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China Voice: All aboard the growth train
2015/11/03

BEIJING, Oct. 31 (Xinhua) -- China's decision to target medium-high economic growth in the next five years sends a clear message: It has not lost sight of its economic ambitions.

On Thursday, the Communist Party of China (CPC) confirmed that the country would continue to pursue medium-high growth, and would double both its 2010 GDP and the per capita income of rural and urban residents by 2020.

Although not specifying exact growth rate targets for the 2016-2020 period, annual growth must stay above 6.5 percent to realize the economic growth target.

China will open its economy wider, and make investing here more convenient, according to a communique issued following the Fifth Plenary Session of the 18th CPC Central Committee ending Thursday.

This is a clear signal that China intends to remain a major contributor to the global economy and other countries should want to make the most out of the opportunities created as a result of this.

In the previous five years, China's GDP average annual growth of 8.7 percent accounted for more than 30 percent of total global growth, much higher than the 18 percent contributed by the United States.

Despite China entering a "new normal" state featuring slower growth, the 7-percent growth posted in the first half of this year still accounted for about 30 percent of global growth.

As structural reforms take affect and new engines of growth are identified and cultivated, China will sustain its domestic growth, which will help the world economy.

Previous drivers of China's growth, including exports and investment, are now overshadowed by consumption. In the first three quarters, consumption contributed 58.4 percent of China's growth.

During the next five years, the government has set its sights on elevating consumption, and attracting more people to live in urban areas, which will result in more consumption.

Should China achieve its goal of becoming "a moderately prosperous society" by 2020, the higher incomes will mean a larger consumption market for the whole world.

Things are changing in China -- and for the better, with Thursday's announcement that the one-child policy will be abolished being one such example.

The promotion of innovation, the green economy and openness will make China an ideal place to do business and a perfect partner to grow together with.

Although the effects may take a while to manifest, policy adjustments are paving the way for future business opportunities for both domestic and overseas companies. For most countries, China will be a golden opportunity that is too attractive to miss. (source: Xinhua news)

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