In a fairly long period of time, China will spur changes in the mode of economic growth, continue to optimize the economic set-up, and further deepen structural reform in its economic system.
The third reason for the international community to follow China so closely is its sustained high growth, which will continue to accompany the "double surplus" of China's current account and capital account and exacerbate the imbalance of world economy.
Chinese economy has grown at an annual rate of 9.8 percent over the last 30 years or so. Incessant high growth was owed chiefly to potential released by means of restructuring the national setup in the course of economic structuring after the investment demand and consumer demand go on expanding apace.
Current exports continue to exceed imports, bringing in a large sum of foreign exchange (Forex) earnings, and the importation of capital projects overtakes the continuous output, bringing in huge surpluses in the number of capital projects.
These factors for growth, however, still exist overall despite structural changes occurring on a medium term or a long-run. Hence, there is the basis for the maintenance of a high growth rate in the medium and long term in the years to come.
Basic trends in China's mid and long-term economic growth are that an excessive surplus situation in the current account surplus will gradually lessen or reduce due to a drastic decline in the contribution ratio of exports to the economic growth.
Meanwhile, demand factors will be concentrated more in the nation's eastern region with a relatively even-distribution of all regions for the years ahead; the role of a private sector investment demand on the economic growth will increase and the mix of ownership will be further adjusted.
As for China's reform, however, there are still a host of deep-rooted problems yet to be tackled. Only through the higher-level and more all-round opening-up, can China contribute even more to a harmonious development of the international community and to better draw on the outcome from the development of human civilization. And China's further reform, opening-up and development will surely create a bigger and more spacious room of cooperation for the global community.
By People's Daily Online and contributed by Liu Binjie, director-general of China's General Administration of Press and Publication
(Source: People's Daily Online )
