Chinese economy’s quality and quantity benefiting the world

According to a recent report released by the International Monetary Fund (IMF), China achieved an economic growth rate of 6.7 percent in 2016, surpassing India by 0.1 percent and returning to the leading position of the world’s major economies.

Currently, China’s economic development has entered ‘the new normal’. At this critical stage of economic transformation and upgrading, China is faced with multiple tasks. These include replacing the old, outdated drivers of growth with new ones, optimizing the industrial structure and raising the quality and returns from such development. At such a stage, the biggest highlights in China’s economic growth are quality and quantity. While constantly improving the quality of its economic development, China has succeeded in maintaining steady and substantial incremental growth.

In terms of quality of economic growth, China adheres to the main principle of promoting supply side reforms, and has significantly improved both the quality of economic growth and a public sense of gain. In 2016, the growth rate for added value in China’s high-tech industries exceeded the average growth rate of industrial enterprises. Moreover, 15,000 new enterprises were registered every day, the unemployment rate declined, more than ten million rural residents were lifted out of poverty and energy consumption and pollution emissions per GDP unit were continuously reduced.

In terms of quantity of economic growth, China insists on the methodology of “making progress while ensuring stability”, so that the economic gains meet people’s expectations as well as the needs of reform. As the world’s second largest economy, China’s economic output has exceeded ten trillion US dollars. A growth rate of 6.7 percent on this basis marks considerable progress.

China has struck a balance between quality and quantity to achieve a steady rate of transformation. China’s steady economic growth is bringing great demand from the outside world, and the country’s successful transformation and progress provides useful experience for the world. Additionally, the Belt and Road Initiative proposed by China is creating more opportunities for the world. For the world economy, which is still struggling to recover, all of these factors are undoubtedly an anchor of stability and source of power.

(This article is orginally published on People’s Daily overseas edition. It is abridged for use here.)  

 

Chinese economys quality and quantity benefiting the world

According to a recent report released by the International Monetary Fund (IMF), China achieved an economic growth rate of 6.7 percent in 2016, surpassing India by 0.1 percent and returning to the leading position of the worlds major economies. Currently, Chinas economic development has entered the new normal. At this critical stage of economic transformation and upgrading, China is faced with multiple tasks. These include replacing the old, outdated drivers of growth with new ones, optimizing the industrial structure and raising the quality and returns from such development. At such a stage, the biggest highlights in Chinas economic growth are quality and quantity. While constantly improving the quality of its economic development, China has succeeded in maintaining steady and substantial incremental growth. In terms of quality of economic growth, China adheres to the main principle of promoting supply side reforms, and has significantly improved both the quality of economic growth and a public sense of gain. In 2016, the growth rate for added value in Chinas high-tech industries exceeded the average growth rate of industrial enterprises. Moreover, 15,000 new enterprises were registered every day, the unemployment rate declined, more than ten million rural residents were lifted out of poverty and energy consumption and pollution emissions per GDP unit were continuously reduced. In terms of quantity of economic growth, China insists on the methodology of making progress while ensuring stability, so that the economic gains meet peoples expectations as well as the needs of reform. As the worlds second largest economy, Chinas economic output has exceeded ten trillion US dollars. A growth rate of 6.7 percent on this basis marks considerable progress. China has struck a balance between quality and quantity to achieve a steady rate of transformation. Chinas steady economic growth is bringing great demand from the outside world, and the countrys successful transformation and progress provides useful experience for the world. Additionally, the Belt and Road Initiative proposed by China is creating more opportunities for the world. For the world economy, which is still struggling to recover, all of these factors are undoubtedly an anchor of stability and source of power. (This article is orginally published on Peoples Daily overseas edition. It is abridged for use here.)