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China's economy facing rare opportunities for development (3) |
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15:08, September 30, 2007 |
A favorable environment to tap global markets and resources environment amid stable world economic situation
Economic development in various countries worldwide was relatively good in 2006, and the increaseh rate of world economic growth reached 5.1 percent in the year, according to the International Monetary Fund (IMF), and its forecast of global economic growth in 2007 was 4.9 percent. There will also a rise in world trade accordingly, which is expected to be up to 7.5 percent this year.
There are, of course, some differences or disparities between the forecasts and actual circumstances nevertheless but, generally speaking, the economic growth of leading economic powers has been fairly stable, and global economic technological exchange will expand. Recently, the U.S.' sub-prime loan crisis provoked fluctuations in the American financial and stock markets but it, however, would not trigger a slowdown in the US economy.
In view of its present economic situation, China has acquainted itself with global trade rules since it accessed to the World Trade Organization (WTO) over five years ago; it now has a relatively ample foreign currency reserve with sound international payments; its enterprises have been turned more competitive than ever with their improved quality and some of its big firms have "gone overseas" to develop resources jointly with their overseas partners and open markets. Such circumstances are good and favorable for the country to go on tapping global markets and resources in a bid to accelerate its own economic development.
The existence of all these benign conditions offer a rare, exceptional opportunity for Chinese economy, and so China should be good at seizing and utilizing them and upgrade a new height for its economic growth. If China is able to retain a growth rate of 9 percent to 10 percent during the 11th five-year program (2006-2010) period, then its per-capita GDP is likely to reach more than 3,000 dollars by the year 2010, and its comprehensive national strength is bound to increase further still, so that a solid base will be laid for the grand goal of realizing an all-round, relatively affluent society in the country.
By Professor Xiao Zhuoji, an ace Chinese economist from elite Beijing University, and translated by People's Daily Online
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