China: Quality focus augurs well for economy

China’s quality-focused growth model and its further opening-up will benefit the global economy and international governance systems, officials said.

The emphasis on the quality of economic growth rather than quantity and stressing the environment protection issue in the report to the 19th National Congress of the Communist Party of China by General Secretary Xi Jinping two weeks ago has been remarkable, said Alfred Schipke, senior resident representative for the International Monetary Fund in China.

‘There is no need of further policy stimulus in China, although it may stabilize growth in the short term,’ suggested the IMF official at a seminar on international economic governance reform, hosted by the International Economics and Finance Institute under the Ministry of Finance on Oct 28.

Schipke expects China will continue to engage with other countries, in terms of a further opening-up reform, which is a positive signal to the world and it will also support a strengthening of the domestic economic growth. The multilateral systems, such as the IMF, will also benefit from the progressing globalization, he added.

Vice-Minister of Finance Shi Yaobin said at the seminar that China is and will always be the contributor and participant in international economic governance, ‘and this will never change’.

He urged to continually push forward reforms of the international governance system through innovative methods. ‘The reform should better reflect the true economic development status of different member countries and serve a much more stabilized and improved global economy, which also requires to enhance the governance power and efficiency.’

A much fairer and more open governance system should benefit a broader range of countries and prevent the rise of anti-globalization, according to the vice-minister.
Source: The Central People’s Government of the People’s Republic of China