Resilient economy is key

Top decision-makers concluded their three-day economic work conference on Thursday in Beijing. The conference, which is held every December, is meant to map out the government's development strategy for the coming year. The just-concluded one is more important than usual because it will also shed light on the nation's 13th Five-Year Plan to begin in 2016.

The communiqué from this year's conference reflects a sound knowledge of macroeconomics and the complexity facing China's everyday business. It is candid about all the existing problems, and coolheaded about all the things that need to be done.

It does not brag about the efforts made in 2014 to redress the country's many economic problems while maintaining the growth momentum as planned.

There is one word, however, that is used for the first time to describe the economy - "resilience". Resilience is not something that comes easily. It can neither be artificially created by the government nor come naturally, whatever the regulatory environment. It is something that companies can only earn from successfully overcoming difficulties under a government that allows them to receive their due rewards from the market.

It is only after so many policy weapons were used to mitigate the effects of the global financial crisis, and through so many ups and downs in the domestic market, that China's economy has finally found its inner strength - the potential of its vast number of small enterprises and the creativity of its entrepreneurs.

Indeed, as shown by data from the first three quarters of the year, technology companies and companies in technology-based services are the new leaders in growth. E-commerce and smartphone-oriented businesses are spreading quickly from large cities to small ones.

Emboldened by this newfound resilience, the economic work conference has called for more growth driven by consumer demand, by entrepreneurial activity and by technology and innovations in the coming year.

It has also pledged steadiness in growth, aided by appropriate fiscal and monetary policies, while developing new growth industries, reforming agriculture, creating a good regulatory environment and improving citizens' livelihoods.

For an individual, starting a new career is hard. One has nothing to rely on but one's own ability to learn and adapt. For a less developed economy to flourish into a more diverse and more prosperous one, it must pass through difficulties and uncertainties. Resilience, therefore, is crucial for it to have something to build a future competitive edge on. And that's something China will have to do in 2015.