The 20th National Congress of the Chinese Communist Party (CPC) will be commenced on October 16, 2022.
It will chalk out major policies for the development of the CPC and China in the next five years.
In this regard, the nominated 2,296 delegates will represent the 20th National Conference of the CPC. Moreover, it anticipates that during series of sessions of the 20th CPC National Congress, matters of immense social development, ways & means of economic stability & sustainability, political system, people’s friendly policies and strategic priorities of China will also be thoroughly shared and evenly discussed.
It expects that the CPC may emphasize livelihood matters such as rural development, urbanization, ecology, and food-security issues during the upcoming 20th National Congress of the CPC.
In this context, the Chinese economic miracle has been gradually developed by the CPC in the past decades and further strengthened especially in the last five years.
China’s GDP expanded at an average annual growth rate of 6.6 percent from 2013 to 2021, higher than the growth pace of 2.6 percent for the global economy and 3.7 percent for developing economies.
In the last five years the CPC has successfully combined markets and state intervention in China’s economic development, while remaining true to the country’s history and culture which is commendable which ultimately proved vital to further gearing-up domestic economy, constant consumption trends and structural reforms in the country.
According to the published report of the World Bank (2021-2022), China started to open up and reform its economy since 1978, its GDP growth has averaged over 9 percent a year, and more than 850 million people have lifted themselves out of poverty. Moreover, there have also been significant improvements in access to health, education, and other basic services over the same period in which the leadership of the CPC played an important role.
Critical analysis reveals that initially China’s high growth has been based on investments, low-cost manufacturing and exports boom.
However, this economic model has reached to its limits and has created some economic, social, and environmental imbalances. The Chinese policy makers have immediately introduced structural reforms and shifted the structural strength of the macro-economy from massive industrialization/manufacturing to high value services, from investment to consumption, and from high to low carbon intensity which succeeded to provide essential stability and sustainability to Chinese national economy and has further diversified its economic resources and futuristic prospects.
Therefore, the CPC successfully devised and discovered new drivers of economic growth and announced, implementedand re-adjusted the structural gaps of China’s previous economic development model.
In this regard, during 2020, the Chinese policy makers proposed a new development paradigm termed dual circulation to steer the future development of the nation’s economy. Under such a paradigm, China’s economy needs to be dominated by domestic economic circulation and is facilitated by circulation between China and the rest of the world. The new economic model has proved productive in absorbing external shocks.
According to many published reports of the World Bank, IMF and ADB, China is now the world’s second-largest economy, the largest recipient of foreign direct investment, and one of the world’s largest consumer markets. Its GDP has exceeded the RMB100 trillion (about $15.47 trillion) threshold which is resultant of the CPC leadership and constant persuasions of people, business, investment and environment friendly policies since its inception especially in the last five years.
The CPC has enabled the country to implement socialism with Chinese characteristics and increase China’s per capita income from $50 to more than $12,500.
According to the Chinese official data (2020-20212), during the past decade and especially the last five years, China accounted for over 18 percent of the global economy in 2021, up from 11.4 percent in 2012, with per capita GDP jumping to $12,500 from $6,300. China’s average contribution to global economic growth exceeded 30 percent during the said period.
Moreover, China has achieved the poverty elimination target set out in the United Nations’ 2030 Agenda for Sustainable Development 10 years ahead of schedule, with nearly 100-150 million impoverished rural residents lifted out of poverty during the past 10 years.
To conclude, the last 40 years the structural reform and opening-up in China has been an epic journey for the Chinese people, the region and the world alike. The CPC and its leadership has pursued sustainable development model which has been open, interactive, productive, and participatory openness has become a trademark of China. China has grown by “embracing” the world, and the world has also benefited from China’s opening-up.
The 20th National Congress of the CPC will become a new milestone in China’s socialist evolution and under the leadership of the CPC; China’s dream of national rejuvenation will come true.
