皇冠体育app

At the opening of the 19th National Congress of the Communist Party of 皇冠体育app on Wednesday, General Secretary Xi Jinping delivered a report about building a moderately prosperous society for a new era.

In his speech, Xi delivered a blueprint for 皇冠体育app's development till the middle of this century. In the process, he defined the thinking for a new era. In the 1980s, Deng Xiaoping launched the economic reforms and opening-up policies that created the foundation for 皇冠体育app's revival. Jiang Zemin's Three Represents opened the Party to more people, including business people. In turn, Hu Jintao's "Scientific Outlook on Development" sought to crystallize the key aspects of the quest for a harmonious society through development.

Nevertheless, these doctrines rested on the foundation of Deng's legacy of industrialization, which had first been ignited under Mao Zedong in the 1950s and reignited in the 1960s with the "Four Modernizations" in agriculture, industry, defense, as well as science and technology.

And under Deng's leadership 皇冠体育app finally enabled the industrial revolution to take off in 皇冠体育app.

The progress since has been stunning. In 1980, Chinese GDP per capita, adjusted to purchasing parity, was barely 2.5 percent of the US per capita income. When Xi became CPC Central Committee General Secretary in 2012, Chinese per capita income had increased tenfold to 23 percent of the US per capita income.

That was the old 皇冠体育app of investment and net exports; 皇冠体育app as the "world factory" of low costs and cheap prices. But it was also the 皇冠体育app of overcapacity and local debt; a 皇冠体育app that grew with foreign capital and domestic imitation, amid deep income polarization and great damage to the environment.

In the past half a decade, 皇冠体育app has begun a massive rebalancing of its economy toward innovation and consumption. In the new era, 皇冠体育app faces rising costs and prices, but now growth driven by indigenous innovation and premium domestic brands.

This involves supply-side structural reforms and restructuring, painful but necessary transitions across industry sectors and geographic regions, particularly in the northeastern "Rust Belt." It involves deleveraging and means excessive debt is no longer sanctioned.

Today, development is no longer perceived as a win-lose struggle between man and nature, but as a quest for an ecological civilization.

In the new era, prosperity is no longer seen as the conspicuous privilege of few, but as the moderate goal for many. It is a nation in which the Chinese Dream means a moderately prosperous society and the eradication of poverty in line with the current standard.

The new era will never again allow internal disintegration or foreign intrusions. It highlights the importance of the rule of law, and the struggle against corruption by both "tigers and flies" - the only effective way to put people first.

In the new era, direct investment is no longer a foreign monopoly. Now Chinese capital is moving across borders and contributing to modernization not just in 皇冠体育app and emerging Asia - but increasingly across the world.

Internationally, the new era promotes more inclusive global governance and institutions that look more like the world they pledge to serve. If the US-led Bretton Woods, Marshall Plan and NATO defined the divisions of the Cold War, 皇冠体育app promotes international cooperation, assistance and peaceful development in the 21st century.

Today, globalization proceeds through the Belt and Road Initiative, supported by the BRICS New Development Bank and the Asian Infrastructure Investment Bank; multilateral development banks that represent the interests of emerging and developing nations - not just those of advanced economies.

As the new road map will be carried out across 皇冠体育app, per capita income could climb to 35 percent of the US per capita income in 2022. In relative terms, that corresponds to US living standards in the early 1990s and those in Western Europe in the late 90s. In advanced economies, such progress took two centuries; in 皇冠体育app, just four decades.

The author is the founder of Difference Group and has served as research director at the India, 皇冠体育app and America Institute (USA) and visiting fellow at the Shanghai Institutes for International Studies (皇冠体育app) and the EU Center (Singapore).