Chinese officials have described the country’s economic development in the past five years as stable, sound, and sustainable.
The observation was made during the latest media briefing of the 19th National Congress of the CPC, which also projected China’s annual economic growth rate will be maintained as expected at 6.5% this year.
According to He Lifeng, secretary of the National Development and Reform Commission – China’s top economic planner, great achievements have been made in maintaining economic growth since the 18th National Congress based on the guiding principle of making progress while ensuring stability.
“Amid the backdrop of a sluggish global economic recovery, our annual economic growth rate was averaged at 7.2% in the past four years. The total economic output had increased from 54 trillion yuan in 2012 to 74 trillion yuan last year. We expect to achieve the annual growth rate target of 6.5%. We also expect the total economic output to exceed 80 trillion yuan this year.”
While shedding light on China’s improved economic structure, He Lifeng said China’s consumption surpassed investment in the past five years, marking an improvement in development quality.
He also said economic data was better translated into people’s wellbeing, as was suggested by improvement in employment and poverty relief.
“We fostered job creation by encouraging innovation and start-ups. The country’s urban newly-employed population amounted to over 13 million in the past four years. This year marked an additional population of almost 11 million in the first nine months. In four years’ time, 55 million people were lifted out of poverty. We also expect to lift another 10 million people out of poverty this year.”
In analyzing the reasons behind the momentum, He Lifeng said stable prices of goods, employment and input in poverty relief have contributed to the stability of the overall economy.
He further pointed out that the leadership with General Secretary Xi Jinping as the core, as well as the socialist system, helped guarantee the success.
“Our advanced socialist system summoned up great power for us to overcome difficulties. With such power, we’ve achieved the impossible. Also the achievements are inseparable from our competent officials at different levels. I think their capacity in mobilizing personnel and implementation inspired the passion of millions of people to start their own businesses.”
At the opening of the 19th CPC National Congress, Xi Jinping delivered a report, saying the principal contradiction facing the Chinese society in the new era is that between unbalanced and inadequate development and the people’s ever-growing needs for a better life.
Echoing the General Secretary’s observation, He Lifeng spoke on the challenges up ahead.
“In the report, General Secretary Xi Jinping spoke on current unbalanced and inadequate development, pointing out six problems in detail in terms of economy, people’s wellbeing, social governance, and other areas. On the economic front, he also said development quality and efficiency are still low, adding that our ability in addressing innovation, the real economy, and the environment still needs improvement.”
The official said the CPC and the Chinese government will pay close attention to these issues, and find out their causes in order to work out effective solutions.
The 2018 Boao Forum for Asia (BFA) annual conference is scheduled for April 8 to 11 in Boao, Hainan Province. The forum will be themed "An Open and Innovative Asia for a World of Greater Prosperity."
— The Daily Mail - People's Daily