On March 28, 2016, the Daily Times published an article entitled " China’s Economy: the Positive Reality" by H.E. Sun Weidong, Chinese Ambassador to Pakistan. The article points out that China’s economy currently remains stable with progress and has solid foundations. China’s economic structure is being continuously optimized. Innovation brought fresh vitality and impetus for China’s economy. China is always committed to developing an open economy at a higher level. These facts and figures clearly show that China’s economy has entered into new normal with steady growth and diverse driving forces. We certainly hold solid confidence about the bright prospects of China’s economy.
Following is the full text of the article:
China’s Economy: the Positive Reality
----by H.E. Sun Weidong, Chinese Ambassador to Pakistan
Recently, China’s economy has become the focus of attention of the international community. Some believe that there have emerged some problems with China’s economy which is faced with huge challenges and bleak prospects. They even concluded that China’s economy will drag on the world economic growth. I can hardly agree with these opinions. On the contrary, China’s economy still has incomparable advantages and potential for future sustainable growth.
At present, China’s economy remains stable with progress. In 2015, China’s GDP achieved the growth rate of 6.9% and continued to take the lead among all the major economies. This hard-won achievement was made on the basis that China has overcome the global economic downturn with the total economic size exceeding 10 trillion US dollars.
China’s economy has solid foundations. China has a huge market of 1.3 billion people and the household savings rate has stayed above 38% over the years. China’s foreign exchange reserve surpassed 3.3 trillion US dollars by the end of last year, ranking the top in the world. The FDI inflow to China last year reached 126.27 billion US dollars, still remaining the highest among all the developing countries.
China’s economic structure is being continuously optimized. In China, the contribution of residents’ consumption to the economic growth reached 66.4%, exceeding that of investment. The share of service sector in GDP rose to 50.5%. Regional development became more balanced and coordinated.
Innovation brought fresh vitality and impetus for China’s economy. We are accelerating the implementation of “made in China 2025” and “Internet+” action plan. We are promoting mass entrepreneurship and innovation. Last year, the added value of the high-tech industry increased about 10.2%. China’s e-commerce transaction has reached 3.3 trillion US dollars, with a year-on-year increase of about 27%.
China is always committed to developing an open economy at a higher level. China has set up 14 FTAs with 22 countries and regions. In 2015, China’s imports totaled 1.68 trillion US dollars, remaining the second largest in the world. The outbound direct investment reached 127.6 billion US dollars, up by 10% year-on-year. Through opening up, China contributed over one quarter to world economic growth. China’s role as an engine of global economic growth is beyond all doubt.
We will not stop our pace because of what we have achieved, but rather, we will adapt to the new normal of the economy with a more proactive approach. We will push on innovation with our policy instruments, promote supply-side structural reform and advance the five philosophies of innovative, coordinated, green, open and sharing development. Innovation is aimed to explore new driving forces and get new potential unleashed. Coordination means balanced development. Green is aimed to pursue the harmony between human development and the preservation of nature. Openness is aimed to integrate the interior and exterior developmental elements. Sharing emphasizes the distribution of developmental fruits among all the people.
These facts and figures clearly show that China’s economy has entered into new normal with steady growth and diverse driving forces. We certainly hold solid confidence about the bright prospects of China’s economy.