New Prospects for China’s Economy

Following the increase of China’s economic aggregate, the absolute value of every percentage point of GDP growth exceeds what it used to be. Although GDP growth fell from 9.2 percent in 2009 to 7.7 percent in 2013, the absolute value of that 7.7 percent is RMB 5 trillion, more than double the 2009 figure (RMB 2.7 trillion).

China is trying to invigorate the market economy by deepening reforms and giving markets a decisive role in resource allocation. The country looks to industrialization, informatization, urbanization and agricultural modernization to explore market potentials and stimulate domestic demand. At the same time, China continues to push reforms in the fields of science and technology. By encouraging innovations, China is speeding up the transformation of scientific and technological achievements to facilitate economic development.

In short, healthy and sustainable growth is one of the new prospects for China’s economy.

Foreign steamers load and unload cargo on September 18, 2013 at the international container terminal at Qingdao Port in Shandong Province.