China’s promising, reality-based economic future

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.

It is also important that reforms prevail, albeit with ups and downs during the process. Nonetheless, a society committed to reform and one bound by the old path are different. For China, reforms are not a slogan. Both the leadership and grass-roots are committed to pursue reforms. There are constant adjustments in China's economy, which is not stymied by systematic obstacles.

Specifically, programs are available to further economic growth. For instance, China's 13th Five-year Plan aspires to build new high-speed rail lines of over 10 thousand kilometers connecting more than 80 percent of China's big cities. The country's highways network will also be upgraded. These two infrastructure initiatives alone will produce a tremendous economic stimulus.

Growth opportunities are enormous, like the public clamor for enhancing medical services and the government's plan to expand investment in the field. A poverty-alleviation program will also produce abundant economic opportunities. And environmental protection will be part of the field's technological and equipment upgrade.

Three years after the 18th National Congress of the CPC in 2012, Chinese society's understanding of development has evolved, embracing the reality and necessity of the "new normal." Gone are the days of impatience.

On hindsight, it is easy to see that what we are striving for today is different from years ago. We are building a society of a higher standard. We do face many problems, from risks in the financial sector to a sluggish real economy. But Chinese economy has more resources to solve these problems. For example, rising consumption is proof of confidence in China's economic future.