The Chinese Dream and its global impact

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--By Yan Wenbin, Director, International Department, Xinhua News Agency

Top leader Xi Jinping interpreted the Chinese dream as the great rejuvenation of the Chinese nation. Many agree that such an ambition should be built upon the dreams of every individual. Difficult as it is to generalize where 1.3 billion Chinese people currently sit on Maslow's hierarchy of needs, the Chinese dream, a grand vision of the nation's future, can be achieved only if down-to-earth measures are taken in response to the appeals of the people.

At the just-concluded Third Plenary Session of the 18th Communist Party of China Central Committee, the Chinese leadership presented a sweeping reform plan for the country's future development. Such decisions as easing one-child policy, abolishing the labour camp system, promoting equality in education, allowing more private capital into the market, facilitating the development of trade zones and further opening up the banking sector will not only change the lives of ordinary Chinese, but also bring about fresh business opportunities and ensure China's sustainable growth. All this will give substance to the Chinese dream.

Over the past three decades, China has concentrated its efforts on boosting economic growth, which has given rise to speculation that China's dynamic rise will force it to follow the path of the great powers vying for world dominance. People having such worries show lack of understanding of China.

The major threats to China come from inside rather than outside. The core concerns of Chinese leaders are domestic issues. They are preoccupied with domestic challenges, such as faltering economy, a widening income gap, deteriorating environment and frequent natural disasters, to name just a few.

China's growth needs a stable and peaceful external environment. The Chinese dream is not a call for revanchism and Chinese nationalism at the expense of its neighbors. By realizing the Chinese dream, China will create more opportunities for the world. China's reform and opening-up, its 11 years in the WTO, its efforts to combat Asian and global financial crises, and its role in global economic governance show that it is a strong practitioner of win-win cooperation.

To realize its rejuvenation, China will have to sustain its growth through deepening reforms and transforming from an investment-driven growth mode to a consumption-driven one. Consumption-led growth will not only bring opportunities for investors throughout the world and expand the market for overseas goods and service providers, but also ease China's trade imbalance with the United States and Europe.

The realization of the Chinese dream won't entail the shattered dreams of other countries. On the contrary, it helps them to realize their own dreams, be they American, Russian or African aspirations.

The methodology used by the largest developing country in the world to achieve its dream also provides inspiration to other developing nations that are fumbling their way out of the dark.

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