Press conference on the 20th CPC National Congress
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E-mail China.org.cn, October 17, 2022
Bloomberg:
The rate of economic growth in China has slowed steadily throughout the last decade. Will China target a return to high growth rates in the next five years? And if so, how? Or, has the era of rapid economic growth in China come to an end? Thank you.
Sun Yeli:
The issue of China's economic development is of great concern to many people. Let me first share with you some figures. According to statistics, from 2013 to 2021, China's GDP grew at an average annual rate of 6.6%, higher than the global average of 2.6% and the 3.7% growth rate of developing economies during the same period; contributing over 30% to global growth on average. Given the size of the Chinese economy as the second largest in the world, it has been no easy feat maintaining such a growth rate as it shifts to high-quality development.
Growth rate is an important yardstick of economic performance, but not the only one. Following the 18th CPC National Congress, the CPC Central Committee made the important judgment that the Chinese economy has entered a new normal, moving from high-speed growth to high-quality development. GDP growth rate is no longer the only thing that matters. Instead, we are more focused on fundamentally resolving the issues of longer-term economic development. The past decade has seen China's economic development become more balanced, coordinated and sustainable. The country has scaled new heights in terms of economic, scientific and comprehensive national strength. The economy is moving toward higher quality and efficiency, more equality, and greater sustainability and security.
In addition, factors such as the COVID-19 pandemic and international environment have caused downward pressure on China's economy. With a series of effective and robust measures, we have stabilized economy and consolidated its positive trajectory. On the whole, the Chinese economy is doing well among the major economies, and it remains an important anchor of stability and driving force for global growth.
All things considered, China's development still has many favorable conditions. The economy has strong resilience, great potential and good momentum. The fundamentals for its long-term positive growth remain unchanged. Going forward, we will act on the action plans and policies set out at the 20th CPC National Congress, fully, faithfully and comprehensively practice the new development philosophy, accelerate building the new development paradigm, promote high-quality development, and better coordinate development and security. We will continue to deepen supply-side structural reform, boost effective demand, ensure food and energy security and stability of industrial and supply chains. We will work to keep employment stable through policies, secure people's livelihoods, and keep our economy within an appropriate range. Thank you.
