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Promoting Sustainable and Robust Economic Growth by Shoring up Confidence and Taking Initiatives to Move Ahead


By Li Wei, the Development Research Center of the State Council (DRC)

Since the second half of 2014, China's economic growth has witnessed a growing downward pressure. But generally speaking, there's still ample room for China's future economic development and new economic driving forces are taking shape. There are five factors that can widen the development space for China's future economic growth, including: 1. New opportunities brought to business growth by economic restructuring and upgrading; 2. The further widening of external development space incurred from a new round of opening-up including the signing of free trade agreements and the "One Belt and One Road" Initiatives; 3. Huge demand for investment sparked by the deepening of modern urbanization; 4. Increasing demands for consumption and investment resulted from the promotion of a transformation of an unbalanced regional development mode to a more coordinated one. 5. Soaring consumption demand driven by a growing number of middle-high incomers. Moreover, with the progress of reform and the launching of a series of policies, new growth forces are taking shape. The vitality propelling the whole society forward and driven by further reform measures has turned into encouragement for people to start their own businesses and to make innovations. What's more, the "Internet Plus" has already acquired preliminary achievements and both the export of equipment manufacturing products and the expanded presence of Chinese enterprises in the world have shown appealing prospects. All these new drive mentioned above will serve to provide a fresh space for China's economic development. Under the new economic background, it is an urgent task for government to further transform its functions and working manners and take initiatives to adopt measures to promote sustainable and robust economic growth. To fulfill this target, government should manage to foster an honest, just and law-based competition environment, improve infrastructure facilities, drive up demands by investing more in public sector, give a full play to the leverage role of public fund, promote private investment with the leveraging of public fund and play an intensive role in major innovation projects in the field of science and technology, thus providing strong technological support for economic growth and restructuring.