China’s new starting point brings new opportunities to the world

(160828) — HANGZHOU, Aug. 28, 2016 (Xinhua) — People walk past a G20 themed poster in Hangzhou, capital of east China’s Zhejiang Province, Aug. 27, 2016. The 11th G20 summit was held from Sept. 4 to 5 in Hangzhou. (Xinhua/Ju Huanzong) (yxb)

After 38 years of reform and opening up, today’s China, standing at a new starting point, will continue to benefit itself and the world, read a commentary published by China’s official newspaper the People’s Daily on Monday to mark the ongoing G20 Hangzhou Summit.

At this new starting point, China will translate advanced concepts into practical actions and pursue higher standards, higher efficiency, a more just environment and sustainable development, said the commentary, “Chinese Progress to Bring More Opportunities to the World,” adding that such a China will continue to benefit itself and the world.

The following is an abstract of the commentary:

Modernization for a country with a 1.3 billion population has never been seen in history. Since its reform and opening up, China has lifted more than 600 million people out of poverty, achieving the UN Millennium Development Goals in general.

From 2011 to 2015, the Chinese economy maintained a 7.3 percent annual growth rate. Its annual growth volume, equivalent to that of a moderately developed country, contributes 25 percent of global economic growth. China has grown into an important engine of the world economy. It has been proven that the medium-high economic growth rate maintained by China not only serves its own needs, but also those around the world.

With an increasing economic aggregate and closer engagement with the rest of the world, today’s Chinese economy draws more attention from the outside world.

In the first half of the year, China’s GDP grew by 6.7 percent, ranking first among major economies. Consumption contributed 73.4 percent to the GDP, while the tertiary industry’s added value made up 54.1 percent of the GDP. China’s industrial upgrades and structural adjustment picked up pace as well.

All these show that with great resilience, ample potential and broad maneuvering space, the Chinese economy is fully capable of realizing transformation and upgrades to provide more opportunities to the world economy.

After 38 years of reform and opening up, today’s China has reached a new historic starting point. It is a new starting point for China to deepen reform across the board and foster new engines of economic and social development. It is a new starting point for China to adapt its economy to a new normal and transform its growth model. It is a new starting point for China to further integrate itself into the world and widen its exposure to the world.

Proceeding from this new starting point, China will firmly uphold the concepts of innovative, coordinated, green, open and shared development to address such prominent obstacles as an imbalanced, uneven and unsustainable development, which would be a groundbreaking reform on China’s development path and an inspiration for world development.

In order to forge new development opportunities, China has to steadfastly deepen reform in an all-round way, pursue an innovation-driven development strategy, promote green development, promote equity and share development outcomes, and further open up to the world.

On a global scale, these “Chinese proposals” would bring the world economy out of its dilemma, contribute more growth engines and opportunities to the world.

A starting point for China’s development, a new blueprint for global growth. As international media reported, it is hard to find a better country than China to provide more confidence in economic prospects. (People’s Daily)