President Xi Jinping of China now says his country’s economy has weathered the storm and is mounting a serious comeback after a sluggish period where it registered an unimpressive performance.
The Chinese leader disclosed that his country’s Gross Domestic Product has grown by a whopping 4 trillion US Dollars in the last five years.
He reiterated that Beijing will remain a global economic powerhouse and gave assurances that it will continue to honor its international obligations, maintaining that his administration will “not close its door to the world; it will only become more and more open.”
Speaking during the official opening of the 19th National Party Congress of the ruling Communist Party of China, CPC, on Wednesday, the Chinese leader charged that the second largest economy in the world had showed great signs of recovery promising that the Asian economic giant will hold steady henceforth.
A seemingly ecstatic President of the world’s largest population, listed his administration’s achievements since he assumed office in 2012, charging that its economy has maintained a medium-high growth rate making China a leader among the major economies.
“With the gross domestic product rising from 54 trillion to 80 trillion Yuan (8.3 US dollars to 12.3 trillion US Dollars) China has maintained its position as the world’s second largest economy and contributed more than 30 percent of global economic growth.” Xi said.
President Xi said the positive results were recorded because his administration adopted a right approach to development and endeavored to transform the growth model.
“The new institutions of the open economy have been steadily improved. China now leads the world in trade, outbound investment, and foreign exchange reserves,” he said.
60 Million Out of Poverty
With the positive economic results, the Chinese leader says his government was able to surmount prevailing social and political challenges and steadily began to improve the people’s living standards.
He specifically underscored the positive effects of his government’s spirited fight to alleviate poverty among Chinese citizens since he took oath of office. In his opinion, the CPC lead administration is finally winning the battle against poverty.
“Decisive progress has been made in the fight against poverty. More than 60 million people have been lifted out of poverty and poverty head count ratio has dropped from 10.2 percent to less than 4 percent.” President Xi revealed.
Xi, who is also the Communist Party’s General Secretary, says his country will ensure that by the year 2020 all rural residents living below the current poverty line will have been out of poverty and that poverty is eliminated in all poor counties and regions.
“We will pay attention to helping people increase confidence in their own ability to lift themselves out of poverty.” He said.
But that is not the only positive outcome given that the economy’s positive outlook has yielded great results as far as employment goes. Xi disclosed that employment registered steady growth with an average of over 13 million urban jobs created each year.
Since President Xi’s ascendancy to power in 2012, China has signed major treaties especially with developing countries of Africa. Just a fortnight ago, the Chinese leader announced that his administration will offer extra financial and material resources to support the international fight against mounting security challenges such as cases of widespread terrorism, cybercrime and organized crime.
Specifically, Xi said China will help by building and upgrading communication systems and criminal investigation laboratories in 100 developing countries. He also announced that his administration will set up an international law enforcement college to offer training to 20,000 law enforcement personnel from developing countries under its Ministry of Public Security.
The helping hand in security sector comes after numerous pacts that have been signed between China and African countries over the last few years. In 2015, during the Forum on China Africa Cooperation (FOCAC) summit in South Africa, Xi promised to inject 60 Billion US dollars to Africa in a bid to resuscitate non-performing economies.
The funding support includes 5 billion dollars of free aid and interest-free loans, 35 billion dollars of preferential loans and export credit on more favorable terms, 5 billion dollars of additional capital for the China-Africa Development Fund and the Special Loan for the Development of African SMEs each, and a China-Africa production capacity cooperation fund with the initial capital of 10 billion dollars.
A number of projects have been accomplished in many African countries including Kenya, to great delight in the areas of industrialization, infrastructure, agriculture modernization, financial services, green development, trade and investment facilitation, poverty reduction, people-to-people exchanges, peace and security.
These programs according to the Chinese president, will focus on helping African countries break the three development bottlenecks of backward infrastructure, talent shortage and inadequate fund, accelerate industrialization and agricultural modernization, and realize independent and sustainable development.
With the economy looking up, China is projected to solidify its globalization efforts in the hugely-expected Xi Jinping’s second-term in office that will be confirmed at the end of the congress next week.
A total of 2,307 delegates are attending the party’s congress where the Communist Party of China will unveil another set of leaders that will guide the country in the next five years with President Xi Jinping at the core.