In a series of eight op-eds published in the Communist Party’s mouthpiece newspaper ahead of a meeting that will set the tone for China’s next five years of development, Beijing described the country’s economy as an “unsinkable economic aircraft carrier” capable of withstanding internal and external uncertainties.
The articles in People’s Daily, carrying a byline widely seen as representing the party’s Central Financial and Economic Affairs Commission, touted China’s stability and resilience when compared with Western systems and vowed to ensure that the “broad masses” enjoy the dividends of development.
“Through our actions, we show the world that the China ‘economic aircraft carrier’ is unsinkable, unbreakable and indestructible – undaunted by wind or rain, pressing forward relentlessly,” one of the eight articles said when touching on “trade protectionism and shrinking external demand”.
The fourth plenum of the party’s Central Committee, to be held from October 20 to 23, is likely to provide an outline for the 15th five-year plan, a document that will summarise the country’s policy priorities for the rest of the decade.
Articles in the series repeatedly emphasised that China’s medium- to long-term planning strategy, including five-year plans, ensured policy continuity and consistent implementation, making the country’s future “fully predictable”.
“By contrast, some Western countries waver in their national policies, shifting on a whim and even putting history in reverse: once advocates of economic globalisation, now pursuing nation-first, self-isolating policies,” it added.
As China approaches its next five-year development phase, the series pointed to an ongoing economic transformation towards more innovation-driven growth, greater consumption-led development and greener, more balanced progress.
It also acknowledged mounting headwinds, from rising global uncertainties and resurgent protectionism to weak domestic demand, sluggish prices, corporate struggles, fiscal pressures on some local governments, and the property sector’s wobbly path to stabilisation.
The series said the transformation was not advancing evenly, as “different regions, industries and groups will experience divergence, and macroeconomic data may show a ‘temperature gap’ compared with the experiences of some micro-level actors.
“We must drive progress through reforms and strong policies, focusing on narrowing the ‘temperature gap’ and striving to ensure that the broad masses of people enjoy the dividends of development,” it said.
To bolster confidence, it likened China’s economy to “an ocean, not a small pond”, saying it can withstand “winds, waves, and even raging storms”.
On the external front, the articles said China was willing to share the “significant opportunities” arising from its economic transformation and industrial upgrading with the world.
The series pushed back against Western criticism of oversupply in some Chinese industries, stressing that the country’s industrial competitiveness was “the result of institutional advantages, scale advantages, effective governance and the diligent efforts of its people”, which constituted “a contribution rather than a threat” to the world.
“China has never lacked investment opportunities or market potential, and as its economy accelerates transformation and upgrading, it will bring unprecedented opportunities to countries around the world,” it said.