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The strategy that China wants to surpass the United States

by endroar
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According to the news of The Economist, there is nothing to fear; Because Xi Jinping has a plan. On a visit last year, Xi urged provincial leaders to develop “new productive forces.” The phrase has since been uttered several times in newspapers and at government events. This was discussed in the rubber stamp parliament of the country last month.

Professor Wang Xiangqing of Peking University compared the phrase to reform and opening up; In other words, he compared the slogan of 'New Productive Power' with the principles on which the New China was founded in 1978. The slogan of reform and market opening still shines in China's national lifeā€”the new slogan is expected to remain so for a long time.

What does this word mean? China's government officials are stepping up efforts to stimulate the economy. For many years China's productive power was largely dependent on labor and capital accumulation. China's labor force grew by 100 million between 1996 and 2015; In other words, 10 million more people entered the labor market during this period. According to research institute Asia Productivity Organization, in the two decades after 2001; That is, in 20 years, China's capital has increased from 258 percent of GDP to 309 percent. After the global financial crisis of 2007-09, this capital accumulation has mainly been in the new assets and infrastructure sectors.

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