The rapid growth of the Chinese economy is making an increasingly important contribution to the world. In fact, China has made the largest contribution to the growth rate worldwide 13 percent since China joined the WTO in 2001, according to statistics released by the World Bank.

Since China implemented a policy of reform and opening-up to the outside world in 1979, the economy has maintained robust growth, with the average annual growth rate in GNP reaching 9.6 percent 28 years in a row. It is predicated Chinese economy will still be increasing 7 percent annually in 2020.

Zhang Zhuoyuan from the Chinese Academy of Social Sciences attributes 28-year of economic growth to the following:

The policy of reform and opening up

The policy of reform and opening-up in 1979 invigorated the economy and liberated productivity, the most import factor in boosting China's economy. China would be able to keep stable politics and rapidly economic growth if it continues to adopt the policy, perfect socialist market economy and handle correctly the relationships among reform, development and stability

Strategic development and innovation

At the beginning of 1978, China shifted its focus to socialist construction, with economic construction the central task. China has changed since then.

Macro-economic regulation

Government regulations include the following: stabilizing the macro-economy through regulation, promoting fair competition, improving micro-economic efficiency, protecting the environment, monitoring the market to ensure production and food safety and promoting the fairness of income distribution through financial and revenue leveraging. Good macro-economic regulations will ensure sustainable and rapid economic growth.

Labor force and market space

China has abundant human resources and the policy of reform and opening up has the power to drive social development. China has a huge market and the insufficiencies in the domestic infrastructure, the increasing demands of residents, the adjustment of industrial restructuring and the increasingly fierce competition of urbanization, have attracted foreign investment to China, thereby promoting economic development.

China's savings rate is 30 percent, which has supported the high rate of investment and enabled the economy to continue growing rapidly.

Furthermore, the relatively peaceful international environment has been favorable to China's modernization since 1970s. The world's GDP recorded an increase of 2.4 percent in 2001 and more than 3 percent between 2002 and 2005. The intensification of economic globalization has also facilitated the development of the Chinese economy.

By People's Daily Online