Chinese economy: From fast to fun
Updated 16:15, 14-Mar-2019
Zou Yue
03:27

Editor's note: Zou Yue joined CCTV in 2003, and became in 2010 the anchor of China 24, a flagship news magazine show on CCTV NEWS, the predecessor of CGTN. Since 1997, Zou has covered major events across China, including Hong Kong and Macao's return to China, China's first manned space flight, the six-party talks in Beijing, the Wenchuan Earthquake, and Shenzhou and Chang'e Space Missions to name a few.

I run marathons, and I love it!

But I used to be obsessed with speed, in every race I want to score my personal best and I know a lot of my peers want that too. We are all competitive!

So is my country! China's economy has run a 40-year sprint with an annual double-digit growth. Now the economy has slowed down, significantly. 

But does it matter?

Yes, but not much.

China needs to maintain a six-percent growth for jobs, 10 million jobs every year. But the jobs are different now than 40 years ago.

As President Xi Jinping said, his job is nothing other than making the people happy. But even with fast growth, the Chinese are not satisfied enough. There is a gap between our GDP chart and our happiness index, and we can do better.

Two things can make people happy: to buy stuff and to make stuff.  And that is partly why China is moving its economy towards consumption and innovation. The Chinese are shifting in propensity and policy.

Consumption

China used to resort to stimulus to steer the economy, not anymore. This time, China is cutting taxes. The Chinese premier mentioned tax reductions 14 times in his report; it will save taxpayers two trillion yuan or 300 billion U.S. dollars in total.

The tax and fee cuts will leave companies with more capital to invest and citizens more money to spend. And the Chinese love to buy. On average, the Chinese spend 20,000 yuan in 2018, that is a jump of 66 times over 1978. That is why businesses around the world have a million reasons to come ashore but not one to run away.

Innovation

And there is innovation. In 2018, China broke into the world's top 20 most-innovative economies.

China needs to innovate because innovation is productive and profitable, but also innovation is exhilarating and fulfilling. A job is about more than a paycheck; it's about a purpose.

China has launched its most ambitious entrepreneurial campaign, the Shuangchuang. It is to unleash the entrepreneurial impulse of tens of millions of people; it has worked because it gives the Chinese a chance to fulfill their potential, to celebrate their work and life.

Run for fun

I still run a lot. But I try more to appreciate the slopes of the hill, the breeze of the forest and the beauty of the horizon. That may slow me down, but it also cheers me up.

So is my country.

China is a fast runner and the Chinese run for fun.


Script: Zou Yue

Video photographer: Qi Jianqiang

Animation: Ma Zhiyuan

Video and design: Qi Jianqiang, Li Linxi

Producer: Bi Jianlu 

Supervisor: Mei Yan 

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