Reform and Opening up

President Hu eulogizes three-decade reform

(Xinhua)
Updated: 2008-12-18 14:10

Chinese President Hu Jintao eulogized Thursday the nationwide reform adopted by the Communist Party of China (CPC) for the past three decades when China saw nearly ten percent average annual growth rate.

China holds a meeting on Thursday morning to celebrate the 30th anniversary of its reform and opening-up drive, which turned the once poverty-stricken country into one of the world's largest economies. [Xinhua]

Hu, also general secretary of the CPC Central Committee, highly valued Deng Xiaoping, Chinese paramount leader at that time, and his most senior associates for their bold decision on restructuring the national economy and opening up to the outside world.

Hu also praised the landmark event of the Third Plenary Session of the 11th CPC Central Committee, on which the central leadership took efforts to mobilize all ranking officials to conduct reformist steps.

Hu said the CPC has successfully transformed inertia resulting from the planned economy to the dynamic socialist market economy, shaping the mechanism that the public ownership plays primary roles while various types of ownership are thriving.

The Chinese economy management policies underscore the comfortable combination of macro control and market dynamics, Hu said.

In tandem with the economic reform, Hu said, the central leadership continuously deepened political, cultural and social restructuring, which helped stimulate economic prosperity as well as social harmony.

Hu said the all-around opening to the outside world has brought remarkable fruits to the Chinese nation, making the country the third biggest player in international trade and the top one in reserving foreign currencies. Under the market-friendly framework, China has attracted nearly US$one trillion in foreign direct investment.