Chinese economy still full of power

China's solid material foundation, abundant human resources and vast market potential will continue to provide a sound basis and condition for sustained economic growth. The gap between the eastern and western regions, and between the urban and rural areas, indicates ample spaces and untapped potentials for further development. Moreover, the ongoing process of new industrialization, IT application, urbanization and agricultural modernization is generating strong driving forces for growth. China's fiscal deficit and government debt is also secure and much lower than that of the US, Europe and Japan, leaving enough room for further positive regulation.

Going forward, five new engines will drive forward China's economy. The first engine is the 13th Five-Year Plan (2016-20). With its five key development concepts－innovation, balanced growth, a green economy, opening up and inclusive development－this Plan will map out the way for China to get over the "middle-income trap" and join the high-income economies.

The second engine is supply-side reform. Rather than being a copy of Reaganomics or Thatcherism, China's supply-side reform is a response to the economic new normal in China. Its core mechanism is to replace ineffective and low-end supply with effective and high-end supply, which will increase competitiveness.

The third engine is open development. China will continue to improve its domestic business environment in terms of legal, international and business-friendly practices.

The fourth engine is China's active involvement in global economic governance and in providing public goods. The Asian Infrastructure Investment Bank, officially inaugurated in January, is just one example of this.

The fifth engine is innovation-driven development. China will optimize the allocation of key resources in order to stimulate innovation, to create new demands and new supply, and to give rise to new businesses.

Since the financial crisis, China has made an outstanding contribution to global growth. It is widely recognized as the world's economic powerhouse and has fulfilled its responsibility as a key global player. Make no mistake: that engine is still full of power and will continue to bring opportunities and benefits to the world.

"Although Zhou was an ancient state, it had a reform mission." This line from a 3000-year-old Chinese work, the Classic of Poetry, best portrays the country's commitment to reform. Today, reform and innovation remain the source of confidence and strength for China. There is every reason to look to a world-embracing China for steady progress and for a promising economic future.

The author is the Chinese ambassador to the UK.

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