High-quality growth shift doesn’t alter economy’s global pivot
Print Edition
THOUGH China has shifted away from high-speed growth to high-quality and long-term growth, its vibrant and resilient economy continues to be the stabilizer and powerhouse of global development.
The global economy displayed an uptrend in 2017, and it is widely held in the international community that the Chinese economy, driven by structural adjustment, consumption upgrading and innovation, contributed greatly to its recovery.
According to the World Bank, China contributed 34 percent to the world’s economic growth from 2012 to 2016, more than the contribution by the United States, the European Union and Japan combined.
Seeking to boost economic development while at the same time improve social equality and sustainability, the Chinese government has begun a shift from targeting rapid growth above all else to a new normal of slower but more efficient growth in 2014.
Over the past five years, China has lifted 68.53 million people out of poverty, which is, as World Bank President Jim Yong Kim has said, “one of the greatest stories in human history”.
Furthermore, China has vowed to eradicate extreme poverty by 2020, a move contributing to the UN’s 2030 Sustainable Development Agenda.
China has also been pioneering international efforts to control global warming and has taken the lead to honor the Paris Agreement.
In 2018, the government will redouble efforts to protect and restore ecosystems through upgrading industries among other ways, Premier Li Keqiang said on Monday in his Government Work Report at the ongoing session of the National People’s Congress in Beijing.
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