China achieved economic growth of 7.7% in 2013, a figure higher than its economic growth target of 7.5% set at the beginning of 2013. What we can learn from the achievements we made in 2013? How will China's economy develop in 2014? The members of the National People's Congress (NPC) and of the 12th National Committee of the People's Political Consultative Conference (CPPCC) say that measures will be taken after the NPC and the CPPCC to fuel China's economy.
The achievements made in the economy are hard-won
"2013 was a hard time for China, but relentless efforts were made to keep our economy stable and growing," says Li Yining, one of the most respected Chinese economists and a member of the 12th National Committee of the CPPCC.
In an analysis of 3 key economic indicators, Huang Zemin, director at Institute of International Finance at East China Normal University and a member of the 12th National Committee of the CPPCC, concludes that China's economy continues to grow, that both employment and wages are improving, and that product prices are under control. He also observes that the CPI is rising at 2.6%, below the inflation target.
China still faces the problem of overcapacity.
Many members of the NPC and of the 12th National Committee of the CPPCC recognize that China's economy needs a more solid foundation for its future upturn.
"The most serious problem facing China's economy is overcapacity," says Li Lan, deputy director of the Institute of Public Administration and Human Resource, Development Research Center of the State council and also a member of the 12th National Committee of the CPPCC.
China's economic development still needs further reform.
China needs reform to resolve its economic problems. "Restructuring is painful but can bring greater opportunities," says Li Lan. "Further efforts should be made to advance the transformation of governmental functions and reduce the taxes imposed on enterprises."
Huang Zemin also proposes to set up a united financial regulator. Li Yining suggests encouraging private capital investment and investment in innovation as well as in infrastructure.
The article is edited and translated from《中国经济稳中有进不容易》, source: People's Daily Overseas Edition, author: Ye Xiaonan and Yin Xiaoyu