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China's comprehensively deepened reform benefits self, world

(Xinhua) Updated: 2015-01-12 07:46

BEIJING - China has launched a new round of comprehensive and deep reforms in economic, political, cultural, societal and ecological fields, which will not only consolidate the foundation for the "Chinese dream," but also provide cooperation opportunities for other countries and the whole world at large.

The year 2014 marked the first whole year of the comprehensively deepened reform, which takes economic reform as one of its key tasks.

To advance reforms, China has implemented a series of specific measures, such as delegating and calling off hundreds of items of administrative examinations and approvals, which have sparked huge market vitality and promoted innovation.

"After showing great economic leadership, especially during the recent global financial crisis, China has its eyes fixed firmly on its next destination -- aiming for higher quality, more inclusive and more sustainable" growth, International Monetary Fund (IMF) chief Christine Lagarde had said.

China's economy generally stayed on a reasonable track last year despite some hobbles and its efforts to upgrade and optimize various industries have yielded initial positive results.

In the first half of 2014, the growth rate of the service sector surpassed that of the manufacturing industry, signalling a significant change in structural adjustment and transformation.

Meanwhile, China's job market has proved resilient despite slowing economic growth, with more than 13 million new jobs expected to be created this year.

Guided by the "new normal" theory, the Chinese economy is shifting from high-speed growth to medium and high-speed growth, with a continuously optimized economic structure and a growth model changing from investment-driven to innovation-driven.

"This reform program will secure the 'Chinese dream' for the next generation, and in doing so, will benefit the entire global economy," Lagarde said

In fact, China has made up its mind to facilitate an open world economy, with initiatives such as the "21st Century Maritime Silk Road," the "Silk Road Economic Belt," the BRICS Development Bank and the Silk Road Fund.

As experts have said, China's comprehensively deepened reform will unleash huge market demands, which will boost not only its own domestic demand-driven economic development, but also the recovery of the world economy.

According to estimates of the IMF, China's contribution to the global economy has topped the world, accounting for 27.8 percent in 2014.

Moreover, China's economic growth driven by its structural reform is expected to contribute 30 to 40 percent to the Group of 20's goal for an additional 2-percent growth over the next five years.

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