Today, the rapid economic expansion and enormous improvement in people’s living standards, especially when put in an international context, show that China’s reforms have been rather successful. The CPC led China out of poverty, and achieved an economic miracle that surprised the whole world.
The four-day Seventh Plenary Session of the 18th Central Committee of the Communist Party of China (CPC) concluded Saturday in Beijing with a communique issued.
The Chinese people are concerned whether they can get a stable job, and earn a decent income. These are always priority issues for President Xi Jinping, and he is totally committed to solving current problems so as to actually improve China’s standard of living.
Insurance and Housing Funds are a key element of the social security system to Chinese people. A standardized social insurance system provides a more stable, satisfactory life. Over the past five years, medical social security has seen the biggest increase in enrollees.
According to a reporter from Forbes on September 12, “A global power shift in the technology sector is underway… China has moved from imitator to innovator, and in the new era of fintech, biotech and machine learning, I expect it to take a global leading role.”
Since the global financial crisis and the economic crisis in 2008, China’s economy has undergone a significant change. How we should perceive these new features and drive these new patterns of development are two vital questions that China now faces.
China seized its opportunity at the end of last century to develop manufacturing industry when the third industrial revolution and globalization was in full swing, adding powerful fuel to China’s economic growth. Over four decades since the start of reform and opening up, China grew rapidly into the “world’s factory”, and “Made in China” began to bring its prominent cost advantage into play.
Since the 18th National Congress of the CPC in 2012, the Central Committee of the Party with Secretary General Xi Jinping as core has made great achievements in deepening the comprehensive reforms and building up a high standard open economy.
The past 5 years has witnessed the historical rise of Chinese economy as the largest powerhouse driving the world economy forward. The Chinese economy entered the New Normal in 2012. Although there has been no longer two-digit growth, it has still experienced a medium-high growth rate with a better, cleaner and higher-end technology quality.
Since the reform and opening up, generations of China’s best entrepreneurs have flourished in both internal and external markets through fierce competition, and have made a great contribution to China’s economic and social development. The fostering of entrepreneurial spirit will encourage the entrepreneurs to make even greater contributions and will also bring greater individual vitality.