The Thematic Group of the People's Bank Research Institute recently disclosed their latest research data: China's GDP growth rate is expected to reach 10.3per cent in the first half of 2006. China's economy is being transferred to a new track with an overall, coordinated, and sustainable development, ushering in a new golden period of development.

Starting almost from scratch, the Communist Party of China (CPC) has made great efforts to catch up with other countries. It has shown great presence of mind by embracing reform and opening up the country, and then putting into action the new economic practices. Based on the fundamental interests of the people, the CPC created an atmosphere of continuing innovation in line with ever changing development concepts. It has made a series of major policy decisions and encouraged people across the country to work together. Owing to the indefatigable efforts of the CPC, the process of reform and opening up has been extremely successful. With its successful control of the Chinese economy, the CPC has demonstrated to the world its outstanding ability to rule and invigorate the country.

$2.23 trillion: strength testifies to the success of development

Since new China was founded, and in particular since the beginning of reform and opening up, the CPC has been focusing on China's economic development. As a result, the comprehensive national strength continues to grow. From 1978 to 2005, China's GDP increased from $216.5 billion to $2.23 trillion, with an average annual growth of 9.6 percent; the average GDP per capita went from $226 to $1,707, an increase of nearly 700 percent. At the same time, grain yield increased from 300 million tons to 480 million tons, providing food to what amounts to nearly 22 percent of the world's population. In the early 1990's there were almost no highway s in China. Now the combined of China's highways has reached 41,000 kilometers, the second biggest in the world.

22 billion Yuan reduction in tax: accelerate reform with greater determination

At the end of 2005, the 19th session of the 10th NPC Standing Committee repealed agricultural tax regulations. The agriculture tax had existed in China for over 2600 years. Prior to this decision, national agriculture tax exemption had been granted to 28 provinces. This measure alone alleviated the burden on farmers by about 22 billion Yuan. The reform of rural taxes was one of the most important macroeconomic reform measures. Since 2005, a series of crucial reforms in key areas such as non-tradable shares, the exchange rate formation mechanism, and the investment system have been sped up. Reforms that are closely related to public interests such as social security and medical care have also been given top priority.

$1.4 trillion: China joins the world economy with great advantages

From 2000 to 2005, China's total foreign trade volume soared from $474.3 billion to $1.4 trillion. Now the country ranks third in foreign trade volume across the world. From "closed-door development with neither domestic nor external debt" to the current big trading power, and next to making every effort to strengthen and consolidate development, China's reform has demonstrated the CPC's deepening understanding of economic development. Expanding foreign trade and surging foreign investment reflects the next stage of economic globalization. China has fully utilized both its international and domestic markets to build a more dynamic and open economic system.

9.7 percent and 5 percent: living standards steadily improve

In 1952, the average wage of workers in China was only 445 Yuan. Over the years, consumer prices have basically remained stable although living standards have been raised higher and higher.

Statistics show that during the 10th Five-Year Plan period, the annual growth rate of the disposable income of urban residents per capita and the net income of rural residents per capita hit 9.7percent and 5percent respectively. According to the report on the implementation of monetary policy in China in the first quarter of 2006, disposable income of urban residents per capita increased to 3,293 Yuan. The cash income of rural residents reached 1,094 Yuan. The actual growth of both figures exceeded 10 percent.

For the past 85 years the CPC has tirelessly committed itself to invigorating the country and bringing prosperity to China. The Fifth Plenary Session of the Party's Sixteenth Central Committee stressed that the promotion of economic development and improvement of people's lives have always been their centrals. There is more and more evidence to suggest that some problems are intrinsically inked with a person's position in life, including income, health care and education. This evidence is being considered by central leaders. Resolutions are on the way.

People-oriented: new development concept has unlimited potential

After 20 years of rapid economic growth, China has begun to implement a comprehensive, coordinated and sustainable development strategy to replace its original pursuit of and emphasis on economic growth. After the Third Plenary Session of the Party's Sixteenth Central Committee, the CPC clearly defined the strategy for scientific development and a series of major initiatives in the economic field have been implemented.

The Fifth Plenary Session of the Sixteenth Central Committee stressed adherence to the strategy for scientific development to guide economic and social development, to stay people-oriented, to update development concepts, to innovate and to improve the overall quality of development. The aim is to move economic and social development onto a new track with overall coordinated and sustainable development.

The strategy has raised serious concerns both at home and abroad. The public generally believes that the new scientific development strategy will reflect the success of the central collective leadership as well as create a favorable environment for China's long-term economic development.

By People's Daily Online