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Xinhua Insight: China's reform starts 2015 strongly

By Meng Na, Ren Ke (Xinhua)    17:56, February 15, 2015
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BEIJING, Feb. 15 -- In the midst of an adjusting economy and various domestic challenges, China has vigorously advanced its grand, but arduous, reform plans in 2015.

In the world's eyes, China seemed to be in a contradictory situation in the new year. In the January edition of Vanity Fair, Nobel Prize-winning economist Joseph E. Stiglitz wrote that China has just "overtaken the United States as the world's largest economy". "China enters 2015 in the top position, where it will likely remain for a very long time, if not forever".

However, some economic data released by China at the beginning of 2015 also led to overseas worries about China's economic development.

Irrespective of the praise or worries, China has focused on its own issues, with Chinese leaders stressing on many occasions that this is an important year for implementing a series of reform plans and advancing the rule of law.

It is the last year of the country's 12th five-year plan. In addition, there are only five years before 2020, the point by which the leadership has been aiming to have built "a moderately prosperous society in all respects".

"Efforts should be made to ensure the reform measures work and actually solve the problems," said Chinese President and General Secretary of the Communist Party of China Central Committee Xi Jinping during a meeting of the central leading group for deepening overall reform in January.

Reform initiatives are already being rolled out. The State Council has publicized plans concerning raising the salaries of public servants and staff in public-funded institutions.

The adjustment coincides with efforts to unify the pension system for private sector employees, civil servants and employees of government-sponsored institutions.

On Jan. 28, the first Circuit Court of the Supreme People's Court was established in south China's Shenzhen City, a move widely viewed as a key step towards optimizing the judicial sector.

At the beginning of February, a key annual policy document made plans for reforms concerning rural areas and agriculture.

Maintaining confidence plays a major role in implementation of reform.

According to China's official statisticians, the country's GDP in 2014reached 63.65 trillion yuan (10.23 trillion U.S. dollars), up 7.4 percent year on year, a record low since 1990.

However, China still achieved its GDP goal, and for the first time its GDP surpassed the threshold of 10 trillion U.S. dollars.

The moderation of growth speed in China reflects both profound adjustments in the world economy as well as the laws of economics. With a larger base figure, a growth even at 7 percent will produce an annual increase of more than 800 billion U.S. dollars at current prices, larger than that of five years ago, when GDP growth rate was around 10 percent.


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(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Yao Xinyu,Bianji)

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