Continued reform and opening-up of great significance

Editor’s note: The connotations and conditions of the period of strategic opportunities to China has changed, and China needs to manage and control the uncertainties caused by a complex international environment, said Long Guoqiang, deputy head of the Development Research Center of the State Council, in a speech at a seminar in Beijing late last month. Excerpts:

The main challenges China faces are the fall of foreign demand for China exports, converging competition from both developed and developing economies and a fast aging society at home.

Yet the advancement of new technologies has provided China with a rare chance for leapfrog development.

China’s digital economy is now second only to the United States. But China should not be content with that. History shows many emerging powers overtook the existing powers by seizing the opportunities of new technology.

The huge demand for infrastructure construction worldwide is another opportunity for China, which can build roads, bridges, railways and tunnels, and also export China’s equipment and help Chinese enterprises to expand in foreign markets.

Innovation is the crux for China to overcome the middle-income trap, and pro-innovation strategies must be carried out. This will require a sustainable supply of talents. The number of overseas students studying in China has increased 20-fold over the past 15 years reflecting China’s determination to become a global talent center.

Both the challenges and opportunities China faces are different from years ago. The Chinese people should consolidate their confidence in the country’s future. Reform and openingup are the right choices China has made, enabling it to develop into the world’s second-largest economy in just 40 years. They will guarantee its sustainable and stable growth in the foreseeable future.

In such a complicated international environment, we must look for the certainty of China’s development. From the perspective of participating in the global economy, we see many challenges in the short term, and we must adjust our policies and strategies with a more confident attitude to meet the challenges and resolve the difficulties.