Sun, February 21, 2010
Business > Economy

Government foresight, economic growth pattern adjustment saved China from worst of financial crisis

2010-02-21 23:43:41 GMT2010-02-22 07:43:41 (Beijing Time)  Xinhua English

BEIJING, Feb. 21 (Xinhua) -- The Chinese government's insight and the adjustment of the economic pattern were the two major factors helping China ride out the global economic downturn, scholars said here Sunday.

Zhuang Fuling, professor of Renmin University, said the Chinese government made a correct analysis of China's economic situation and took quick and resolute action.

At the end of 2007, the central government called for vigilance against possible scenarios of various sorts. Moreover, in the Central Economic Work Conference held in December 2008, China drew up guidelines to cope with the global economic downturn through domestic consumption expansion, development pattern transformation, key sectors reforms, and continued effort to open up and improve people's livelihood.

Ye Duchu, professor of Party School of the Central Committee of the Communist Party of China (CPC), attributed the success to China's systemic advantages.

"We could employ the country's fullest strength to reduce or offset the negative implications of the crisis," Ye said.

The National Bureau of Statistics revealed on Jan. 21 that China maintained a GDP growth rate of 8.7 percent in 2009 despite the global recession.

The global financial crisis, by nature a challenge to China's development mode, prompted the country to quicken its drive to transform its economic pattern in a bid to realize sustainable development for the future, scholars say.

Lu Zhongyuan, deputy director of Development Research Center under the State Council, said China should seize the opportunity to optimize the economic structure and promote the system and technological innovation.

Jin Bei, president of Institute of Economy under Chinese Academy of Social Sciences, considered the crisis a good chance for competitive enterprises to carry out strategic adjustment.

On Feb. 3, Chinese President Hu Jintao called for the whole nation's efforts to accelerate the adjustment of China's economic development pattern to promote sound and fast economic and social development.

Wu Zongxin, counselor of Counselors' Office of the State Council, highlighted the building of the CPC in pulling through the global economic downturn.

"China's good performance during crisis is attributed to its staunch and capable leadership," said Wu.

The Fourth Plenary Session of the 17th CPC Central Committee urged all Party members to be prepared for dangers in times of peace and push forward Party building work to ensure the Party's "backbone" position in people's minds when coping with various domestic and overseas challenges.

Zhuang said the rapid and sustained economic growth called for strengthening and improving the Party building under the new circumstances.

The cadres of the Party at county levels have been trained at the Party School of the CPC Central Committee since 2008 in a bid to better cope with the global financial crisis.

"This is an endeavor rarely seen in the world, thus guaranteeing China's effective response in fight against the crisis," said Ye.

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