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Understanding China Through Keywords (29/09/16)
Prevailing words help to expand understanding of China
 NO. 39 SEPTEMBER 29, 2016

Learning keywords is one of the best ways to keep abreast of the latest developments in a country. The China Academy of Translation, a research institute affiliated with the China International Publishing Group, the country's leading international publisher, regularly analyzes prevailing Chinese terms in various sectors and translates them into a number of foreign languages ranging from English to Arabic. In each issue, Beijing Review presents a selection of these keywords to help readers know more about China.

 

The new normal of China's economy

 

The new normal of China's economy is characterized by: (a) a shift from high growth rates to medium-high growth rates; (b) an ongoing process of optimizing and upgrading the economic structure, and narrowing the urban-rural gap, with higher personal income as a share of GDP, and an increasing number of people benefiting from economic development; and (c) a transition from growth driven by input and investment to one driven by innovation.

 

This new normal would likely lead to, among others, a sizable increase in real output despite slower growth; more stable growth with a more diversified array of growth drivers; an increasingly optimized and upgraded economic structure, and more predictable development prospects; and a further revitalized market as result of the ongoing move to streamline government and delegate authorities.

 

Growth model transformation, structural adjustments and steady growth

 

A major policy goal of China in recent years has been to transform the growth model and make structural adjustments while ensuring steady growth at the national, regional and sectorial levels.

 

Growth model transformation calls for replacing extensive growth with intensive growth, upgrading and optimizing the economic structure, and pursuing growth that is comprehensive, balanced and sustainable rather than purely economic.

 

Structural adjustments involve realigning and rationalizing various components of the economy, in order to adapt to new dynamics and boost productivity.

 

Steady growth entails expanding domestic consumption, maintaining steady overseas demand, developing the real economy and addressing the root causes of instability and uncertainty.

 

Reform and opening up

 

The process of reform and opening up has been key to making China what it is today, and will be essential to realizing the Two Centennial Goals and national renewal. It is an ongoing process with no end point.

 

The process that ushered in a new historical period was initiated in 1978 when the 11th Communist Party of China Central Committee held its Third Plenary Session. Aimed at dismantling the economic straitjacket and unlocking growth potential, the reform program put China on the path to modernization and prosperity.

 

In addition to the emergence and development of the concept of socialism with Chinese characteristics, the achievements of China's reform and opening up are most convincingly demonstrated by the profound changes the policy has brought to China and to China's relations with the rest of the world.

 

China has made the historic shift from a centrally planned economy to a dynamic socialist market economy and from a closed or semi-closed society to an open society. With an annual growth rate of more than 10 percent for 30 years running, China has become the second largest economy in the world. The challenge to provide its 1.3 billion people with adequate food and everyday essentials has been successfully addressed, contributing to a 70-percent reduction in the number of people living in poverty worldwide.

 

China is also adapting to an evolving world landscape, and actively participates in global affairs as a responsible member of the international community. It now accounts for 25 percent of world economic growth. It has brought about economic and social transformation without getting involved in wars on foreign lands, pursuing overseas colonization or causing widespread social unrest. It has enjoyed political stability, strengthened the rule of law and expanded individual freedom.

 

Comments to yanwei@bjreview.com 

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