China’s Xi pushes for balanced growth, more open economy
Setting the target for a “moderately prosperous society” and a “fully developed nation”, China’s President Xi Xinping has renewed the focus on the development of socialism with Chinese characteristics and focused on promoting balanced development at the 19th Party Congress of the CPC.
Mr. Xi has been a long- time proponent of a more open and inclusive Chinese economy, often facing flak from neo-Maoists who accuse him of moving away from Chairman Mao’s socialist agends. However, President Xi has been successful in consolidating his hold over the Party and has overseen a steady growth of the Chinese economy.
Laying out his strategy in 14 points that included diverse aspects like national security, elder care and reform, Mr. Xi was firm is declaring that “the party leads everything, everywhere”. A call for greater incentive to investment and serious market-oriented reform of its exchange rate as well as its financial system was made by the Chinese leader, while also emphasizing the authority of the state firms in the market. “Openness brings progress for ourselves, seclusion leaves one behind. China will not close its doors to the world, we will only become more and more open,” he said.
In the global scenario of increased protectionism and isolationist sentiments in the US, China is positioning itself as a major international player, aiding and assisting a host of infrastructural and development projects oversees and leading grand connectivity initiatives like the One Belt One Road. Proclaiming China as the future leader of the developing world, Mr. Xi attacked the pitfalls of the Western-style democracy claiming that “No country alone can handle all the challenges that mankind faces and no country can retreat into self-isolation.” “We have every confidence that we can give full play to the strengths and distinctive features of China’s socialist democracy, and make China’s contribution to the political advancement of mankind… We should not just mechanically copy the political systems of other countries,” he added.