China’s “Two sessions” convey confidence to world development

MARCHING THROUGH THICK AND THIN

The Chinese economy contracted 6.8 percent year on year during the first quarter. Consumption, investment and exports have declined. Pressure on employment has risen significantly. Enterprises, especially micro, small, and medium-sized businesses, face growing difficulties.

Worldwide, the pandemic has ravaged the global economic order, disrupted industrial and supply chains and caused a contraction in international trade that is expected to fall between 13 and 32 percent in 2020, according to the WTO.

China has set no specific target for economic growth this year due to great uncertainties but made practical plans to ensure more than 9 million new urban jobs, give full play to over 100 million market entities and improve people’s livelihoods.

Xi stressed analyzing China’s economic situation from a comprehensive, dialectical and long-term perspective, urging efforts to foster new opportunities amid challenges and make new advances amid changes.

He also stressed creating a new development pattern in which domestic and foreign markets can boost each other, with the domestic market as the mainstay.

The government has decided to further cut taxes and fees, reduce enterprises’ production and operating costs and increase financial support to keep business operations stable.

Liaoning Oxiranchem, Inc., a chemical producer affected by COVID-19, saw its output fall by 26 percent and profits slump by 80 percent year on year in the first quarter.

Aided by government policies, Oxiranchem’s production and sales in May are catching up, said Zhu Jianmin, chairman of the company and a political advisor. “The government’s endeavor to safeguard the economy by unclogging and stabilizing industrial and supply chains will help more private businesses out.”

This year’s two sessions also sent signals of speeding up reforms in key areas, including state-owned enterprises, factor markets, finance and taxation, social security, and primary-level governance.

Priority will be given to new infrastructure, new urbanization initiatives and major projects, which will not only boost consumption but also facilitate structural adjustments and enhance growth sustainability.

China is also making greater efforts to foster a more vibrant and enabling business environment in which all companies are treated as equals and engaged in fair competition, with strengthened protection of intellectual property rights.

“The Chinese nation is adept at turning crises into opportunities, disadvantages into advantages, and turning costs into the driving force of progress,” said Han Qingxiang, professor at the Party School of the CPC Central Committee.

STANDING ON THE RIGHT SIDE OF HISTORY

Today’s world is undergoing profound changes unseen in a century and is full of instability and turbulence.

“Protectionism is on the rise globally, but we should stand on the right side of history,” Xi said, stressing commitment to multilateralism, greater democracy in international relations, as well as openness and win-win cooperation.

The China International Import Expo, the world’s first national-level exhibition dedicated toimport, will be held for the third year in Shanghai. More than 1,400 companies have signed up.

Despite the impact of COVID-19, Chinese investment in Belt and Road countries and regions increased by 11.7 percent year on year in the first quarter, along with a 3.2-percent growth in trade with them.

The future of China’s diplomacy is premised on the commitment to working with all countries to build a community with a shared future for humanity, State Councilor and Foreign Minister Wang Yi told reporters on the sidelines of the NPC session. “No matter what stage of development it reaches, China will never seek hegemony. We will always stand with the common interests of all countries.”

In the meantime, China will firmly safeguard its sovereignty, security, and development interests.

The national legislature Thursday adopted a decision on establishing and improving the legal system and enforcement mechanisms for the Hong Kong Special Administrative Region tosafeguard national security.

China is set to make national security laws for Hong Kong, according to the decision, which also introduced measures to strengthen enforcement mechanisms such as allowing the central government’s security organs to set up agencies in Hong Kong when necessary.

Lawmakers and political advisors agreed that such a move is imperative, pressing, justified, and legitimate.

The two sessions have charted the course for China’s homestretch to a key milestone in modernization. For the first time in human history, a country with more than 1 billion people will be moderately well off.

Yet China is still the world’s largest developing country. Xiaokang is a new starting point along the path toward a great national rejuvenation.

The pursuit of Chinese people’s dream never ends. The new glory is coming.

Source: Xinhua