New de­vel­op­ment course

China Daily (Hong Kong) - - COMMENT - — PEO­PLE’S DAILY

Af­ter decades of break­neck growth, China’s econ­omy has en­tered a new nor­mal of medium-high growth. In the con­text of this eco­nomic de­cel­er­a­tion and the com­pli­cated cir­cum­stances at home and abroad, the coun­try’s top lead­ers have mapped out a “new di­rec­tion” for the world’s sec­ond­largest econ­omy and are re­solved to pur­sue de­vel­op­ment that is “in­no­va­tive, co­or­di­nated, green, open and shared” and press ahead with the sup­ply-side struc­tural re­form.

China’s de­vel­op­ment still of­fers im­por­tant op­por­tu­ni­ties even as the econ­omy adapts to its new nor­mal. In fact, a se­ries of ma­jor eco­nomic changes un­der the new nor­mal has cre­ated new op­por­tu­ni­ties and pointed out the new di­rec­tion for China’s de­vel­op­ment.

Un­der this new di­rec­tion, China’s econ­omy, al­beit mod­er­ately slowed, will re­al­ize a more op­ti­mized struc­ture and division of la­bor, cre­ate new driv­ing forces, and de­velop stronger re­silience and a greater ca­pa­bil­ity to re­sist risks. In this way, China will be able to en­dure tem­po­rary hard­ship while pur­su­ing higher-qual­ity, more ef­fi­cient and more sus­tain­able de­vel­op­ment.

The new di­rec­tion for China’s de­vel­op­ment ne­ces­si­tates new de­vel­op­ment philoso­phies to meet the chal­lenges of the new nor­mal and the ex­ter­nal cir­cum­stances.

“In­no­va­tive, co­or­di­nated, green, open and shared” are new de­vel­op­ment philoso­phies for China, since they break de­ci­sively with the pre­vi­ous de­vel­op­ment ap­proaches aimed at growth for the sake of growth and ad­dress the out­stand­ing prob­lems and con­tra­dic­tions that have emerged in the process of China’s de­vel­op­ment. They rep­re­sent a sus­tain­able dy­namic for the coun­try’s fu­ture eco­nomic de­vel­op­ment.

The new di­rec­tion is a sig­nif­i­cant step for­ward to­ward es­tab­lish­ing a well-off so­ci­ety in an all round way and push­ing for­ward struc­tural re­form.

Fol­low­ing the new di­rec­tion set by its top lead­er­ship, the coun­try needs to work harder to ad­vance in­sti­tu­tional re­forms and pol­icy ad­just­ments to pro­mote its sound, ro­bust and sus­tain­able de­vel­op­ment on the road to the great re­ju­ve­na­tion of the Chi­nese na­tion.

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