China’s developments benefit the global community

China’s tremendous efforts in poverty alleviation have had various contributing factors. Prior to 1978 with the great reforms and opening-up policy, it was augmenting human capital by reducing educational and healthcare disadvantages, building and strengthening more industries to create higher employment rates, and further strengthening national security. Since the reform began in 1978, a massive force of production shifted China from a planned economy to a socialist market economy. And the strategies taken since then in eradicating poverty have also assumed great forms: with a commitment to reform as an ultimate declaration, innovation through special economic zones, and long-term initiatives like five-year plans and targeted assistance programs.

The new productive forces, for instance, represent the main focus of the current strategic growth initiatives in China, and it focuses on high quality. It is definitely not a strategy to abandon the traditional sectors. On the contrary, acceleration in transformation and innovation, plus optimization of already existing strengths, is the idea. It addresses the current emerging needs and at the same time creates more in the global economy.

Now that China’s impact influences revolutionary technological advancements faster, its new burden on high-end product demand from developed countries has emerged. In general, the boost of general productivity and quality of products supports industrialization and promotes healthy growth. Secondly, green and clean high-end exports such as new-energy vehicles and sustainable energy solutions help meet global sustainable development goals.

This is of great interest to developing countries-indeed, those participating in the Belt and Road Initiative. Pursuing new quality productive forces Industrialization and optimum resource allocation according to comparative advantages: these are the expertise China is providing for job opportunities and infrastructure development, enhancing the communities. This approach harmonizes well with the saying of the Chinese proverb: “Give a man a fish and you feed him for a day; teach him how to fish and you feed him for a lifetime.”