BEIJING, Oct 17(ABC): A key report that charts the course for Chinese modernization drive highlighted on Sunday by the Communist Party of China (CPC) at its 20th national congress has drawn world attention. A group of international observers took note of China’s commitment to world peace and shared prosperity outlined in the CPC blueprint, and expressed their confidence that China will make even greater contributions to the global community in the future.
HIGH-QUALITY DEVELOPMENT
China will accelerate creating a new development pattern and pursue high-quality development, said Xi Jinping while delivering the report to the key CPC congress. “We must fully and faithfully apply the new development philosophy on all fronts, continue reforms to develop the socialist market economy, promote high-standard opening up, and accelerate efforts to foster a new pattern of development that is focused on the domestic economy and features positive interplay between domestic and international economic flows,” Xi said.
Quality has become a keyword in China’s future development and this focus on quality will also bring greater benefits to China’s trading and investment partners, said Oh Ei Sun, principal adviser for Malaysia’s Pacific Research Center. China’s gross domestic product has come to account for 18.5 percent of the world economy, up 7.2 percentage points over the past 10 years.
The world’s second largest economy has become a major trading partner for over 140 countries and regions, leading the world in total volume of trade in goods. The Malaysian expert said over past years, Southeast Asian countries have benefited from China’s economic growth and its reform and opening up, including through the Belt and Road Initiative (BRI), an upgraded China-ASEAN Free Trade Area and the Regional Comprehensive Economic Partnership.