Embracing a New Round of Opening-up and Development

HOU RUILI

Despite slow recovery of the global economy, China is estimated to maintain its position as the world’s second largest economy with a GDP surpassing RMB 80 trillion in 2017. With remarkable progress in infrastructure, industry, agriculture, technological innovation, and market building, the main challenges facing China have shifted from less-developed production capability to overcapacity, developmental imbalances, and liability risk for enterprises. Supply-side reform is expected to improve the country’s economic performance and advance its economic transformation and development. Besides, the country’s standing will be enhanced to the middle and high end of the global industrial chain through developing advanced manufacturing sectors, a modern service industry, and infrastructure construction. What’s more, new drivers of economic growth will be created in such fields as innovation, consumption, green and low-carbon development, sharing economy, modern supply chain, and human resource. Traditional industries will also be upgraded by the full integration of the Internet, big data, and artificial intelligence into the economy.  

During the Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Week in Da Nang, Vietnam in November, President Xi Jinping pointed out that in the coming years, reform in China will be carried out in wider fields with intensified and more diversified measures. Prioritizing quality and efficiency, the country strives to develop a modernized economy and embark on a journey to develop an open economy of higher standards.  

Technological innovation is the primary engine of China’s economic growth. During the APEC Economic Leaders’ Week, Xi gave credit to innovative development which has been continuously providing new impetus to the nation’s economy. Innovation, at both technological and institutional levels, must be promoted simultaneously. A synergy of market and technology will boost new models and new forms of economy and unleash potentials for development.

Ranked 22nd on the Global Innovation Index 2017, China is the only middle-income economy edging closer to high-income economies in terms of innovation, displaying its cutting-edge status in the world. Measured by innovation quality, China stood at the 16th place, having taken the lead of middle-income economies for five consecutive years. Its domestic market size, knowledge-oriented labor force, original patents, hi-tech exports, and original industrial design should be applauded for the achievements the country has made in innovation.

At present, expenditure on research and development has taken up over two percent of China’s GDP, reaching the average level equal to the Organization for Economic Cooperation and Development members. In 2016, progress in science contributed 56.2 percent of the state’s economic growth and a range of accomplishments in science and technology have materialized.

In addition, China is determined to raise the efficiency of commercializing science and technology achievements. On one hand, it will further encourage research in such fields as space, oceanography, Internet, materials, energy, and medical health. On the other hand, it will cultivate scientific and technological leaders, young scientists, and engineers, as well as high-performing innovation teams.

Humankind and nature form a harmonious community of life. Today, promoting green development to build a Beautiful China has become a consensus. Awareness and management on natural resource protection and energy conservation have been intensifying. Being a nation to have signed the Paris Agreement, China works hard to fulfill its commitments on emissions reductions and has become a participant, contributor, and torchbearer in the global endeavor for ecological advancement.  

Pursuing a foreign policy of peace, the country adheres to a policy of opening its arms to the world and building a global partnership in a bid to realize a cohesive global governance philosophy featured with extensive consultation, joint construction, and shared benefits. At the APEC meetings, Xi revealed that China will open wider to the outside world and bring more benefits to the world. According to him, the first China International Import Expo to be held in 2018 will provide a new platform for expanding cooperation in China’s market among all parties.

China’s integration with the world and the fruit of development to share is a New Year gift to the whole world.