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Special> Boao Forum for Asia 2013> Background
UPDATED: May 9, 2012 NO. 19 MAY 10, 2012
Asia: Coming Together for Sound and Sustainable Development

We should also be mindful that China remains the largest developing country in the world. There is a serious lack of balance, coordination and sustainability in its development, and some outstanding structural problems need to be addressed gradually. At present, we will seek progress while maintaining stability as we work to promote scientific development and move faster in changing the growth model. We will address the immediate needs by ensuring steady growth, controlling price level and promoting harmony while keeping an eye on the future by ensuring fresh progress in structural adjustment, improvement in people's livelihood and continued reforms with a view to promoting a comprehensive, coordinated and sustainable economic and social development in China.

A faster shift of the growth model holds the key to continued economic and social development in China. China's 12th Five-Year Plan (2011-15) calls for faster change of the growth model, which makes strategic adjustment of the country's economic structure a top priority. The primary task of the structural adjustment is to expand domestic demand, and the best way to do that lies in urbanization. China has a large population and vast areas. The country as a whole is in the middle of ongoing industrialization and urbanization. Last year, China's urbanization rate for the first time exceeded 50 percent. Each additional percentage point in this figure means more than 10 million rural residents becoming city dwellers, along with their enormous demand for consumption and investment. At the same time, upgrading industries and speeding up the development of service sector for its larger share in the economy can provide a strong industrial support for larger domestic demand and more employment. What is more, better food security, better protection of the ecosystem and development of a modern agriculture can lay a solid material foundation for larger domestic demand. In a word, continued industrialization, urbanization and agricultural modernization pushed in a balanced way are the necessary path for China's modernization. It is also a strategic move to ensure the shift of the growth model, structural adjustment and larger domestic demand. This move will help China maintain fairly rapid economic growth in the 12th Five-Year Plan period and beyond while improving the quality and cost-effectiveness of development.

Improved livelihood is the ultimate goal of continued economic and social development in China. The fundamental goal of our efforts to accelerate the transformation of the growth model and adjust structure is to ensure and improve people's livelihood. This would increase people's income, stimulate consumption and expand market demand. Our efforts to promote growth and our endeavor to improve people's lives reinforce each other. China is implementing such projects as employment support, social housing, full coverage of health care and large-scale poverty alleviation. These major projects are important to people's livelihood and China's development. Aimed at ensuring people's basic livelihood and raising the income of the low-income groups, these are also major measures to regulate income distribution. We will, with a view to raising the level and quality of people's lives, build a social security net, promote equal access to basic public services and encourage the people to go for employment or to create jobs. We will raise people's income in tandem with economic growth and expand consumption and domestic demand. Our purpose is to make steady progress in China's modernization drive and bring benefits to the entire population.

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