China Has Confidence and Strength to Sustain Development: Global Times Editorial

By Global Times

Mar 17, 2022 02:14 AM

GDP Photo:VCG

On Wednesday, the financial stability and development committee under China's State Council held a meeting to study the current economic situation and issues of the capital market. The meeting pointed out that in the current complex situation, the most crucial thing is to continue to pursue development as the Party's top priority in governance. The meeting also stressed that relevant authorities should earnestly shoulder their responsibilities, actively introduce market-friendly policies and prudently introduce policies with a contractionary effect. They should timely respond to issues that draw attention from the market. Any policy that has a significant impact on the capital market should be coordinated with the financial regulatory authorities in advance to maintain stable and consistent expectations.

The tone-setting message, which came at a critical moment, clearly responded to key issues including real estate, US-listed Chinese stocks, and platform economy that the market is greatly concerned about. This embodies the spirit of seeking truth from facts and does not evade contradictions or cover up problems. It also highlights the key point in revitalizing China: economic construction is the center. This helped stabilize the market.

In a country as big as China, it's inevitable that society will have various confusions, anxieties and worries. Such emotions have recently been focusing on Chinese economy-related topics. Pessimistic views coming from the international public opinion field have also affected some people. But it has been repeatedly proven that the resilience and potential of the Chinese economy are much better than imagined by some people. The "China collapse" theory has always collapsed first. The economic data at the beginning of 2022 is eye-catching. The meeting also greatly boosted market confidence. The capital market, including Asian market, reacted quickly with a significant stock index surge.

Difficulties should not be underestimated but confidence should not be shaken either. China has never had an easy time and the Chinese people never had such expectations. China's current achievements are the result of the Party leading the people to overcome difficulties along the way. When facing complex and severe domestic and international situations and great risks and challenges, the strong leadership of the Communist Party of China (CPC) Central Committee is our greatest certitude to deal with uncertainty. A clear requirement of the Central Economic Work Conference, with a strong consensus of the whole Party and society, is "to adhere to the central task of economic development is a requirement of the Party's basic line."

To understand China's economy, one needs to take a longer view. Although there are various uncertainties and risk factors, in the long run, China is the country with the most stable expectation in the world. The fundamentals of the country's long-term economic development will not change. There are many favorable conditions for sustainable development, especially the strong desire of hundreds of millions of people to pursue a better life, the huge potential for entrepreneurship and innovation, the will to overcome difficulties together, and the rich experience in dealing with major risks and challenges. All these are the profound confidence and driving force the Chinese economy owns to overcome difficulties and move forward steadily.

It should be noted that the message released at the meeting on Wednesday is consistent with the spirit of the previous Central Economic Work Conference and the outcome of the two sessions — that is, we must adhere to economic construction as the center, especially for the private economy, and always emphasize adherence to the two "unswervinglys" (unswervingly consolidate and develop the public sector, and unswervingly encourage, support and guide the development of the non-public sector). These are very clear. Next, relevant departments also need to earnestly undertake their own responsibilities and actively introduce policies that are beneficial to the market, especially to transform the guidance of the central government into practical actions, so that the spirit of seeking truth from facts, telling the truth, doing practical things, and seeking practical results can run through the implementation process of policies, to realize the steady improvement of the quality and reasonable growth of the quantity of the economy.

The credibility of the CPC was forged in its 100-year hard striving history, and demonstrated in two miracles of rapid economic development and long-term social stability. Historical experiences have repeatedly proved that Chinese society's profound interests lie in following the CPC unswervingly. The more complicated the situation is, the more cohesive the whole society should be. With the CPC Central Committee's resolute leadership, with people endlessly creativity, Chinese economy can definitely overcome difficulties and move forward steadily.