![]() ![]() This re-identification finally aligns the objectives of the party with that of the state at all levels of government. In recent years, it tried to cut back excess capacity in traditional manufacturing industries and temper credit growth and asset price inflation.Īfter 36 years, the 19th Party Congress re-identified the principal contradiction now as the tension between “unbalanced and inadequate development” and the “people’s ever-growing needs for a better life”. The Central government targeted a slower pace of GDP growth, reduced the reliance of the economy on exports, heavy industry, and mining, and shifting to services as the main job creator. The state (mainly the Central government) embarked on reforms and policies to “rebalance” the economy but the more concrete efforts were implemented only after 2010 following the massive fiscal stimulus to revive the economy badly hit by the global financial crisis. As early as 2007, Premier Wen Jiabao warned that the Chinese economy was quickly becoming “unstable, unbalanced, uncoordinated, and unsustainable”. ![]() The 1981 recognition that the structure of the economy needed to be changed to deliver high economic growth drove the dramatic transformation of the economy that sustained a stunning 10 per cent average growth rate over the next three decades.īut the high growth also brought with it extensive collateral damage that has ranged from heightened financial vulnerability to severe environmental damage. Given the overwhelming dominance of the Communist party, the extant definition of the principal contradiction forms the organising basis of reforms and policies at all levels of government in China. After years of economic suffering in the aftermath of the Cultural Revolution, the 1981 Party Congress under Deng Xiaoping’s leadership re-identified the “principal contradiction” facing Chinese society as the tension “between the ever-growing material and cultural needs of the people and backward social productivity” instead of the “class struggle” between the proletariat and the bourgeoisie as defined by Mao Zedong. To appreciate the importance of the recently concluded 19th Chinese Communist Party Congress, one needs to go back to the 1981 meeting.
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