China's success built on Party leadership

Chinese and Filipinos take part in a groundbreaking ceremony for the Kaliwa Dam project in Rizal Province, the Philippines, on Tuesday. It is expected to be completed by June 2025. [ROUELLE UMALI/XINHUA]

On track

China is now on track to become the largest economy in the world before the end of the decade.

In a report it released in December, the Centre for Economics and Business Research in the United Kingdom said the total value of the Chinese economy measured in dollars could top that of the United States by 2028, about five years earlier than originally expected. China was just about the only major economy to record growth last year and is poised to lead global growth this year.

"China has shown strong growth in the first quarter at 18 percent. It will become an engine of growth for the world. This puts China in a strong position for economic recovery," said Lim. "Thus, it is likely to shore up domestic demand with internal circulation policy while trying to open up new markets overseas as part of its dual circulation policy."

Dual circulation views the domestic market as the mainstay and the domestic and foreign markets reinforce each other.

Rarely has the importance of a rebound to growth been as significant as this year. As with almost all countries around the world, one immediate challenge for the CPC is leading the recovery from the economic fallout of the COVID-19 pandemic. China's policies proved effective in limiting the spread and economic impact of the novel coronavirus and getting its economy back onto a growth footing.

The CPC policies that have powered China's growth over the past few decades should help the country deal with any immediate challenges.

"The CPC has prioritized economic growth in its five-year plans and it has successfully implemented its policies through various facets of Chinese society," said Andrew Delios, a professor and vice-dean of MSc Programs at the National University of Singapore Business School.

"Where China's success stands out from other great growth stories, is that the leadership has been agile and responsive to the changes that have occurred in China's economy in the past 30 years, which is something that not all other economies have done well.

"The CPC has been central to the economic growth of China. There is no debate about this point," Delios said. "The CPC has been the leader of China's economy and its society and bears ultimate responsibility for the successes and failures therein. The economic story has been a success story in China."

Doris Yu in Hong Kong contributed to this story.