General thoughts on China's economic and social development

By Han Wenxiu
0 Comment(s)Print E-mail, April 4, 2012
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It is important that we first fully understand, and then put into action the general thoughts on China's economic and social development in 2012, as stated by Premier Wen Jiabao in his government work report at the fifth session of the 11th National People's Congress (NPC), China's top legislature.

In the report, Premier Wen stressed the importance of a number of different aspects. He said: "We must make progress while maintaining stability, and strengthen and improve macro-control. We will continue to balance maintaining steady and robust economic development, adjusting the economic structure, and managing expectations regarding inflation; accelerate the transformation of the pattern of economic development and adjustment of the economic structure; vigorously expand domestic demand, particularly consumer demand; make every effort to strengthen innovation, energy conservation, and emissions reduction; and strive to deepen reform and opening up and ensure and improve people's wellbeing. We will comprehensively advance socialist economic development, political, cultural and social progress, and ecological awareness. We will strive to achieve steady and robust economic development and overall price stability, maintain social harmony and stability, and greet the coming Eighteenth National Congress of the CPC with outstanding achievements in economic and social development."

To uphold the theme of scientific development, and adopt the transformation of the pattern of economic development as the driving force.

The year 2012 is important for China, as its leadership will be in a state of transition in the coming autumn. It's also vital to ensure the success of all this year's tasks in order to advance the Twelfth Five-Year Plan (2011-2015). China's economy continues its pattern of robust growth, and the people's wellbeing is improving. However, China's society and economy face challenges in order to ensure balanced, coordinated, and sustainable development. In order to meet these challenges, the government should keep the principle of scientific development to the fore in all aspects, and ensure that transforming the pattern of economic development is the main driving force.

Scientific development meets the demands of the times, and is closely related to the success of China's reform, opening up, and socialist modernization. China will experience greater difficulties if it doesn't pursue a development mode which obeys economic, scientific and natural laws. Its development should be people-centered, and pursue comprehensive, coordinated and sustainable development.

In the light of China's current conditions, the only way to achieve scientific development is to accelerate the transformation of the pattern of economic development. Only in this way can China break the dual constraints of resources and environment, and address the existing imbalance in the country's economic structure to fully enhance the quality and efficiency of economic development. It will then also be able to adapt to the great changes in the global demand structure, continuously improve its national competitiveness, and realize the objective of building a comparatively well-off society.

To adhere to the fundamental requirement of making progress while maintaining stability

It's still important to make progress while maintaining stability this year, especially due to the fact that the global economy is, in general, still facing a rather grim outlook, and the prospects of a recovery remain uncertain. Domestically, China's economic development also faces a number of threats, including the downward pressure on economic growth, and factors which could potentially push up prices. There could also be operational difficulties for some enterprises, as well as pressure from energy conservation and emission reduction requirements, and certain risks in financial circles. Therefore, the government must, as a matter of urgency, improve risk assessment mechanisms and take timely and appropriate measures to address the threat poses by any possible risks.

In this respect, it's also vital to acknowledge the fact that some long-term and short-term problems are interlinked: Structural and cyclical factors affect each other, and domestic and international problems have become interrelated. This complex situation places even higher requirements on those undertaking China's macro-control work.

In light of the complicated and volatile political and economic environment aboard, and the changes in economic performance at home, the central government stressed the importance of making progress while maintaining stability. Stability and progress are two elements which act in symbiosis to spur China's development. Stability helps to create a desirable policy, macro-economic and social environment, while laying the ground for further progress. Meanwhile, progress aims to achieve breakthroughs in improving the quality of economic growth, and ensure rapid and sound economic and societal development.

In order to achieve this goal, the government needs to continue to implement its proactive fiscal policy, alongside a prudent monetary policy. It must also fine-tune and adjust such policies at relevant periods to ensure that the policies are increasingly targeted, flexible, and anticipatory.

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