China’s Reform & Opening-Up: A Historic Mission for High-Quality Economic Growth
China is celebrating the 45th anniversary of its reform and opening-up, a transformative period that has propelled the nation towards economic modernization. Through the establishment of a socialist market economy, China has successfully stimulated market and social vitality, achieving a historic leap forward.
As China stands at a crucial juncture facing profound changes in the internal and external environment, it recognizes the need to comprehensively deepen reform and promote opening-up. This historic mission entails accomplishing major tasks such as achieving high-quality economic development, advancing the building of a modern economic system, and promoting a rebalancing of the global economy.
Deepening reform is the key to addressing development challenges and fulfilling China’s mission. It is essential to make significant breakthroughs in this area to improve development expectations. Despite facing numerous challenges, including uncertainties in the external environment and fluctuations in domestic economic growth, China remains committed to prioritizing development and stimulating market vitality. By doing so, it aims to unleash the medium- and long-term economic growth potential and boost confidence among market players.
Looking ahead, China envisions a future where producer services constitute 50-60% of its GDP, compared to the current 30%. Similarly, it projects services consumption expenditure to rise from 43.16% to approximately 60% of total consumption expenditure. Additionally, the urbanization rate, measured by residents with urban household registration, is estimated to increase from 47.7% to about 65%. These factors, which underpin China’s economic landscape, instill confidence that the country can achieve an annual economic growth rate of around 5% in the next 10-15 years.
China’s commitment to reform and opening-up remains unwavering. It is poised to tackle its ongoing structural transformation and economic upgrading while embracing the opportunities and challenges that lie ahead. By staying true to its mission and implementing necessary reforms, China aims to secure high-quality economic growth, build a modern economic system, and contribute to the rebalancing of the global economy.
China’s ongoing reform efforts will shape its future, emphasizing the importance of continuous improvement, adaptation, and flexibility. The government’s determination to deepen reform and promote opening-up demonstrates its dedication to creating a favorable environment for economic development.
As the world watches China’s reform journey unfold, it becomes evident that the nation’s commitment to high-quality economic growth is a historic responsibility. With multiple tasks at hand and a steadfast focus on reform, China is poised to strengthen its market economy and contribute to global economic stability.
