The Minister of Commerce says that China will transform itself into a “major and strong” economic and trading nation within the next two decades via the pursuit of “high-quality growth,” as well as outlining a timeline for the central government’s development goals.
Speaking at press conference for the convening of China’s two legislative bodies on 11 March, Zhong Shan (钟山) said that the Chinese economy has “already shifted from a high-speed growth phase to a high-quality growth phase,” with the 2018 Government Work Report now proposing new requirements for this shift in development modes.
According to Zhong this shift in growth will transform China’s economic role in decades to come.
“China has already become a major economic and trading nation, primarily based on its consumption, foreign trade, foreign investment and outbound investment indices ranking at the forefront globally.
“However, we are still ‘major but not strong.’ China must become a strong economic and trading nation, it must uphold innovation-led growth and walk the path of high-quality development.”
Zhong Shan outlined the commerce ministry’s overall plan for the promotion of high-quality growth, which consists of the “one struggle objective (一个奋斗目标), the six main missions (六项主要任务) and the eight major action plans (八大行动计划).”
“The one struggle objective is striving to create a strong economic and trading nation in advance…we have outlined three stage-based targets: by 2020, further solidify China’s position as a major economic and trading nation, and advance the schedule for becoming a strong economic and trading nation.
“By 2035, basically complete our transformation into a strong economic and trading nation, and by 2050 comprehensively establish ourselves as a strong economic and trading nation.”