PR90091

BEIJING, June 15, 2021 /PRNewswire=KYODO JBN/ --

China's eastern Zhejiang province is expected to make substantial progress in

building a demonstration zone for common prosperity through high-quality

development, according to a guideline released by the Communist Party of China

Central Committee and the State Council on Thursday.

https://www.youtube.com/watch?v=IMT-NWwWKwo

The guideline rolled out multiple measures to guide the province in setting an

example for promoting common prosperity.

By 2025, Zhejiang should achieve solid progress in building the demonstration

zone, with its per capita gross domestic product (GDP) reaching the level of

moderately developed economies, while a social structure with a middle-income

population as the majority should be generally developed by then, the guideline

said.

And 10 years after that, the province will achieve greater success in

high-quality development, achieving common prosperity on the whole, according

to the guideline.

Promoting the common prosperity of all Chinese people is an arduous and

long-term task that cannot be fully implemented in a short time. Thus, the

urgent need is to select some areas with relatively sufficient conditions as a

pilot, the National Development and Reform Commission (NDRC) said in response

to reporters' question on China's plans in Zhejiang.

Zhejiang's pioneering role

Building the demonstration zone in Zhejiang is conducive to promoting more

coordination between urban and rural income distribution, boosting industrial

development and optimizing public services, according to a research from Bank

of China Research Institute.

As China is now the second-largest economy in the world, more attention should

be paid to the coordination between urban and rural income growth and economic

growth to narrow the income gap and strengthen middle-income groups. Zhejiang

demonstration zone will broaden the income channels of urban and rural

residents, and explore ways to increase the income of low-and middle-income

groups, as well as improve the salary distribution policy for skilled talents,

the research said.

Zhejiang has a developed economy, a strong sense of reform and innovation, and

enjoys the foundation and advantages for the building of demonstration zones.

The guideline said Zhejiang should build a coordinated advancement of

industrial and consumption upgrading, to better meet people's diversified

needs, which requires high-end, intelligent, and market-oriented development in

the industry, and promote the vitality of labor, technology, state-owned and

private capital and other factors, according to the research.

Why was Zhejiang selected?

Zhejiang Province has achieved obvious results in exploring and solving the

problem of unbalanced and insufficient development; the fruits achieved through

reforms there will provide experience for other parts of the country, China's

state planner said.

Zhejiang is a comparatively wealthy province. Its residents' per capita

disposable income stood at 52,400 yuan (about $8,199) in 2020, second only to

Shanghai and Beijing.

The development there is also well-balanced as rural residents account for half

of its total population, but the income differential between urban and rural

residents is 1.96, much lower than the national 2.56.

All parts of Zhejiang generally show a relatively strong sense of reform and

innovation, offering various advanced reform experiences such as quick and easy

one-stop services. Despite all these services, the potential for further growth

and prosperity remains strong in the province, for instance, in anti-monopoly

management and preventing disorderly expansion of capital.

According to the NDRC, the problem-oriented guideline focuses on the weakest

link hindering common prosperity and puts forward key measures to narrow the

gap between urban and rural regional development and income distribution among

different groups.

https://news.cgtn.com/news/2021-06-10/China-issues-measures-on-building-common-prosperity-demonstration-zone-10Z2gdPHHCE/index.html

SOURCE  CGTN