China to make more economic achievements through reform and opening-up

By Zhong Sheng, People’s Daily

Chinese President Xi Jinping made a powerful voice to the world that China will stay committed to reform and opening up at a grand gathering to celebrate the 40th anniversary of the great revolution held on Dec. 18 in Beijing.

Xi, also general secretary of the Central Committee of the Communist Party of China and chairman of the Central Military Commission, made an important speech at the gathering, reviewing the remarkable achievements made in the past 40 years of reform and opening up, and summarizing the valuable experiences.

During the past 40 years, China has made an economic miracle through brave exploration and concrete actions. Thanks to the Chinese people’s pioneering spirit for innovation and resilience for self-dependence, they boosted the country’s GDP growth by an annual average of 9.5 percent.

Within a short time span of several decades, China has accomplished what took developed countries hundreds of years to accomplish, and become an upper-middle income country from a low-income one.

It has overcome the great divergence of development among different countries formed after the first industrial revolution, and made a miraculous economic catch-up from behind. Setting a textbook-like example in the world economic history, China has greatly enhanced the confidence of underdeveloped countries to shake off poverty and catch up with the world.

During the past 40 years, China has established close relations with global partners through its openness and the aspiration to embrace the world. Under the non-alignment principle, China made friends with the world and opened its doors for construction.

It established various partnerships with over 100 countries and international organizations. China is committed to building equal and balanced partnerships for global development as well as creating common development opportunities and space.

Over the past 40 years, China’s trade in goods has increased 198 fold, and trade in services 147 fold. It has attracted investment totaling $2 trillion, becoming the world’s largest trader of goods, the largest tourism market, and a major trading partner of over 130 countries.

The joint construction of the Belt and Road Initiative promotes interconnectivity among countries, as a result of which a pattern of interconnected development has been formed. The circulation of economic development factors such as human resources, capital, commodities, and services in both Chinese and global market has made a blueprint for vital economic globalization.

During the past 40 years, China has gained rich experiences in human development by focusing on development and the welfare of the people.

From 1978 to 2017, the per capita disposable income of Chinese residents increased 22.8 fold. China also lifted 740 million people out of poverty, contributing more than 70 percent to global poverty alleviation work in the past 40 years.

During this period, the country doubled its employed personnel, and realized compulsory education for both rural and urban students. Besides, it established a social security system that covers the largest population in the world. World Bank President Jim Yong Kim hailed China’s poverty reduction as one of the greatest stories in human history.

During the past 40 years, China has expanded the influences of peaceful development through developing itself to help others and seeking for common development.

Chinese people understand that the success of reform and opening up cannot be achieved without a peaceful international environment, and to realize self-development they must strive for a peaceful global situation.

China’s development path is different from the outdated philosophy of supremacy, and the country will always stick to peaceful development.

By actively participating in global economic governance, supporting the development of developing countries, and implementing responsible macroeconomic policies, China maintains a high contribution to global economic growth.

It has made its own contribution to coping with Asia and global financial crises, and offered wisdom and power to the building of a community with shared future for mankind.

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