China’s Central Economic Work Conference was recently held in Beijing. People’s Daily published an article under the name of Zhong Sheng on December 19, which points out the world “lacks certainty” under the current international situation. It notes that China’s steady progress will inject confidence in the global development.
Following is the full text of the article:
Given a turbulent international situation, many countries have experienced chaos during 2016. As a result, the world now lacks a sense of “certainty” with increasing expectations on China’s reform and development. The just-concluded Central Economic Work Conference is undoubtedly a step forward to meet the world’s expectations.
According to the conference, making progress while maintaining stability is an important principle of national governance and a methodology of economic work as well. The country needs to make progress in some key areas under the premise of stability — the keynote of development. International observers captured such information and began focusing on the country’s “steady progress”. The continuity of China’s macro economy has also been reported by major international media such as Reuters and AP.
Judging from an international perspective, China’s steady progress will provide sufficient opportunities for the world economy. Despite the slowdown in recent years, the Chinese economy is stable and is moving in a positive direction, and the economy is operated within an appropriate range with improved quality and efficiency. Stephen Roach, former chairman of Morgan Stanley Asia, said that China’s contributions to global growth count 50 percent larger than the combined 0.8-percentage-point contribution likely to be made by all the other developed economies, and the country still remains one of the world’s major growth engines.
China will keep stabilizing its economy and deepening supply-side reform, to offer more benefits to the world’s economy. Thanks to its scale of economy, the country is bound to provide the world a broader market, sufficient capital, various products and valuable opportunities as long as it sticks to the guideline of making progress while maintaining stability.
In addition, China’s steady progress will bring orders to the world. Currently, China, the world’s second-largest economy, is gradually adapting itself to its new roles: a driver of change in the world economy, a leader of global economic governance, and a creator of international economic order. On global and regional platforms such as G20 and APEC, China is dedicated to offering a remedy to the sluggish world economy, revitalizing global trade and investment, promoting trade liberalization and facilitation, and accelerating the integration of regional economy. The UK media outlet Financial Times stressed in its commentary that China has the chance to become the guardian of global governance and torch bearer of the open trading system.
Besides, China’s steady progress can provide more methods for the world in terms of governance. Nowadays, the influence of China’s development can not be measured just by statistics. The country will offer valuable experiences to the world in future development. Former US Secretary of Treasury Henry Paulson writes in his book Dealing with China that Chinese leaders know what they need to do, which is also the reason for his cautious optimism toward the prospect of China’s reform.
For some time, China’s proposals such as “five development concepts” and supply-side reform have been well accepted by the world, and the country’s adherence to problem-oriented and bottom-line mindset also enlightens other countries. China’s reform and development will surely set up an example for many countries to solve their own problems.
When Chinese President Xi Jinping visited Peru in November, his Peruvian counterpart Pedro Pablo Kuczynski hailed China’s development. It is a reflection of the world’s expectation on China’s development. With steady progress, China will bring more cooperation opportunities to each country and contribute more to the revival of world economy.