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Opinion / Op-Ed Contributors

Governing for the people

By Liu Chuanzhi (China Daily) Updated: 2014-02-07 07:38

For instance, in the realm of assets under State management, we should expect more revenue and profits to be generated by the SOEs which are sitting on trillions of yuan of assets, which can in turn be invested by the country for positive purposes.

Xi has also highlighted the need to build a society that is ruled by law and to ensure law enforcement is fair, just and open. This is something of utmost importance, as social equity and efficiency are the two sides of the same coin.

How should we address the substantial discrepancies in society? One way is to leverage tax tools to transfer the benefits of the country's development to the more vulnerable members of society. However, productivity must also be further unleashed so the pie is made bigger. There will be a drop in the number of so-called mass incidents and greater social stability if the reform dividends can be more fairly distributed and the rule of law established.

A top-down master plan is needed to pool resources and provide effective coordination. This requires clearly defined priorities and paces of progress. Establishing and implementing a master plan while striving for a consensus on reform will ensure the success of the reforms.

However, it is fair to say that the new reforms will meet resistance from both vested interest groups and government departments, and difficulties will also arise from glitches in economic operation, as well as long-standing social problems. But as long as the leadership is committed to governing for the people and improving the government's economic and political policies these obstacles can be overcome.

A big increase in the middle-income population in the next decade will drive domestic demand and consumption, fueling the economy. In the past, it was virtually impossible for the general public to contribute to consumption since they did not have money. Today and in the future, with a right top-down approach and systemic design, so much so that the society is made really fair and just, the Chinese economy backed by a population of more than 1.3 billion will certainly follow a sound track of growth.

With wealth and lasting social stability, the country will become stronger; individual dreams will be woven together with the Chinese Dream, translating into credit for the Party in enhancing China's status on the global stage.

Looking back, I cannot help but feel contented. I have experienced hardship beyond the imagination of young people today, while achieving wealth that I could never dream of in my youth. In the 1970s, while walking the streets in Beijing, my wife and I wondered if we could afford a tricycle when we became grey and old, or whether we could finance a trip to the outside world.

Now my sincere hope is that I could see the day when China becomes the most respected country in the world.

The author is chairman of Legend Holdings.

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