Why China's economy is said to be resilient
Today's world is undergoing profound changes unseen in a century. In particular, the current COVID-19 epidemic and the Ukraine crisis have further exacerbated the uncertainty and instability of the world's economic development. At the same time, the complexity and severity of China's economic development environment have increased, and China's economic development has grown steadily. , stabilizing employment, and stabilizing prices face new challenges. How to successfully realize the clear requirement of "solidly stabilising the economy" has become an important topic of everyone's attention. It must be fully recognized that despite the enormous pressure brought about by changes in the domestic and foreign economic environment, the fundamentals of China's economy with strong resilience, ample potential and long-term improvement have not changed. This is the fundamental basis for us to promote economic development and resist external risks.
China's economic resilience stems from significant institutional advantages. China's practice has proved and will continue to prove that the socialist system with Chinese characteristics rooted in the land of China and inheriting the excellent traditional Chinese culture has significant advantages and is the institutional support for building a strong and resilient national economic cycle system. The leadership of the Communist Party of China is the most essential feature of socialism with Chinese characteristics and the greatest advantage of the socialist system with Chinese characteristics. Public ownership is the main body, various types of ownership economies develop together, distribution according to work is the main body, and various distribution methods coexist. The socialist basic economic system such as the socialist market economic system not only reflects the superiority of the socialist system but also is similar to the primary socialist system in our country. It is a great creation of the party and the people to adapt to the development level of social productive forces at different stages. The organic combination of the socialist system and the market economy is not only conducive to stimulating the vitality of various market entities, liberating and developing social productive forces, but also promoting the organic unity of efficiency and fairness.
Looking further, China's institutional advantage lies in its ability to be effectively transformed into economic governance efficiency, realizing a virtuous cycle of production, distribution, exchange, consumption and other links in the national economic cycle by unblocking the domestic cycle, and ensuring the balance between total social supply and total social demand. Achieve a high level of dynamic balance.
The resilience of China's economy stems from its strong supply capacity. Production determines consumption. Strong production capacity is an important manifestation of China's economic resilience. In 2021, China's economic scale will reach 114.4 trillion yuan, making it the second-largest economy in the world. China is also the world's largest industrial country, the largest trader in goods and the largest holder of foreign exchange reserves. The solid material foundation not only lays the foundation for strong economic resilience, but also forms a strong human resource resilience, industrial system resilience, and scientific and technological strength resilience. From the perspective of human resources, in 2021, the average number of years of education for the working-age population in my country will reach 10.9 years. At the same time, the country has a population of more than 218 million people with university education, and a large number of high-quality and high-level scientific and technological talents are being formed.
From the perspective of industrial system, China has the most complete and largest industrial system in the world, strong manufacturing capacity, and complete supporting capacity. The added value of the manufacturing industry has ranked first in the world for many consecutive years. In all industrial categories, the output of more than 220 industrial products ranks first in the world. From the perspective of scientific research strength, the input and output of scientific research have been continuously increased, and the ability of independent scientific and technological innovation has been gradually enhanced. At present, my country has produced a number of world-class scientific and technological achievements in the fields of basic research and strategic high-tech, and has achieved a major leap in deep space exploration. , my country has become the country in the world that has achieved "quantum computing superiority" in two physical systems. In 2021, China's international patent applications will rank first in the world, the whole society's R&D investment will reach 2.79 trillion yuan, and the comprehensive ranking of national innovation capabilities will rise to 12th in the world.
China's economic resilience stems from strong demand potential. The scale and diversity of the hyperscale market are unique advantages of China's economic development. With a population of more than 1.4 billion, China is the most populous country in the world, with a per capita GDP of over 12,000 US dollars and a middle-income group of more than 400 million people. It is the world's largest and most potential consumer market with huge room for growth. At the same time, the people's need for a better life has shifted from "is there" to "is it good or not", showing the characteristics of diversification, multi-level and multi-faceted, and the proportion of development-oriented consumption such as education, culture, and entertainment in consumption is showing an increasing trend. In the process of promoting common prosperity, the establishment of a scientific public policy system will not only promote the expansion of the "cake", but also divide the "cake" well, and promote the formation of a rational distribution pattern for everyone, all of which are conducive to further unlocking China's consumption potential, and promote the steady and long-term development of China's economy.