Development best way forward for country's economic recovery

As the annual Central Economic Work Conference pointed out, the favorable conditions for China's development outweigh the unfavorable factors and the basic trend of its economic recovery and long-term improvement has not changed.

This year is the first year of China's economic recovery after the three years of the COVID-19 pandemic. Objectively speaking, the recovery and development of the Chinese economy in 2023 has withstood numerous tests. The zigzagging and restorative development of China's economy shows its resilience and potential, while also attracting greater attention to its future trend. Everyone is eager to see what policy measures the country will roll out to consolidate its upward economic momentum.

Over the past year, China's economy has faced not only new shocks and challenges from the external environment, but also new changes to internal problems, with cyclical problems overlapping with structural problems, short-term problems overlapping with medium-and long-term problems. The elimination of the ripple effect left by the pandemic is taking time.

Also, the country is yet to address the problem of its high-tech manufacturing "being seized by the neck "by some Western countries. That international organizations have raised their forecast for this year's global economic growth shows that, in their opinion, the situation is not as bad as previously thought.

Such difficulties, however, should not dim confidence, given that China's economic prospects are determined by its inherent, ever-enhanced development advantages.

Mainstream economic theory believes that labor, capital and total factor productivity are the main factors determining the growth prospects of an economy. In the past decade, the average years of education of China's working-age population have increased significantly, meaning the advantage of the country's labor force is shifting from quantity to quality.

Investment has maintained rapid growth, and capital is still playing an important role in improving the quality and quantity of China's economic growth. Total factor productivity is also playing an important role in driving China's economic growth. Scientific and technological innovations and the country's ever-increasing self-reliance in high technology have also consolidated the country's economic advantages.

China is still a developing country, and many problems can be solved through development. It is because of this that the country needs time and space for further development. It needs to make greater efforts to foster the new growth drivers. The systematic complexities that the Chinese economy faces might be far more than those faced by any other country.