China plans to boost economic growth this year are moving ahead at full force. Several provinces organized economic mobilization meetings and many local authorities have issued policy packages concerning projects, consumption, foreign capital and the business environment. The situation is pressing. In a downward stage of cyclical development, China’s economy is facing its worst period of growth of the past three decades, partially due to the severe impact of Covid on market entities. While Covid policies are optimized, it is essential to boost economic growth.
Economic development is the pillar of all-round social progress. However, the pursuit of economic development as the central task has been a circulating topic even in recent years, revealing an earlier consensus on the significance of economic growth that yet should be kept improving. Authorities, from top to bottom, convened meetings on economic development to open the new year, sending a positive signal to society. All efforts to push economic performance are estimable. However, both decent numbers and quality matter to economic growth, so the breakthrough point should be found to target fundamental problems. Enhancing confidence and improving expectations should be the top priorities. A capable government can introduce effective measures as long as it respects economic laws, properly handles the relationship with the market and averts excessive effort or border-crossing. It is unwise to drain the pond to get all the fish, which is also the same for economic development. Lessons from the past warn us to prevent rash advances, formalistic campaigns and even falsification.
