China will definitely accomplish its economic and social development goals set for 2020 to fulfill the task of building a moderately prosperous society. China aims to double its 2010 GDP and per capita income by 2020 among other targets concerning urbanization, poverty reduction, environmental protection and state governance, according to a communique issued last week following the Fifth Plenum of the 18th Communist Party of China (CPC) Central Committee.
To deliver these targets, China needs to maintain a 6.5-percent or higher growth from 2016 to 2020, the 13th Five-year Plan period. This is quite an attainable speed, despite the current economic rough patch due to efforts by the government to upgrade the country's growth pattern and a faltering global recovery since the 2008 financial crisis.Against headwinds domestically and internationally, China has had one of the fastest expanding economies in the world over the last few years. People's livelihood was substantially improved. This was a hard-won and enviable achievement that deserves applause.
More significantly, the central leadership has gained experience dealing with the unprecedented challenges and expertise to manage a slowing economy. Chinese leaders have the ability to overcome all difficulties and steer the country toward a better-off and more civilized future. China will still be in a critical period of strategic opportunities over the next five years, during which it can make great accomplishments. The potential and resilience of the economy remains, with vast inland regions and rural areas yet to be tapped. While traditional pillar industries are being phased out, new growth engines are emerging as the tertiary sector has overtaken the secondary sector to become the largest GDP contributor.
External conditions are also improving as the International Monetary Fund forecasts total global growth will rise from 3.1 percent in 2015 to 3.6 percent for 2016. Building China into a moderately prosperous society is one of the CPC's two "centennial missions." The next five years are a critical period during which China will undoubtedly seize the last chance to honor its commitment with all-out effort. A comprehensive five-year plan with detailed measures was discussed at the CPC plenary meeting last week, and is expected to be unveiled soon. The Chinese government and the public will make unremitting and concerted efforts to ensure that all the goals set for 2020 will be realized.