasonable range in the first ten months, yet some fluctuated
to some extent, indicating that the Chinese economy is faced with downward
pressure.
Globally, the International
Monetary Fund (IMF) has lowered its world economic growth forecast for five
consecutive times this year.
In the face of complex internal
and external environment, China must effectively guard against major risks,
focus on its problems, goals and results, and continue to apply reform and
opening up so as to tackle the problems in development one by one and step by
step.
China should focus on solving prominent
issues. To implement macro-control based on local conditions, the priority is
to accurately identify potential risks and eliminate them little by little.
For example, the common problem
found in all regions lies in the insufficiency of effective demand. However, the
same problem is caused by various reasons in different regions, such as weak
manufacturing and private investment, sluggish consumption, especially in rural
areas, and poor implementation of capacity relocation.
In this regard, regions should
make clear their main targets and priorities of work, adopt different policies,
allocate resources, and act timely and accordingly.
China needs to fill the gap and address
inadequacies in accomplishing the regional tasks and targets for the year.
The annual plans for economic and
social development of, as solemn commitment to the people that is legally
binding, require all regions to make great efforts to fulfill the goals.
If faced with increasing
financial pressure and striking imbalance between revenue and expenditure, the
local government should step up their efforts in optimizing the business
environment to promote the production and operation of manufacturing
enterprises.
To guarantee the supply of
important commodities that affect people's living standards and stabilize
prices, the government must break down the tasks and evaluate how well they are
achieved separately.
Only by filling the gap
responsibly and turning weakness into motives can the work concerning
stabilizing employment, finance, foreign trade, foreign investment, domestic
investment and market expectations be solidly accomplished.
China must discard formalism and
bureaucracy and only concentrate on making solid achievements.
All regions need to make actual
efforts, which is not an easy thing to do, to deepen supply-side structural
reform, unswervingly fight the three tough battles of preventing and defusing
financial risks, targeted poverty alleviation and pollution control.
In some places, the officials spoke
a lot about structural deleveraging to keep leverage ratios in major sectors
under control, yet when implementing it, they tend to be conservative and
reserved.
Besides, some regions have made ambitious
plans to develop key core technologies, but they tried little to make it easier
to approve the projects and introduce talents.
China must focus on its own
business and make use of an effective mechanism to push relevant departments to
complete the tasks and ensure the steady growth of major economic indicators.
As 2019 draws to a close, China
must remain optimistic about its economy and work harder to achieve better
economic performance.
Chinese officials and cadres at
all levels should be aware that GDP is not the only standard in measuring
economic development, but it doesn't mean that it is not important to fight for
better GDP data. Instead, it means securing a more comprehensive and
high-quality development.
The burden that falls on the government
is heavier and all officials should bear their own responsibilities and fulfill
the targets.
Under the centralized and unified
leadership of the Central Committee of the Communist Party of China, the
country, along with the concerted efforts from all its people, will be able to
bring into full play the strengths of the socialist system and the allocation
of resources in the market economy, so as to lay a more solid foundation for
building a moderately prosperous society in all respects by 2020.
Working to ensure long-term economic stability of China
Reviewed by PEOPLES MAIL
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