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Xi clears doubts over further reform

chinadaily.com.cn | Updated: 2018-04-11 11:54
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40th anniversary will usher in deeper reform

Delivering his keynote speech at the Boao Forum for Asia, President Xi Jinping elaborated the significance and changes of the four decades of reform and opening-up, and emphasized that reform and opening-up constitute China's "second revolution" because they have not only changed China but also significantly influenced the world.

No wonder the 40th anniversary of reform and opening-up is seen as a milestone in China's history.

As Xi's report to the 19th National Congress of the Communist Party of China said, China's principal contradiction has evolved into one between the unbalanced and inadequate development and people's ever-growing needs for a better life, which is the result of China's economic development propelled by reform and opening-up.

The success of reform and opening-up is not only embodied in economic development and the improvement of people's livelihoods, but also in the change of China's status in the world. And it is because of the success of reform and opening-up that China has stuck to the path of socialist market economy, which integrates the advantages of socialism with market economy.

China should not follow Western market economy, because it is incompatible with China's history and actual situation. Socialist market economy, on the other hand, enables the Chinese government to achieve economic balance and stability essential for any development. It also helps the government to devise industrial and other policies that support infrastructure construction and other key areas related to people's livelihoods.

Just as the Third Plenary Session of the 18th Communist Party of China Central Committee pointed out, only if the relationship between the government and the market is well defined can the market play a crucial role in resource distribution and the government better perform its duties.

China's successful development experience shows how a big developing country can rapidly transform itself into an economic powerhouse through rational development, which is China's greatest contribution to development economics and development model.

China will deepen reform and opening-up not only to meet its domestic demand, but also as a response to the call of its trade partners. And measures such as easing market access for both domestic and foreign players, and strengthened intellectual property rights protection (IPR) reflect China's sincere efforts to build a community of shared future. To achieve success in this endeavor, China should enhance economic communication with Asian countries through channels such as the Belt and Road Initiative and other cooperation mechanisms.

Li Yiping, a professor of economics at Renmin University of China. This is an excerpt from his interview with China Daily's Wang Yiqing.

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