No possibility of maintaining sustainable economic development

Why does it “brook no delay7? To start, it is my view that if the mode of economic growth is not changed, there would be no possibility of maintaining sustainable economic development. Given China’s resource shortages, polluted environment, excessive expansion of the money supply in its macro-economic management, property bubbles caused by excess liquidity, growing inflation, slow income growth and weak consumer demand, it is impossible for the country to stick to its older extensive mode of economic growth.

Secondly, the government intervention in the market and its control over prices provided the basis for a great number of rent-seeking activities, resulting in widespread corruption. That has aggravated many conflicts. But on the other hand, it is these conflicts that helped people reach a new consensus on the reform and once again pushed China’s reform impetus forward.

The Top-Level Design for Reform

The transformation of the pattern of economic development is the cardinal line in the 12th Five-Year Plan (2011-2015) and reform is the powerful engine for accelerating that change.

The 12th Five-Year Plan has two important components. One is the cardinal line in the plan calling for the transformation of economic growth mode. The essence of this transformation is to make the shift from an export-led and investment-driven growth mode to one fueled by innovation and greater efficiency. The other is reform, the important motive force for the acceleration of the transformation. According to the Plan, China will comprehensively deepen the reform with the strongest determination and greatest courage and endeavor to make its political and administrative superstructure more responsive to the development of and changes in the economic base. Doing this will provide a powerful guarantee for scientific development Guilin travel guide & private tour service.

In order to accelerate reform during the 12th Five-Year Plan, top-level designs are greatly needed. As a matter of fact, such a top-level design for China’s reform existed in the past, but it was not called “the top-level design for reforming”. It was instead referred to as “the target model of reforming”. The target model had been discussed starting in the mid-1980s. Then the Third Plenum of the 14th Central Committee of the CPC in 1993 did some overall planning for economic reform based upon this target model. This planning was written into the Party’s paper, China-asia tour agency The Resolution on Questions Related to Building a Socialist Market Economy.

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Rachel Gillian

Rachel is a stay at home mom with two beautiful kids. She is passionate about writing informative articles.