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Understanding ‘high gold content’ in Chinese economy

(People's Daily Online)    15:17, January 26, 2018

China’s economic growth pickup in 2017 was globally eye-catching, accompanied by improved quality, structure, and the continuous pursuit of innovation and openness.

The 6.9-percent GDP growth last year showed “high gold content,” the 80-trillion-yuan economic aggregate surpassed the total of the 5th to 10th largest GDP owners in the world. The answer sheet has won global attention during the ongoing 48th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland.

The high gold content is reflected in improving quality, efficacy, and structure. In 2017, the added value of industrial enterprises above the design above-scale increased by 6.6 percent. Growth rebounded for the first time since 2011. Consumption contributed 58.8 percent to the economy, 10 percent higher than five years ago. The scientific and technological contribution to the economy rose from 52.2 to 57.5 percent. The innovation-driven development mode has achieved marked results.

The rise in quality is seen in the deep promotion of the supply-side structural reform. During the structural transformation, the country worked hard to improve supply-demand relations and optimize the supply structure.

The results of the reform have dispelled doubts about whether the Chinese economy will see a hard landing and whether the supply-side structural reform will be effective to prevent financial risks.

A fairer business environment has been created to raise efficacy. For instance, the deleveraging of the economy has effectively prevented financial risks, and the optimum interaction between finance and industry has strengthened the real economy. Quality development was further guaranteed by abandoning data inflation in local GDP reports.

The rise in quality is seen in the deepening of economic innovation and sustainability. In 2017, the global innovation ranking placed China 12 positions ahead of where it was five years ago. Other areas of innovation such as the fast prevalence of mobile payments, the overseas expansion of shared bicycles, and the fast development of artificial intelligence (AI) have all helped China rise from a runner to a leader in these fields.

“From having the world’s largest trade volume finished by cashless ways to owning the fastest speed of big data calculation globally, from the world’s largest electric car market to the most advanced high-speed rail network, and from having the largest output of theses on AI to owning the world’s most advanced photovoltaic industry chain, China has broken the bottlenecks in many fields and become a leading runner in these fields,” the Financial Times reported.

The rise in quality is also seen in the constant expansion of openness and sharing of development. Chinese President Xi Jinping’s speech on globalization and openness to the 2017 WEF has again caught the world’s attention during the ongoing 2018 forum.

In China, provinces and cities like Inner Mongolia and Tianjin have proactively removed data inflation from their GDP targets, paving the way for high-quality development. And outside of China, the country welcomes people of all countries to embark on its fast lane of development. The two factors will set to push the country’s economy toward more progress.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Bianji, Liang Jun)

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