THE much-awaited work report announced by Chinese premier Li Qiang at the Two Sessions have laid the solid foundation of the country’s policy agenda and priorities in multiple sectors starting from economy, military, medical, education, diplomacy, social, poverty alleviation and others. The very considered economic growth target of 5 % for the year 2024 by keeping in mind the performance of last year attached with the various domestic and global factors seems to be achievable. The economic factors explain that the economic expectations and trajectories settled are based on the Chinese economic conditions and growth potential.
As an observer, I always believed that these Two sessions offer a deep insight for the international community to get a very comprehensive and simplistic overview of Chinese system covering from modernization, politics, governance and others affairs of national and global influence. After listening the work report, it can easily be mentioned that China with its achievements and contributions in addressing global challenges will be providing the stability and strength to global development system under the umbrella of Belt and Road Initiative and Global Development Initiative for the building of a shared future of a mankind.
2024 is being considered as the very important year for the Chinese nation as with all the challenges they are moving ahead for the implementation of 14th Five-Year Plan (2021-25) domestically that is now accelerated by a modernized “new productive force” and has become a significant priority for the central government under the leadership of Chinese President Xi Jinping. With the much focus of Chinese leadership and authorities, “New productive forces” have become a new buzz word in the international community and now it has become vital moving element in the economic growth plans of this year.
The stress on “New productive forces” means that China will put all its efforts to pace up the building of a modernized industrial system at a rapid pace for injecting a new economic momentum to the domestic and the global economy as well. The transition of focus from traditional tools towards “New Productive Forces” is a collective decision taken by the outcome which shows that Chinese economy has been facing difficulties by the aging population, ailing property market and decreasing private investment. Now, with the emphasis on these new productive forces, the development of future-oriented industries and key technologies will be accelerated and thereby will be promoting modern industrial development and will be helping to advance the world’s second-largest economy on the global value chain.
Its is highly expected that this year will witness the new technological innovations driven by new productive forces also represented by big, intelligent, cloud and mobile that will profoundly change the traditional economic form and bring profound influence on China’s economic transformation that is a big help for global economic system as well. China’s economic transformation is intertwined with a new round of scientific and technological revolution which not only need to solve the existing institutional mechanism but also need to actively deal with new technology breakthrough.
The monetary lay out unveiled in the work report forecasts the future of economic growth prospects in the next 5 to 10 years that is inseparable from the objective judgement on the trend and characteristics of economic transformation. During the period of 14thFive-year plan, China’s economic transformation and economic growth is an important historical juncture. The new commitments adopted by Chinese government shows that the next few years will have a decisive influence on both boosting domestic economic growth and participating in international competition. The new economic journey of China announced during the year of the 75th anniversary of the founding of the People’s Republic of China shows the economic vitality of economic growth is relatively large. In short term, the growth rate is very important but in the medium and long term, the transformation is very important. It is being recorded that the international economic structure will change significantly in the coming years which will have multiple impacts on China’s economic transformation.
China’s economic transformation has an increasing impact on world economic growth and economic pattern. The work report shows that the contribution rate of China’s economic growth to the world will also remain around 30 % that will be injecting much needed momentum to the global economy as always. Following the economic policy announced at Two sessions, from the global perspective, the core of globalization is to use the vision of globalization to observe the more opening of the Chinese market to make market more accessible under the large pattern of global allocation of resources. From the Chinese perspective, reform and opening will be a key for the central government to bolster the foreign investment that liberalize the market trends and values. The resolve and willingness of Chinese government to extend the support for attracting the foreign investment and further reforms and opening up have shown up the vision that the leadership is committed to strengthen the science and technology and innovation by achieving the self-reliance that has emerged as an instrumental element for the nation in the development process of new quality productive forces.
—The author is a media fellow of China International Press and Communication Centre.
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