BEIJING: In its pursuit of bringing happiness to the Chinese people and realizing the rejuvenation of the Chinese nation, the Communist Party of China (CPC) has led the Chinese people in creating a phenomenon of rapid economic development and long-term social stability rarely seen in the world. This has become one of the most exciting success stories of this era.
Last year, China emerged from the global headwinds to become the only major economy to register positive growth in GDP and foreign trade in goods, thanks to its effective anti-COVID-19 measures. The country’s GDP increased by 2.3 percent year on year to cross the 100-trillion-yuan (about 15.49 trillion U.S. dollars) threshold, while its imports and exports of goods expanded by 1.9 percent.
The country’s economic resilience, achieved under the leadership of the CPC, may be explained by the Party’s unique governing philosophy and development strategy.
From “ensuring adequate food and clothing” to “completing the construction of a moderately prosperous society in all respects,” the work of the CPC has centered on one theme: improving people’s livelihoods.
According to a prediction from McKinsey & Company, more than 75 percent of urban Chinese households will have an annual disposable income of 60,000 yuan to 229,000 yuan by 2022. China’s middle class has been expanding at an astonishing rate.
The CPC has shown its proficiency in planning long-term goals and breaking them down into phases. China’s most notable strategic planning cases are its five-year plans, which map out social and economic development frameworks with targeted goals and reform initiatives.
They help ensure the coherence and strength of the policies, thus offering a stable and safe environment for domestic and foreign investors.
While China is making five-year plans for the next generation, Americans are planning only for the next election, said Robert Engle, a Nobel laureate in economics from the United States. – Agencies
