BEIJING, March 15 (Xinhua) -- Mesmerized by China's dazzling growth in past decades, the world has found it difficult to analyze the phenomenon through existing archetypes of modern economics.
The draft of the 13th Five-Year Plan sets the direction for China from 2016 to 2020 by demanding medium-high growth, driving the world economy. The magic key to the China miracle may not, however, be an economic one, but political logic.
Crucial to the China miracle is the ruling party's governance philosophy, which embodies the common aspirations of the people, said Sheng Yafei, a National People's Congress deputy, who grew up in a small village.
"I'm still haunted by the memory of having little to eat when I was a child. It made me understand later that economic development is for the sake of the people; the essence of China's pursuit of prosperity," he said.
What is becoming known as "the people's five-year plan," will be ratified during this parliamentary session and has strong sense of benefit for ordinary people. The plan is vital in the final countdown in building a moderately prosperous society by 2020 and a critical period of transition.
"The Communist Party of China (CPC) has always put the people at the center of its strategies," said Zhou Hanmin, a national political advisor. "The ruling Party represents people's broadest interests in this nation. It enables the CPC to accelerate the pooling of consensus and come up with solutions to people's most pressing demands."
EFFICIENCY, DEMOCRACY IN PARALLEL
Unlike political-economic models where efficiency and democracy appear compatible, the "China miracle," to some extent, is a result of both running in parallel.
"Time is money and efficiency is life," was a catchphrase coined by residents of Shenzhen more than three decades ago which spread nationwide and translated into inestimable economic benefits.
In Shenzhen today, symbolic hub of economic reform, migrant workers continue to contribute wisdom.
"The new draft five-year plan proposes allowing migrant workers to receive free vocational education for free," said Yi Fengjiao, a NPC deputy and factory manager in Shenzhen. "This is the result of repeated suggestions by front-line workers to NPC deputies like me."
The 12 previous five-year plans were important components of political economics with Chinese characteristics. Grassroots wisdom in the new five-year plan has been pooled from nearly 3,000 NPC deputies and over 2,000 national legislators.
This year, China will begin a new round of elections for people's congresses at county and township level. Over 900 million people will directly elect more than 2.5 million lawmakers: the new representatives of efficiency and democracy.
COMPATIBLE TRINITY OF GROWTH, REFORM & STABILITY
Although Moody's expressed doubts in a report last week as to whether China could achieve the desired rate of growth, institute reform and maintain stability at the same time, China's political logic speaks for itself. These three objectives have always been central to CPC governance.
"China's advantages in institutions and governance patterns should enable enormous, long-term economic potential be continuously translated into stability dividends," said Cai Jiming, a political economy professor with Tsinghua University.
CPC leadership, public support for reform, consistent reform and social stability have all been considered China's "advantages" at some time or another.
"China will not repeat the mistakes of other countries," Cai said.
How long can China continue its political logic of advancing comprehensive reform and opening up?
Liu Zhexin, professor with the China Executive Leadership Academy based in Shanghai, believes the growth China seeks is stable, balanced and fair, with its achievements shared by all.
"Development and stability will remain in a virtuous circle for a fairly long period," Liu said.
Foreign investment promising in China despite economic downturn
FUZHOU, March 14 (Xinhua) -- Foreign investment is still promising in China amid an economic slowdown with new opportunities emerging from consumption and service in the domestic market, a Xinhua investigation has found.
"The closure of low-end export-oriented OEM manufacturers has eliminated outdated capacity and offers room for more quality programs," said Fang Jianbo, deputy head of the commerce bureau of Dongguan, a southern Chinese city in Guangdong Province dubbed as the "world's factory" and a barometer for the country's economic changes. Full Story
Xinhua Insight: China targets economic growth of 6.5-7 pct in 2016
BEIJING, March 5 (Xinhua) -- China's economic growth rate target has been set at 6.5 to 7 percent in 2016, with an average annual growth rate of at least 6.5 percent through 2020, Premier Li Keqiang said Saturday when presenting the government work report to the annual parliamentary session.
Last year's target was "around 7 percent," and China registered 6.9 percent growth, the slowest expansion in a quarter of a century. Full Story