By Zhou Renjie, People’s Daily
It is necessary to analyze the current economic development in China from a dialectical approach and try to keep a balance between the overall strategy and specific tactics.
Strategically speaking, China needs to focus on the general picture, stay confident about its economy, and believe that small setbacks are only temporary.
As for specific tactics, China should always calculate the potential risks, prepare for the worst and make plans in advance in accordance with the right approaches so as to ensure the long-term stability of its economy.
It should be noted that China has secured progress in its economic development in the first three quarters.
Major economic indicators remained within a reasonable range in the first ten months, yet some fluctuated to some extent, indicating that the Chinese economy is faced with downward pressure.
Globally, the International Monetary Fund (IMF) has lowered its world economic growth forecast for five consecutive times this year.
In the face of complex internal and external environment, China must effectively guard against major risks, focus on its problems, goals and results, and continue to apply reform and opening up so as to tackle the problems in development one by one and step by step.
China should focus on solving prominent issues. To implement macro-control based on local conditions, the priority is to accurately identify potential risks and eliminate them little by little.
For example, the common problem found in all regions lies in the insufficiency of effective demand. However, the same problem is caused by various reasons in different regions, such as weak manufacturing and private investment, sluggish consumption, especially in rural areas, and poor implementation of capacity relocation.
In this regard, regions should make clear their main targets and priorities of work, adopt different policies, allocate resources, and act timely and accordingly.
China needs to fill the gap and address inadequacies in accomplishing the regional tasks and targets for the year.
The annual plans for economic and social development of, as solemn commitment to the people that is legally binding, require all regions to make great efforts to fulfill the goals.
If faced with increasing financial pressure and striking imbalance between revenue and expenditure, the local government should step up their efforts in optimizing the business environment to promote the production and operation of manufacturing enterprises.
To guarantee the supply of important commodities that affect people’s living standards and stabilize prices, the government must break down the tasks and evaluate how well they are achieved separately.
Only by filling the gap responsibly and turning weakness into motives can the work concerning stabilizing employment, finance, foreign trade, foreign investment, domestic investment and market expectations be solidly accomplished.
China must discard formalism and bureaucracy and only concentrate on making solid achievements.
All regions need to make actual efforts, which is not an easy thing to do, to deepen supply-side structural reform, unswervingly fight the three tough battles of preventing and defusing financial risks, targeted poverty alleviation and pollution control.
In some places, the officials spoke a lot about structural deleveraging to keep leverage ratios in major sectors under control, yet when implementing it, they tend to be conservative and reserved.
Besides, some regions have made ambitious plans to develop key core technologies, but they tried little to make it easier to approve the projects and introduce talents.
China must focus on its own business and make use of an effective mechanism to push relevant departments to complete the tasks and ensure the steady growth of major economic indicators.
As 2019 draws to a close, China must remain optimistic about its economy and work harder to achieve better economic performance.
Chinese officials and cadres at all levels should be aware that GDP is not the only standard in measuring economic development, but it doesn’t mean that it is not important to fight for better GDP data. Instead, it means securing a more comprehensive and high-quality development.
The burden that falls on the government is heavier and all officials should bear their own responsibilities and fulfill the targets.
Under the centralized and unified leadership of the Central Committee of the Communist Party of China, the country, along with the concerted efforts from all its people, will be able to bring into full play the strengths of the socialist system and the allocation of resources in the market economy, so as to lay a more solid foundation for building a moderately prosperous society in all respects by 2020.