Fundamental transformation to address challenges in China's economy

16:32, December 10, 2010      

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A long comment by People's Daily today called for strong commitments on transformation as the key to seizing the "historical opportunities" and addressing the challenges that China is facing in its economy. That is the "mission of our generation given by the times," said the article.

The article's publication coincided with the start of a three-day central economic meeting to set the agenda for 2011, which marks the start of the country's 12th Five-Year Plan.

Accelerating the shift of the economic growth model means a "fundamental transformation" for China's economic and social life. Development and transformation should go side by side and compliment each other, according to the article.

Transformation is the driving force behind China's peaceful development as it struggles to address the challenge of the changing global economy. The world economic recovery is set to be a slow and complicated process with no lack of ups and downs after the global financial crisis in 2008. Competition is increasingly fierce on the market in terms of resources, talents, technologies and standards.

Transformation is driving China's development in a more scientific direction to cope with the arduous task of shifting to a better growth model. That means further boosting the domestic consumption; building a manufacturing sector with more focus on technical knowledge and human capital; reducing the consumption of energy and resources; and finding new competitive advantages other than low cost.

Transformation is the driving force for reform and innovation to address the challenges of systematic barriers in the market economy. It is urgent to remove those barriers through reforms on key areas to facilitate the economic and social transformation.

Transformation is the driving force for harmonious development to address the challenges of the mounting pressure on social changes. The economy, society and the public's sentiment will all be vulnerable to a lack of balance when China experiences a transitional period with its per capita GDP growing from 3,000 U.S. dollars to 6,000 U.S. dollars over the next five years.

Over the last five years, China's GDP doubled from less than 20 trillion yuan to nearly 40 trillion yuan, advancing China from the fourth largest economy in the world to the second. China now also holds the third largest voting rights in the International Monetary Fund after a recent reform in the IMF.

It is transformation that has made all those achievements possible, said People's Daily in this article.

By Li Jia, People’s Daily Online


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