Chinese support to the world: the annual economic growth of successful reform can reach 6.8%

Feb 26, 2018 10:02:55 AM

of the world bank to reform China weapon: the success of reform in the average annual growth rate of up to 6.8%

days before the World Bank released the latest version of the system of country analysis report that the reform has made today Chinese, to achieve a more inclusive and sustainable development, Chinese will still rely on the deepening of reform.

, according to the world bank, in the medium and long term, China's economic growth depends largely on the depth and breadth of the implementation of the reform. "From 2020 to 2024, if China successfully promotes major reforms, the average annual economic growth rate may reach 6.8%. If the reform efforts and effectiveness are limited, then the economic growth rate may reach 5.7%.

this is not the first time the world bank has drums and calls for China's reform. In the view of the world's largest multilateral development bank, China's reform is not only about the well-being of its millions of people, but also closely related to the world economy.

"extensive reform has made China's economic growth possible in the past. These reforms have transformed a planned economy dominated by government, agriculture and closed into a more market-oriented and urbanization open economy. The 136 page report indicates that China's economy has made "historic" rapid growth. The result is that the number of poor people has been decreasing with the unprecedented speed and scale. The

report lists a set of data: from 1978 to 2014, China real per capita income increased by 16 times; the fee of $1.9 per person per day living international purchasing power parity, the occurrence of 1.9% Chinese extreme poverty rate from 88.3% in 1981 fell sharply in 2013; more than 8.5 billion Chinese people out of poverty.

"China has made significant progress in the process of reducing extreme poverty, and has made important contributions to the cause of global poverty reduction." The lead author of the report and the director of the country business of the World Bank China Bureau, Su Xie Xie.

in the first month, in an interview with Xinhua news agency, the World Bank forecast Development Bureau Ayhan Goss also praised the reform of Chinese.

"the governance of the economy begins with a cognitive risk challenge, and the most important thing is to recognize the necessity and importance of the reform." "We have observed that, in the past five years, the determination of the Chinese government to reform is quite firm," Gauss said. As the leader of the world bank's development prediction Bureau, Gauss admitted that the performance of China's economy in 2017 is indeed beyond his team's expectations. "But it's not just us, but also a lot of institutional expectations."

"as long as China continues to promote structural reform." "The world bank is confident of China's economic development and is confident that China will continue to become the engine of global economic growth," he said.

World Bank believes that in the medium term, the key challenge facing China is how to make the economy "orderly" turn to a slower and more balanced and sustainable development track. The report specifically mentioned that the main contradiction of Chinese society has been transformed into the contradiction between the growing demand for better life and the unbalanced development of the people. How to better ensure that all the people share the fruits of economic and social development is also China.A major issue facing us.

, then, in what way can China deepen the reform? The World Bank report "weapon": China's economic rebalancing is in progress, and managing structural transformation in a sustainable way is very important for achieving national development goals. The World Bank recommends that China strengthen the management of public resources of local governments, improve government transparency and expand public and private sector collaboration. The

report specifically mentioned the new budget law adopted by China in 2014, which is "milestone" for strengthening the budgetary discipline and improving fiscal transparency of local governments. The report also suggests that in order to truly put the new budget law into place and put it in place, China has "a lot of work to do".

has no doubt that China is advancing in an orderly manner in many fields of reform that the world bank is concerned about. The reform of the central and local fiscal system in the new report mentioned as an example, in February 8th, the office of the State Council issued the "China central and local basic public services in the field of common fiscal powers and expenditure responsibilities reform plan", the package showed eight categories 18 closely related to people living with areas of reform initiatives.

"look at reform, not to see if it will drag on economic growth, but whether it will boost the quality of development." "As long as China continues to deepen the reform, we believe that China has fully sufficient 'ammunition' to deal with all kinds of risk challenges," Gauss said.

Sidebar Navigation