The downtown area of north China's Tianjin, June 24, 2023. /Xinhua
Editor's note: Liu Chunsheng, a special commentator on current affairs for CGTN, is an associate professor at the Beijing-based Central University of Finance and Economics. The article reflects the author's opinion, and not necessarily the views of CGTN.
The Chinese economy, under the leadership of the Communist Party of China (CPC), has weathered storms and emerged as a significant force in the world. From eradicating absolute poverty and building a moderately prosperous society in all respects to improving the quality of people's lives and contributing to global development, the Chinese economy has demonstrated unprecedented vitality and resilience. These achievements are inseparable from the economic strategies proposed by the CPC at different historical periods and the Party's continuous self-renewal and progress in the new era.
Since the People's Republic of China was founded in 1949, there has been much work to be done. The CPC introduced and implemented a series of measures to restore the national economy, laying a solid foundation for subsequent socialist construction.
In 1953, China proposed its first Five-Year Plan, focusing on gradually realizing the socialist industrialization of the country from an agricultural economy. By the end of 1956, the transformation was essentially completed, and the basic socialist system established. The achievements during this period laid the institutional foundation for China's subsequent economic development.
The reform and opening-up since 1978 has been a great revolution on behalf of the country. During this period, the Party made economic construction the primary task. Through measures such as introducing foreign investment, developing the private economy, and promoting market-oriented reforms, the Chinese economy has shown renewed vitality and vigor. At the same time, the Party has strengthened cooperation and exchanges with the international community, facilitating deep integration of the Chinese economy with the world.
From 2017 onwards, socialism with Chinese characteristics has entered the new era, and the CPC has strengthened political building and governance capabilities. Through conducting comprehensive and strict Party governance, and enhancing Party discipline, among other measures, the Party has maintained a high degree of cohesion and effectiveness.
The CPC consistently emphasizes the new development concepts of innovation, coordination, green development, openness, and shared prosperity, integrating these five key principles into every aspect of economic development. This approach signifies that the Chinese economy must rely on innovation as the driving force to promote coordinated development across various sectors, advocate for a green development path that balances growth with ecological conservation, open itself to external engagement, and ensure that the benefits of economic growth are shared among all members of society.
People visit Tian'anmen Square in Beijing, capital of China, July 9, 2023. /Xinhua
Now the Chinese economy steps into a new phase of high-quality development. Through actively promoting supply-side structural reforms, China is optimizing the allocation of production factors, enhancing productivity and quality to accelerate the transformation and upgrading of its economic structure.
Additionally, strengthening technological innovation serves as a crucial engine for propelling economic development, providing robust impetus for achieving sustainable economic growth. By adjusting and optimizing industrial structures, China's competitiveness and sustainability gets enhanced, further improving the quality and efficiency of economic operations.
The development concepts advocated, and implemented, by the CPC inject new vitality and momentum into the development of the Chinese economy, while also setting a fresh example for global economic development. This development philosophy, which is guided by innovation, rooted in sustainability, and driven by openness, will establish a strong foundation for the continued stable and high-quality development of the Chinese economy and provide solid support for achieving further economic transformation, upgrading, and efficiency improvements.
The CPC actively participates in global governance, promoting the building of a global community of a shared future. By strengthening cooperation and exchanges with other countries to jointly address global challenges, China has contributed its wisdom and solutions to world peace and development. Besides, China actively promotes international cooperation projects like the Belt and Road Initiative, fostering the common development and prosperity of countries that have joined it.
Looking back at the development of the Chinese economy over the past few decades, the leadership of the CPC is the fundamental guarantee for the enormous achievements of the Chinese economy. In the future, the CPC will continue to adhere to correct economic strategies and development directions, continuous reform and progress, and drive the Chinese economy towards higher quality and more sustainable development. Moreover, China will continue to actively engage in global governance, cooperation, and exchanges, contributing more Chinese wisdom and strength for a better world.
(If you want to contribute and have specific expertise, please contact us at opinions@cgtn.com. Follow @thouse_opinions on X, formerly Twitter, to discover the latest commentaries in the CGTN Opinion Section.)