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China should continue to highlighten economic growth

(Xinhua)
Updated: 2009-07-25 15:58

China's policies to unswervingly stress its economic growth, people's livelihood and social stablity should continue in the future as the country's economy is in a critical phase.

The Communist Party's top decision making body, the Politburo, pledged on Thursday to maintain the current proactive monetary policy and moderately easy monetary policy in the second half of this year, which lifted the economy to grow at an annual rate of 7.9 percent in the second quarter from the 6.1 percent in the first quarter.

The rapid growth, which beats estimations of many economists, proved the macroeconomic policies correct and effective. It also laid a solid foundation for achieving the whole-year target of eight percent as promised by the central government.

At the same time, China should be aware that there are still risks and difficulties ahead as the outlook of the world economy is unclear and the real economy in China has not fully recovered.

The government should firmly implement its measures to sustain economic growth, improve people's livelihood and ensure social stability, which are closely related.

The central government put maintaining a steady and fast economic development as the principal task in this year's economic work earlier this year to weather the global economic recession.

Now the country's economy is not on a solid footing and faces uncertainties both from home and abroad. In this crucial period, China should continue its current polices to play its stimulus measures "at full swing" to further push up the economy.

The government should also endeavor to predict future trends when making economic policies to consolidate economic growth for the year's target.

More efforts should be given to adjust economic structure, promote innovation, enhance energy conservation and emission reduction, balanced development between urban and rural regions,

The tool for China to ensure economic growth is to expand domestic demand as the government is aiming at a economy that is mainly boosted by domestic demand, especially consumption.

China unveiled a series of stimulus packages to boost domestic demand in November to offset negative impacts of ailing exports.

Economic structure adjustment should be underscored as the government focuses on the quality of the economic growth -- a steady, healthy and sustainable growth. The government should resolve to scrap outdated capacity and step up industrial restructuring.

More government investment and bank credit should go to rural and central and western regions to boost regional development.

In addition, innovation should be strengthened in China for a long-term growth as the world pursues new technology to lead economic development.

Related readings:  China leads world toward recovery  IMF praises China on stimulus, sees room for more  Wen urges firm implementation of proactive fiscal policy  China outlines plans on health care reform in 2009  China's urban unemployment rate reaches 4.3% in H1

The purpose of economic development is to meet people's material and spiritual demands, which will help ensure social stability. It is an urgent job for the government as well as a test for the Communist Party.

Boosting employment will improve people's livelihood. The government should fully carry out the stimulus packages to create employment opportunities, and encourage people to start their own businesses.

It should also speed up building its social security system, including basic insurance system for urban employees and urban residents, rural cooperative medical care system, endowment insurance system, and social relief system.

Increasing people's income is also key to improving people's livelihood. The government should increase property income for residents and narrow the income gap between different groups of people -- as China is still a developing country with more than 10 million poor rural residents and many unemployed and low-income people in urban areas.

Social stability is of utmost importances during this time.

The government should step up emergency mechanisms and secure social safety to create a healthy environment for developing economy and improving people's life.

To ensure social stablity, the government should rely on grassroot efforts, listen to people's voices and solve their problems -- as the task relies on people.