China's promising, reality-based economic future
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E-mail People's Daily, March 8, 2016
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A section of the Baoding-Fuping Expressway in Hebei Province. Infrastructure construction has been stepped up to promote regional economic development (XINHUA) |
A country's economy is defined in many ways, with GDP growth attracting the most attention. In the Report on the Work of the Government delivered by Premier Li Keqiang at the Fourth Session of the 12th National People's Congress on Saturday, he mentioned that this year's GDP growth would be between 6.5 to 7 percent. Compared with the target of 7 percent set for last year, this represents a slight decline. This is an economic reality we need to face.
But we need to review the context of this 6.5 to 7 percent growth rate. It is a slowing-down after three decades of rapid development. The world's second largest economy of over $10 trillion is still growing, while the highest growth rate for the world's other top five economies is less than three percent, or even negative.
A slight decline in the growth rate is inevitable. But if this mid to high growth rate can be maintained for five years or longer, China will create another era that the nation can be proud of.
The key is whether the economic plan can be implemented, not trumpeted with bogus data. There exists a pessimistic outlook on the Chinese economy. Some say China cannot avoid a hard economic landing.
Any economic forecast must be objective and realistic, and all factors should be considered. China is still on the development path with plenty of room for improvement. The mid-and long-term development trajectory relies on political stability. As long as society doesn't fall into chaos, China's further development will continue. We are quite confident about that.
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