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Zhang Gaoli: We Are Full of Confidence in the Future of China's Economy

On March 24, 2017, Member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and Vice Premier Zhang Gaoli met with the Chinese and foreign entrepreneurs present at the Boao Forum for Asia Annual Conference 2017 in Boao, Hainan, and stated that China's economy has entered the new normal and we are confident in the future of China's economy.

Zhang Gaoli pointed out that the long-term and positive fundamentals of China’s economy remain unchanged. China's economy has witnessed long-term prosperity, creating a development miracle. From 1978 to 2010, the annual growth rate of Chinese GDP is 9.9 percent. During the 12th Five-Year Plan period, the rate maintained at 7.8 percent. In 2016, Chinese GDP increased by 6.7 percent, with a contribution of over 30 percent to the world economic growth. Employment growth was beyond expectation and economic restructuring has been accelerated. People's livelihood has been improved continuously and the overall economy development exhibits a slower but stable performance with good momentum for positive growth. There are many positive changes in economic development. Positive growth impetus has been accumulated constantly, and new technologies, new industries and new business patterns have embraced a prosperous development.

Zhang Gaoli expressed that China's economy boasts strong resilience, great potential and adequate space for maneuvering. Chinese economy enjoys a rapid development for a long term, boosting a solid material foundation, abundant human resource, large market scale, complete supporting industries, strong real economy, accelerated technology development and relatively completed infrastructure, all of which will provide significant support to the economic development. China is a major trading country, and also a major-country in attracting foreign investment and investing in foreign countries. China is undergoing the construction of the new-type urbanization, with enough space for development and maneuver.

Zhang Gaoli stressed that Chinese people, after long-term exploration and unremitting efforts, take a development paths suitable for China’s national conditions. Since the 18th CPC National Congress, the CPC Central Committee with Comrade Xi Jinping as the core has brought up and implemented a series of new ideas, concepts and strategies for state governance and administration, and initially established the framework of economic policies suitable for the new normal of economic development. We deepen reform and opening up comprehensively with great courage, bring up and implement a series of regional coordinated development strategies and dedicate ourselves to transforming governmental functions, lightening enterprises' burdens and stimulating the enthusiasm of innovation and entrepreneurship. China will enjoy a wider and wider development path as well as a better development in the future.

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