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Export Era Ends
Cover Stories Series 2013> Export Era Ends
UPDATED: January 21, 2013 NO. 4 JANUARY 24, 2013
Quality Over Speed

In 2012, China's economic growth rate reached 7.8 percent, higher than the set goal of 7.5, which shows the economy landed softly. With the commencement of 2013, we believe, in terms of economic development, more attention should be paid to stability and quality, instead of focusing on speed of growth alone.

From the fourth quarter of 2010, the growth rate of China's economy began to decline and dropped to 6.9 percent in the second quarter of 2012. Since then, various economic indexes stabilized and slowly climbed.

While the Chinese economy contracted over seven quarters, the world economy was slowly recovering, with trade protectionism in some countries raising eyebrows. Against this backdrop, achieving a 7.8 percent economic growth rate is no mean feat.

However, the upturn lacks a solid foundation and strong driving force, so we will have to wait and see whether the upward trend can be maintained in 2013. The current world economy still finds itself in a post-financial crisis period, while the Chinese economy experiences changes to its growth mode and looks for new development force. Old economic competitiveness is retreating in the face of new avenues. At this juncture, overall operation remains relatively weak.

China will maintain a proactive fiscal and prudent monetary policy. In addition, it's necessary to balance policies related to demand and supply and make policies flexible and effective. It's also important to adjust growth pace, nurture new competitive points and promote transformation of the economic growth mode.

The growth for 2013 is expected to top that of the previous year, but risks remain, including the negative impact of the European sovereign debt crisis and the deteriorating China-Japan relationship. Also, many local enterprises are still experiencing difficulties. Low expectations on China's employment and income growth also cast a shadow on economic operations.

Reforms should be strengthened to create conditions for the transformation of economic growth mode and structure adjustment, and lay a foundation for the improvement of quality and efficiency.

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