Basis of sustainable growth

China's Finance Minister Lou Jiwei speaks at a news conference in Beijing March 6, 2015.[Photo/Agencies]

Complicated domestic and overseas circumstances mean China needs to make greater efforts to sustain its economic advancement.

Despite being in good shape and within the range of reasonable growth, downward pressures on China's economy and the growing difficulties facing domestic enterprises, along with other emerging problems, have highlighted the need to consolidate the country's economic foundation and enhance confidence.

Sustaining a moderate development speed will help defuse these various risks and resolve major problems at a time when China's fast-growing economy has entered a new normal of slower growth.

To realize a reasonable development pace, the "development consciousness" should not be weakened, efforts should not be relented and the ongoing momentum not weakened. Economic development under the new normal does not mean abandoning the growth of gross domestic product, it means better-quality, more efficient and sustainable GDP growth is needed. A better balance between growth and structural adjustment and the use of reform and innovation will inject a new vitality into China's economy.

A consolidated economic foundation also needs greater efforts to boost the real economy. A good economic environment from which enterprises can profit will increase government revenues and build solid employment, financial and social security nets.

For an enhanced economic foundation, China also needs to increase fiscal input into areas related to people's livelihoods and welfare to guarantee effective consumption of basic public products. A broad and well-operating social security network will motivate people to consume more and thus boost related services.

The above is a People's Daily article published on Tuesday.