Driving a Sustained Economic Recovery

Over the past year, faced with a complicated and severe environment marked by increasing external pressures and growing internal difficulties, the CPC Central Committee with Xi Jinping at its core has united and led the entire Party and Chinese people in responding to the situation with composure and implementing comprehensive measures. 

As a result, the economy has enjoyed overall stability and secured steady growth. Solid headway has been made in promoting high-quality development, and the main targets and tasks for economic and social development are expected to be successfully completed. 

We have made steady progress in developing new quality productive forces, further deepened reform and opening up, effectively defused risks in key areas in an orderly manner, and safeguarded people's wellbeing with substantive and vigorous steps. All this has ensured new solid strides in advancing Chinese modernization. 

In terms of quantity, the economy has expanded in every quarter, with quarterly growth rates remaining close to projected targets. Indeed, in the first three quarters, China was one of the fastest-growing major economies in the world. 

In qualitative terms, during the first three quarters, growth in both high-tech industry investment and the value added of high-tech manufacturing significantly outpaced overall growth for each respective indicator; output for integrated circuits, alternative energy vehicles, and solar cells continued to grow in the double digits; China moved up to the 11th place in the Global Innovation Index and led with the most clusters in the top 100 of the Science and Technology Cluster ranking. 

In terms of development momentum, since October, there has been a marked rebound in all major economic indicators. We have seen a steady accumulation of positive factors, a consistent improvement in social expectations, and steady growth in market confidence.

Consciously exploring, mastering, and applying objective laws is a vital prerequisite for building confidence, seizing the initiative, and achieving success in a complex and changing environment. 

Since the 18th CPC National Congress in 2012, the Central Committee under the leadership of Xi Jinping has put forward a series of new philosophies, new thinking, and new strategies concerning the question of how to uphold and develop the socialist economy with Chinese characteristics in the new era and deliver development that is higher in quality, more efficient, fairer, more sustainable, and more secure. 

In practice, these efforts have led to the formation and development of Xi Jinping’s thought on the economy, which reflects the CPC’s deepened understanding of the laws underlying economic development, especially socialist economic development, and its enhanced ability to apply these laws. 

In carrying out new practices, the CPC has also gained a deeper understanding of the laws underlying its economic work. The centralized and unified leadership of the CPC Central Committee stands as the fundamental guarantee for successfully carrying out this work. 

At critical moments and junctures, the CPC Central Committee has promptly assessed the situation and made decisions and plans to ensure that China’s economy braves the headwinds and waves to keep sailing steadily forward. 

Looking to the future, we must work on coordinating the relationship between an efficient market and a well-functioning government to create an economic order that is both dynamic and well-regulated. The relationship between aggregate supply and demand must be properly managed to ensure smooth flows in the national economy. It is necessary to coordinate the relationship between fostering new growth drivers and upgrading old ones, and to promote the development of new quality productive forces in light of local conditions. 

It is imperative to coordinate the relationship between efforts to add new resources of high quality and make best use of existing resources, and to improve the efficiency of resource allocation across the board. The relationship between enhancing quality and expanding total output must also be well-coordinated to lay a solid material foundation for Chinese modernization.

Editor: Yi Xiaowei