Chinese Development Approach Is Valuable for the World

By staff reporter LIU DONG

THIS year marks the 70th anniversary of the founding of the Peoples Republic of China. With its ever increasing national strength， China is demonstrating its distinctive splendor in the global arena. Over the past 70 years， Chinas growth pattern has transcended the institutional framework devised by Western powers， establishing a myriad of institutional apparatuses unique to China， and initiated a development path with Chinese characteristics.

A New Visage in a New Era

Chinas national strength has undergone historic transformations.

Former President of the Philippines Gloria Macapagal Arroyo， at the Boao Forum for Asia Annual Conference 2019， in an appraisal of Chinas comprehensive strength， noted the world has witnessed the unprecedented leading status of China in the world and in its own history.

Chinas economic clout has been boosted to a new level， entering a new stage of a new normal. China has implemented new development concepts and changed development modes， which are reflected in its attaching more importance on pursuing quality-oriented economic progress. According to the National Bureau of Statistics， in 2018， Chinas GDP totaled RMB 90.0309 trillion， and China contributed more than 30 percent to world economic growth. Amid the raging financial maelstrom in the global arena， Chinas continuous growth presents a miracle in the history of the world economy. It adapts to the new norms of economic development， restructuring its economy and shifting to new growth drivers. Technology and innovation are now the prime motivating forces empowering Chinas economic development.

Xi Jinping， general secretary of the Communist Party of China （CPC） Central Committee， in a speech delivered at a celebration in Beijing commemorating the 95th anniversary of the founding of the CPC， stressed that as China adapts to a new normal of economic development， the global economy enters a period of transformation， and the world prepares for new breakthroughs in science and technology， it is important that China continues to focus on economic development， guides the new normal of economic development with new principles of development， accelerates the transformation of its economic growth mode， the restructuring of the economy， and the upgrading of its development， vigorously advances supply-side structural reforms， achieves a more efficient， higher-quality， fairer， and more sustainable economic development. China will also speed up the formation of the institutions and environment in which innovation is revered， coordination is emphasized， green development is advocated， openness is fostered， and sharing is encouraged.