Success of China is a beacon for others

In a world still struggling with economic slowdown and a lingering pandemic, China's reigniting economic growth and its commitment to greater openness and international cooperation are positive catalysts for global recovery. China has become an anchor of stability and a voice of reason in a world vexed with uncertainties and rambunctious discord.

In line with its track record in recent years, China continues its sweeping reforms, socioeconomic modernization, technological innovations and multilateralism during its annual two sessions－the meetings of the National People's Congress, its top legislature, and the National Committee of the Chinese People's Political Consultative Conference, the country's top political advisory body.

China's stunning economic revival gives hope and inspiration and can energize other economies in Asia and worldwide, as the world's second-largest economy, steadfast champion of free trade amidst some protectionist threats, and the biggest consumer market, with 1.4 billion people.

President Xi Jinping said in November that China could possibly double its gross domestic product and per capita income by 2035.

After successfully completing its 13th Five-Year Plan (2016-20) last year, China is scheduled to release the 14th Five-Year Plan (2021-25) and long-range objectives through the year 2035 at the two sessions. These plans focus on China's goals of long-term, green economic growth with sustainability.

Some analysts have predicted that China will surpass the United States as the world's biggest economy by 2035.

Helen Qiao, Bank of America Global Research head of Asia economics, was quoted on Feb 26 by CNBC as predicting that China could economically overtake the US as early as 2027 or 2028.

Some observers said this may be hard to achieve, but Qiao said undertaking continuing reforms would help China to attain this milestone.

China's bold reforms, openness and economic dynamism have a tremendous positive impact on current sluggish world trade, economic growth and investments.

However, another of China's achievements has meaningful and far-reaching consequences for human progress－the nation's decisive, historic victory over absolute poverty.

Although it has suffered from the effects of the pandemic, China has nevertheless fulfilled its promise to support the global anti-COVID-19 campaign by sharing generous donations and also making available through exports its lifesaving medical supplies and vaccines.

Moreover, China still valiantly fulfilled its promise to end absolute poverty. Last year, all of the country's nearly 100 million impoverished rural residents had been liberated from absolute poverty after only eight years. This meant China was a decade early in achieving the United Nations' poverty reduction goal.

On Oct 13, 2017, former World Bank president Jim Yong Kim said China's lifting of more than 800 million people out of poverty since the start of its economic reform is a "great story in human history". He underscored that there are lessons to be learned from China.

"Most of the progress that's been made in going from 40 percent of the world living in extreme poverty to now less than 10 percent… most of that progress happened in China," Kim said.

It can be deduced that the ultimate measure of China's economic success is not the size of its rising economy, not its military prowess, not its benevolent global soft power influence, but its prodigious ability to efficiently govern a vast, diverse country and uplift the quality of life for 1.4 billion people. By these benchmarks, the visionary leaders and noble people of China are succeeding and also inspiring the world.

The author is an analyst and columnist at the Philippine Star.