China aims to maintain steady economic growth in 2021

In a speech at the annual Central Economic Work Conference held in Beijing from Dec. 16 to 18, Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, reviewed the country’s economic work in 2020, analyzed the current situation and arranged the economic work for next year, charting the course for China’s steady growth in the coming year.

The meeting serves as an important window for the world to take the pulse of the general tone of China’s economic policies next year, through which the world has a clearer perception that the Chinese economy with strong resilience and enormous vitality will inject more confidence and momentum into the global recovery and growth in the post-COVID-19 era.

Just like heroes rise in chaos, it is in difficulties that a country distinguishes itself.

This year is an unusual year in the history of the People’s Republic of China, as the country faces severe and complicated international situations, arduous tasks in seeking reform, development and stability at home, and heavy blows from the COVID-19 epidemic in particular, the meeting said.

China has made historic achievements that have satisfied the people and impressed the world as the leadership has maintained strategic focus, made accurate judgment on situations, made well-planned deployment, took decisive actions and made arduous efforts.

The country was among the first to contain the virus, resume work and production and resume positive growth. It has become the only major economy in the world that has secured positive growth this year.

China’s GDP is expected to exceed 100 trillion yuan ($15.31 trillion) in 2020, and its share of the global total will rise from last year’s 16.3 percent to about 17.5 percent.

The international society has generally expressed optimism about China’s economic prospects. According to a report by The Wall Street Journal, gauges of Chinese economic activity signal a broadening recovery in China’s economy.

BlackRock, the world’s largest money management firm, said that China is a distinct pole of global growth. The British think tank Oxford Economics and U.S. bank giant Goldman Sachs Group raised their forecast on China’s economic growth in 2021.

What’s the secret of China’s hard-won economic achievements? In times of crisis, the whole Party, the whole nation and the Chinese people of all ethnic groups can always rely on the authority of the CPC Central Committee to rise to challenges, said the Central Economic Work Conference.

The meeting regarded putting people first as the fundamental premise of making correct decisions and viewed the institutional strengths of the country as the fundamental guarantee for gathering great strengths in overcoming difficulties.

Scientific decision-making and creativity are the fundamental ways to transforming crises into opportunities, while scientific and technological self-reliance and self-strengthening provide primary support for development, the meeting said.

These represent China’s in-depth understanding of developing economy in the face of severe challenges through the country’s practice of taking both domestic and international situations into consideration and coordinating epidemic control and economic and social development. They are also a source of inspiration for the world based on China’s economic development.

Those who recognize the trend are wise and those who ride the trend will win.

In today’s world, the COVID-19 pandemic has plunged the world economy into recession and hit hard societies and people’s livelihoods. Its impact is even worse than that of the 2008 global financial crisis, and the outlook for economic recovery remains highly uncertain.

China is still in an important period of strategic opportunity for development at present and for the foreseeable future, but it will surely face new changes in both opportunities and challenges.

The meeting analyzed the current economic situation in China and the world in an objective and rational manner and put forward overall requirements, main goals, policy priorities and key tasks for the country’s economic work in the coming year.

China will remain committed to the underlying principle of pursuing progress while ensuring stability and keep its macro policies consistent, stable and sustainable, according to the meeting, which is of great significance to China’s economic development and global recovery.

Johannes Pflug, a city official of Duisburg, Germany, who is responsible for Chinese affairs, said China’s economy is expected to continue to play a leading role in driving global economic recovery in 2021.

As the Chinese economy has been deeply integrated into the global economy, China’s efforts to expand high-level opening-up have attracted global attention.

In 2021, the country will take a solid first step in building a new development paradigm in which domestic and foreign markets reinforce each other, with the domestic market as the mainstay, the meeting said.

The security and stability of industrial and supply chains are the foundation of forming the new development paradigm and fostering a strong domestic market provides an important underpinning for the paradigm, according to the meeting.

To build the new development paradigm, China must establish a high-level socialist market economic system, pursue a high-level opening-up, and make reforms and opening-up reinforce each other, it stressed.

The new development paradigm is not a development loop behind closed doors, but more open domestic and international circulations, and it will not only meet China’s own development needs but also deliver greater benefits to people in all countries.

Recently, China inked the Regional Comprehensive Economic Partnership with relevant countries. The country will positively consider joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, the meeting said.

Such attempts fully demonstrate that China is engaged in fostering an open world economy and bringing more benefits to global economic growth.

The year 2021 marks the beginning of China’s 14th Five-Year Plan period (2021-2025) and the CPC’s 100th founding anniversary. It’s a year of special importance in the process of China’s modernization drive.

As China enters a new stage of development, pursues the vision of innovative, coordinated, green, open and inclusive development, and builds the new development pattern, it will surely maintain steady economic growth along the right course of high-quality development.

While making new and greater miracles, China will work with other countries to write a new chapter and usher in a bright future.