The 14th Five-Year Plan period (2021-25) was anything but ordinary – China’s economy has advanced steadily and reached new heights, fully demonstrating its distinctive advantages.
Chinese President Xi Jinping has profoundly grasped the laws of economic development and the country’s overall situation. The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China (CPC) made an important assessment: “We are seeing the strengths of socialism with Chinese characteristics, with China’s enormous market, its complete industrial system, and its abundant human resources all coming to the fore.” Fully recognizing and making the most of these advantages is the fundamental prerequisite and key approach to implement sound economic work. By bringing into full play these major advantages, maintaining strategic resolve, and continuously turning strengths into winning momentum and potential into real power, China will keep its economic ship sailing steadily forward.
Strong institutional strength
On December 2, the final concrete injection completed the finish of the giant bridge carrying the Hefei-Wuhan high-speed railway, linking Hefei in East China’s Anhui Province and Wuhan in Central China’s Hubei Province, marking another milestone toward the on-schedule opening of the railway line.
And, the Shanghai-Chongqing-Chengdu high-speed railway, connecting Shanghai, Southwest China’s Chongqing and Chengdu in Southwest China’s Sichuan Province, once completed, will shrink the travel time from Chengdu to Shanghai from 12.2 hours to less than 7 hours, injecting powerful momentum into high-quality economic development along the Yangtze Economic Belt.
Across the country, the construction of major infrastructure projects is in full swing, including high-speed railways, airports to urban underground pipelines and more. These projects will act as powerful drivers for Chinese modernization and high-quality development. President Xi has pointed out: “Institutional advantages are the greatest advantages of a country and the competition of different systems is the most fundamental between countries.”
Since the 18th CPC National Congress, from landmark national projects and crucial technological breakthroughs to eradicating absolute poverty and steadily advancing common prosperity in the country, the Party’s centralized and unified leadership has enabled China to leverage the institutional edge and steer the economy confidently through headwinds. The greatest strength of the system of socialism with Chinese characteristics is the leadership of the CPC. The Party’s long-term governance avoids policy flip-flops common in Western multi-party systems, ensures that a single blueprint is carried through to the end, and provides a vital “anchor of stability” for China’s long-term economic growth.
Discover the latest trends and insights—explore the Business Insights Journal for up-to-date strategies and industry breakthroughs!
