Five ways China will be an engine for global growth in the ‘new era’, with Hong Kong a key component

Xie Feng says sustained reform and the vision of a new socialist era in China, along with its belt and road, and Greater Bay Area plans, will take development to new levels and create historic opportunities for other economies to prosper

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Xie Feng

Published: 6:02pm, 16 Nov 2017Updated: 7:18pm, 16 Nov 2017

Chinese companies “going global” will bring opportunities for common development. Illustration: Craig Stephens

The 19th party congress in Beijing last month ushered in a new era for socialism in China, by establishing “Xi Jinping Thought on Socialism with Chinese Characteristics in the New Era”, and drawing up a new blueprint for national development.

Guided by the congress, China will become a great modern socialist nation, bringing historic opportunities to countries and business communities around the world.

First, China’s development will present opportunities for sustained growth. Our economic orientation is being transformed from fast growth to high-quality development. With an improved structure, the economy is on a sound footing and a driving force for sustained growth. The International Monetary Fund has raised its forecast for the Chinese economy several times this year, in a vote of confidence.

What is the driving force for China’s economy? It is reform.

Under the chairmanship of President Xi Jinping, the Central Leading Group on Comprehensive Reform has already convened 38 times since it was set up just under four years ago. In all, China has adopted 1,500 reform measures over the past five years, or about one a day, excluding holidays.

Xi Jinping outlines China’s future at the 19th Party Congress

China will implement the new vision of development, which emphasises innovative, coordinated, green and open development, with the fruits shared by all.