Challenges are unavoidable

It is essential for China to improve its production efficiency in order to transform its mode of development

The Fifth Plenary Session of the 17th Communist Party of China (CPC) Central Committee, held in mid-October, put forward a proposal for the 12th Five-Year Plan for national economic and social development over the next five years, once again highlighting the importance of transforming the country's economic development mode. It also called for governments at various levels to shift their economic focus to this task.

The transformation of a country's development mode becomes unavoidable when the previous development mode is no longer suitable to changing conditions. As a result, market participants are motivated to directly respond to the new market signals and strive to promote economic restructuring.