Lee Jong-wha The author, former chief economist at the Asian Development Bank and a senior adviser for international economic affairs to former President Lee Myung-bak, is a professor of economics at Korea University. When he was inaugurated in 2012, Chinese President Xi Jinping promised to achieve the Chinese dream of restoring the "Great Chinese Race." He vowed to realize the first centenary goal of building a "xiaokang (moderately well-off) society" by 2021 when the Communist Party of China (CPC) celebrated the 100th anniversary of its founding. Xi went on to pronounce a second goal of constructing a "modernized socialist power" by 2049, the centennial of the founding of the People's Republic of China. On July 1, in an address celebrating the 100th year since the founding of the CPC, Xi announced the country had achieved the first goal in all aspects. Since its founding in 1949, China had many stumbles under its socialist system. But since the reform and opening under Deng Xiaoping in 1978, the country has made staggering advances. The government has promoted market activities and competition. It led state infrastructure projects and encouraged exports. Over the last three decades of opening, its gross domestic product (GDP) expanded… Read full this story
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