admin
BEIJING. — China’s economy captured global attention again after setting a 5.5 percent economic growth target for 2022.
The goal, though below last year’s 8.1 percent, is sure to inject confidence and resilience into the global economy riddled with myriad challenges and uncertainties.
Guided by “Xiconomics,” the economic philosophy of Chinese President Xi Jinping, China is following a path for high-quality development. China’s GDP grew 8.1 percent year on year to 114 trillion yuan (US$18 trillion), accounting for 18 percent of the global total.
With a people-centred philosophy of development championed in Xiconomics, the Chinese people are living much better lives thanks to considerable economic growth. Following a development path tailored to its national realities and making notable and substantive progress toward common prosperity for all Chinese people, China has also committed itself to building a better world through common development and win-win co-operation.
“What we now face is the contradiction between unbalanced and inadequate development and the people’s ever-growing needs for a better life,” President Xi said in a report to the 19th National Congress of the Communist Party of China in 2017.
From daily material and cultural needs to the desire for a better life, President Xi’s economic philosophy examines the needs of the Chinese people from a broader perspective and a higher level.
“The thought, which creatively combines the aspiration of human beings for a better life with the practice of people-oriented development, is of global influence,” Australian economist Guo Shengxiang told Xinhua in a recent interview.
In practising the philosophy, China has been advancing reforms in various areas of public concern, including housing, education and healthcare.
With China’s per capita disposable income rising 9.1 percent year on year in nominal terms to 35 128 yuan last year, rapid improvement in Chinese people’s lives had been seen in many aspects from dining tables to improved housing conditions, from rising pensions for the elderly to reduced air pollution.
Amid rising global protectionism, it continues to advance high-level opening up and expand imports to meet people’s needs for high-quality products and services.
In 2021, China’s foreign trade surged to US$6.14 trillion, up 21.4 percent year on year and crossing the US$6 trillion threshold for the first time. Exports rose 21.2 percent, while imports went up 21.5 percent.
Contributing over 30 percent to global growth in recent years, China has become a key anchor and driver for the world economy and will continue to be a stabiliser of the global growth. — Xinhua.
Online Reporter