By Liu Zhiqin Source: China Daily Published: 2019-1-29
The latest report on the current economic development for China in 2018 was released Jan 21, and the outcome was not surprising because the GDP was 6.6 percent, within the expectation of the market .
Two points are very important to attract world attention: the total value of China’s GDP has for the first time reached 90 trillion yuan and contributed 30 percent to global growth. This means that China is still and will remain as the main driving force in globalization and shows great potential to stimulate the virility of the world economy in 2019. The second point is the foreign trade volume of China in 2018 reached a record high of 30.51 trillion yuan. This figure has special significant meaning for China: Despite global trade tension, China still made great effort to provide various goods to the world market. Nobody and no force can pull China back from its development in an inclusive and constructive manner.
To deal with challenges ahead, China has its own policy, as it has done in the past 40 years. China has always reserved some special means as policies to promote the transition of the economy. In the 1990s China reserved its policy on real estate that propelled China into the quick lane of development, and when the country entered the new century, China reserved its policy of upgrade and structural reform to meet the demands of the market. After 2015, China initiated a new policy to take supply-side structural reform to ease tension caused by disarray in the market. All these policies can not be found in the textbook of western economies. They are all very native and very suitable to Chinese conditions.
Besides the above mentioned policy reserve, China has another strong point: It also has reserved market potentials. That means China would liberalize its market potential according to the needs of development in a right time and for the right issue. This greatly impacts the Chinese market.
The year 2019 is one full of challenges from home and abroad. The most essential is the stability of society will be a decisive factor that makes everything comprehensively combined together, but a successful and fruitful 2019 can be assured anyhow!
The author is a senior fellow at the Chongyang Institute for Financial Studies at Renmin University of China.