Prof. Yu Miaojie: Common Prosperity Achievable
Jul 16-2021
In 2020, China pulled off the historic feat of thoroughly eradicating poverty. For its people to achieve common prosperity, the country should henceforth address the issue of unbalanced and inadequate development, says Prof. Yu Miaojie in an interview with 21st Century Business Herald. He’s the CCP Chief of the NSD and a member of MOFCOM’s trade policy advisory committee.
Unlike some other countries whose poverty rate stops to budge after the economy grows to a certain level, China has seen the gradual and continuous decline of its poverty rate as its economy develops. Its journey to poverty eradication features four periods. The first one, from 1978 to 1985, mainly relied on policies to spur agricultural development. The second one, from 1986 to 2000, was characterized by industrialization in rural areas as well as urbanization. The third period centered on state-driven poverty alleviation through developing the rural economy. The fourth period, beginning in 2012, features targeted poverty alleviation.
Such an accomplishment of building a moderately prosperous society in all respects underscores the importance of the leadership of the Chinese Communist Party in realizing the superiority of the socialist system, says Prof. Yu. Not only can resources be pooled to address critical issues, but also policies can be effectively implemented to achieve maximum results.
To achieve shared prosperity, one of the top priorities is to narrow the gap between urban and rural areas, hence the strategy of rural revitalization. It will be achievable through tiered relocation of processing trade to inland areas, continuous urbanization, and the development of city agglomerations, says Prof. Yu.
The eastern province of Zhejiang is tasked with building a model area for common prosperity, due to its high-quality development featuring a strong private sector and the balanced development of its various regions.
On the question of how to build a new development pattern, Prof. Yu elaborates on five development philosophies encompassing innovation, concertation, sustainability, opening up, and shared growth.
