People-oriented policymaking ensures a stable social environment for economic growth and unleashes the potential of the masses to work for a better life.
China's GDP per capita has risen from less than 30 dollars to nearly 10, dollars in the past 70 years. Democratic centralism combines the strengths of both democracy and efficiency, helps forge united forces to govern the country and avoids impeding from partisan politics or self-consuming conflicts for better policy execution.
Given China's vast territory, huge population and complicated geopolitical environment, its governance is anything but easy.
The Shenzhen Miracle-- Beijing Review
By sticking to democratic centralism, the Communist Party of China CPC and state organs have managed to maximize governance effectiveness and national interests for the people. In , China ranked 24th in terms of national governance among surveyed countries, according to a report released by the East China University of Political Science and Law.
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- China's Economic Growth: A Miracle with Chinese Characteristics - CRC Press Book.
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It took seventh place when governance difficulty was factored into the equation, and it was the only developing country to enter the top 10 list. For a country as vast and varied as China, regional differences pose challenges as well as opportunities for development. China has taken advantage of each region's own strengths while coordinating their development.
China's economic growth took off in coastal areas. Now the western region has become a popular investment destination thanks to a string of supportive policies. The central government has rolled out regional growth strategies for the Beijing-Tianjin-Hebei region, the Yangtze River economic belt and the Guangdong-Hong Kong-Macao Greater Bay Area, which become growth engines as coordinated regional development speeds up urbanization and nurtures local pillar industries.
China's policymakers have many economic levers at hand to deal with challenges.
China’s 40 Years of Economic Reform and Development
History has proven China's leeway in maneuvering its macro policies and capability of maintaining stable economic growth in case of global economic turbulence. A case in point is the financial meltdown in , which is seen by many economists as the worst crisis since the Great Depression. Thanks to the targeted macro regulation measures, China's economic growth has survived largely intact and become a bright spot in a gloomy world economy.
Without exporting a crisis or conducting protectionism, China has led the global economic recovery. Despite greater difficulties ahead, China is still confident in keeping economic growth within a reasonable range by innovating and improving its macro regulation. Despite the economic achievement, China's reform momentum has remained unabated, and the government is working to cut red tape, streamline administration and create a level playing field to enhance the efficiency of the economy. Over the past five years, China has held at least 45 high-profile meetings on advancing reforms, during which documents and 1, reform plans have been launched.
The CPC has taken a series of steps to enhance internal supervision, tackle corruption, create a sustainable development environment and foster both domestic and international demand. Without being open-minded, China could not have come up with the reform and opening-up policy to learn from developed economies or launched the Belt and Road Initiative to share common growth. Although the world is witnessing rising trade protectionism, the Chinese government supports an open and inclusive world economy, takes efforts to broaden market access, eases foreign equity restrictions, and lowers import tariffs.
It organized the world's first national-level import-themed exposition last November. Chinese culture has been evolving, but there are some fundamental features that have remained unchanged for thousands of years, including a strong collective spirit and the love of harmony.
For those who wonder where China is heading and perhaps like myself find it hard to give a definite answer there are some interesting arguments around. Jonathan Fenby in his latest blog has looked sceptically at predictions of China's "inexorable rise". Here are some more challenging ideas from documents published recently:. This would actually mean - amazing as it may seem - a slight slowdown since growth for this year's first quarter was The WB urges China to "take structural measures in medium term to rebalance its economic growth", particularly by shifting government spending from investment to "health, education and the social safety net".
Such appeals have been made in vain before but they do chime with what is now being said by President Hu JIntao and Premier Wen Jiabao.
The Chinese media has also picked up on a World Bank calculation that "China has overtaken Britain by the tiniest of margins to become the world's fourth-largest economy" China Daily, 4 July. This is not very meaningful because of the disparity in population, but it does remind us that the Great Leap Forward was supposed to "catch up and overtake Britain" - so they've finally done it! Chinese economist Hu Angang has an important article arguing that we need to take into account the negative effect on the environment of the Chinese economic boom environmental capital loss.
China has now overtaken the US to become "the country with the biggest natural asset loss". Hu calls this "black development" and argues that "green development" is now the only feasible policy for China.
Capitalism with Chinese Characteristics: Entrepreneurship and the State (2008) by Yasheng Huang
China must be firm in following this path so that man and nature can live in harmony. Hu is often consulted by the Chinese government. This article appears to be a revised version of one originally written by him in which was circulated internally by then Premier Zhu Rongji. In it, he describes how in he attended a lecture in Beijing by Milton Friedman, high priest of neo-liberal economics: the audience was packed with top communist officials.