China’s economic rise sets pace for new era

The annual Central Economic Work Conference concluded its three-day session in Beijing on Wednesday. The event served as a highlight of the country’s political and economic progress, indicating China’s long-term focus on economic development since it first introduced reform and opening-up measures. This year’s conference was especially significant because it is the first one following the 19th CPC National Congress.

Economic growth remains the key issue in today’s competitive global arena. It does not matter that China’s political system is abhorred by some Western nations, and its military force has yet to achieve first-class standards. National confidence continues to rise, and of course, the country’s ongoing economic boom has been a key influence.

The ongoing momentum has generated power for the development of various causes, advancing China’s attractive qualities and natural right to have its voice heard on the world stage. Meanwhile, the conference was also a reaffirmation of the positive expectations on China’s future apart from the world.

Xi Jinping Thought on Socialist Economy with Chinese Characteristics in the New Era is an unprecedented guarantee for the nation’s growth and development. It will lead to an even more specific development strategy and stability, ensuring that a concrete and unmovable blueprint remains forever secure. And the results remain evident due to the fact the strategy in place is not a “bait-and-switch” gimmick used by a few Western leaders and controlled by unseen forces.

The nation’s economy has routinely endured criticism from Western countries in the face of advanced development and growth. China’s political system is different from Western countries and therefore requires a different system to drive, and later evaluate the economy. However, the differences in how other Western nations developed are easy to notice.

In the future, global economic development primarily will be shaped by China and the West. Whether China can win the economic growth race will be determined by a few important aspects.

Given China’s long-term rapid economic growth, it is unrealistic to expect the same pace to continue. At least going into the future for the next halfcentury or longer, China’s economic growth rate can expect to outperform the West and hit higher levels than any upward movement of the US economy. It’s not an easy thing to accomplish.

China has the capability to accelerate development in areas of technology and national defense, and whatever gaps may exist with other developed nations in these two areas will soon be closed. Furthermore, the country’s economic development will continue to improve the quality of life and ensure improvement on living standards that will become one of the highest in the world.

Last but not least, China will have enough backup strength to survive any unforeseen or accidental crisis. At this year’s Economic Work Conference, the prevention and resolution of significant risks were placed among the “three tough fights” for the upcoming three years, reflecting a practical and calm characteristic of Chinese leadership.

The points above connotate the current high quality of China’s economic development. China will have even greater capabilities to regulate movement, revise objectives and achieve the highest goals possible when it comes to economic development.