China's continuing growth — an inspiration for the rest of the world

Writer: Don Rechtman  |  Editor: Liu Minxia  |  From:   |  Updated: 2024-03-04

If you follow Western media, you’ve heard concerns expressed about ongoing global instability, including economic downturns for China. However, the reality speaks a different story.

The annual Chinese People’s Political Consultative Conference National Committee, or CPPCC, is having its annual six-day gathering in Beijing. It is an advisory committee, providing the government with feedback from people’s representatives throughout China. Among the key policy issues they cover, including private sector support, industrial digitization, food security, and foreign investment, is the need to improve the job market.

Among the CPPCC discussions, one will focus on efforts to bolster employment, including initiatives to help fresh graduates secure meaningful work and to improve lifelong vocational skills training. In spite of China’s 5.2% GDP growth last year, the economy is still on a slowdown, thanks to both domestic and international challenges. However, Liu Jieyi, a spokesperson for the second session of the 14th CPPCC National Committee, said “…Looking forward, our economy remains resilient with bright prospects." He further stated that Beijing has acknowledged that there is a high youth unemployment rate, and that officials recognize that the problem is structural: over 300 billion yuan (US$41.69 billion) has been invested and more than 12 million new urban jobs were created last year, but there is still a shortage of skilled workers. The CPPCC has prioritized discussing ways to mitigate this problem.

A key distinction that sets Chinese economic policies apart from those of Western countries, is that they are based on the principle that the path to wealth and prosperity is not through profit, but through providing for people. Modern China has observed and learned from other countries’ failures, and has also experienced firsthand throughout its history many economic procedures that simply do not work. China’s ongoing success through its utilizing far-reaching long-distance policies is a powerful role model for the rest of the world.

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Economy, jobs in focus as CPPCC briefs media ahead of annual session