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China's development will add impetus to global economic transformation

(People's Daily Online)

13:40, December 19, 2012

China's just ended Central Economic Work Conference has attracted worldwide attention. The international community generally believes that the conference is important to the stable development and a good start of the Chinese economy in 2013. It shows the new Chinese leadership's soberness and sense of responsibility, and will inject positive energy into global economic recovery.

At present, lack of growth momentum is the biggest challenge facing the world economy. The U.S. economic recovery remains weak; the prolonged European debt crisis is still unresolved; the Japanese economy remains sluggish, and certain emerging market economies are slowing down. In the context of global economic slowdown, the economic policies of China, the world's second largest economy and a major contributor to world economic growth, have global significance.

China has been adjusting its economic structure and expanding domestic demand since the onset of the global financial crisis. The international community was wondering whether this trend will continue, and the conference gave a clear answer by stating that expanding domestic demand will be a strategic basis for China's development next year.

China has made remarkable economic achievements over the past 30 odd years since the reform and opening-up, but remains dependent on export and investment and relatively vulnerable to external shocks. The country's shift from an export- and investment-driven economic growth model to a consumption-, export- and investment-driven model shows its calm thinking and respect for the rules of economic development.

A real economic powerhouse should be both a major manufacturer and a big consumer. Expanding domestic demand is necessary to China's rise to great power status.

Expanding domestic demand means improving the people's livelihoods and enlivening the market, and reflects the government's "people-orientedness."

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Read the Chinese version: 为深度转型调整注入推力(国际论坛)

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