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Pump up economy to boost global confidence

Editor: Li Kun 丨CCTV.com

09-10-2015 16:40 BJT

By Gu Jianjun, Postdoctorate of Central Translation Bureau

The annual meeting of the New Champions, known as the Summer Davos Forum is held in northeast China's port city of Dalian from September 9 to 11. Chinese Premier Li Keqiang attended the opening ceremony and delivered a speech.

This is the fourth time for Li Keqiang to attend the Davos Forum after assuming office. His speech has captured much attention from the outside world. When the economy of China and the world are full of uncertainties, the public listens to the voice of China, which is dubbed as the "wind vane of the world economy". 

Premier Li Keqiang said that although the Chinese economy has faced downward pressure in 2015, Beijing has adopted decisive measures to stabilize the market and keep the economy running in a reasonable manner. He said China can control risk in the domestic economy, proving that the country possesses huge development potential.

His speech transmits a signal of confidence for the Chinese economy. 

China's economy has bid farewell to the high-speed growth period. The unstable global markets have brought uncertainties that have adversely impacted Chinese financial markets and trading.

Despite downward economic pressures in 2015, the economic growth of China in the first half of the year has met expectations, while development vitality has been strengthened. Beijing can maintain the growth goal of seven percent by issuing pro-growth policies. In order to stabilize the market, Beijing has lowered the reserve ratio, interest rate, taxes and more, which have already achieved positive results.

The economic development mode has shifted from capital intensive investment to household consumption, which would mean  increasing consumption to offset the effects of decreasing fixed-asset investment. The service sector has accounted for half of the country's GDP (Gross Domestic Product). The contribution rate of consumption hit 60 percent of economic growth. Information, culture, health and tourism are in great demand, and energy conservation and environment protection, as well as the green economy are gaining momentum.

In the first half of 2015, China's contribution rate to the world economic growth was about 30 percent. The foreign investment has kept increasing, and the number of outbound tourists increased by 10 percent year-on-year.  So China remains one of the major drivers of globe growth.

Next, it is expected that China will adopt more targeted measures to alleviate the economic downturn and to activate the market with innovations. Beijing must strengthen risk management to deal with global financial markets and hold on to the bottom line of non-regional and systemic risk, stabilizing the China Yuan at a reasonable level.

Additionally, the establishment of the Asian Infrastructure Investment Bank (AIIB) and the "One Belt One Road" initiatives will promote infrastructure construction for the Asian continent and become a new engine for economic development.

Accordingly, the Chinese economy is moving towards a positive trend and continues to maintain market-oriented reforms. China will pay more attention to jobs creation and pursue the opening up strategy for mutual benefits and win-win results. The development potential and prospects of the Chinese economy remain very wide and will continue to bring more opportunities to the world.

 

( The opinions expressed here do not necessarily reflect the opinions of Panview or CCTV.com. )

 

 

Panview offers a new window of understanding the world as well as China through the views, opinions, and analysis of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

Panview offers an alternative angle on China and the rest of the world through the analyses and opinions of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

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