Growth is of paramount importance

By Zhao Jinglun
0 Comment(s)Print E-mail, November 19, 2014
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The leaders of the G20 nations meeting in Brisbane finalized a plan to boost global GDP by more than US$2 trillion over five years by investing in infrastructure and increasing trade. If this initiative is fully implemented, it would lift global GDP by 2.1 percent above expected levels by 2018 and create millions of jobs.

Christine Lagarde, managing director of the International Monetary Fund (IMF) has characterized the global economy as facing a "new mediocre," and she described the U.S. and G7 economies as in "secular stagnation." Growth is obviously the way to pull the global economy out of the doldrums.

But growth should not be understood solely in quantitative terms. As China's President Xi Jinping pointed out at G20 summit in Brisbane, the counter-cyclical stimuli introduced by various countries to deal with the global financial crisis did produce short-term results. But they did not solve the problem at its root. What is needed is innovative development thinking, a new mode and greater attention to quality and benefits.

Reform of the international financial system, especially the IMF voting system, is long overdue.

Xi also proposed the building of an open world economic system to promote international free trade and oppose protectionism. The multilateral trade system should be safeguarded for mutual benefit. "Great times require a great pattern, and a great pattern requires great wisdom," he said.

Investment in infrastructure is an important part of the project to boost global economic growth. China's initiative to launch the Asia Infrastructure Investment Bank and the Silk Road Fund, as well as its efforts to create a Silk Road Economic Belt and a 21st Century Maritime Silk Road will all energize the world economy and help improve global economic governance.

China's strong economic growth serves as a great engine driving the world economy forward. The size of its annual growth now equals the economic scale of a middle-level developed country. Its contribution to global GDP growth now stands at 37.6 percent.

In the next five years, China is expected to import goods worth more than US$10 trillion, and its foreign investments will top US$500 billion.

The idea that growth is of paramount importance was originally put forward by Deng Xiaoping. After losing an entire decade to the Cultural Revolution, China single-mindedly devoted its efforts to growing its economy. It has succeeded in pulling hundreds of millions of people out of poverty.

Along the way, it has learned a lesson that quality is more important than quantity and growth has to be sustainable. As a result, it has developed a growth strategy that maintains steady growth, adjusts the economic structure, promotes reforms, and benefits the people's livelihood.

Innovation is the key word. Any country that does not innovate will be left behind.

The writer is a columnist with For more information please visit:

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