Goals for a Global Economy.docVIP

Goals for a Global Economy 　　The annual work conference on China’s economy was convened in Beijing in mid-December 2016. The outcomes are important for two reasons： the huge unpredictability in the current global political and economic situation， and the preparations being made for the 19th National Congress of the Communist Party of China （CPC） in late 2017. 　　On the overall assessment of where China now stands， the economic front is deemed as being OK. Some aspects reflect slowing growth that was inevitable after so many years of double-digit success. Indeed， 6.5 percent GDP growth for an economy the size of China’s is still a good result. 　　However， a lot of things have to come out of that 6.5 percent―10 million new jobs a year， for a start， and higher services output. Consumption by the middle classes in the cities has crept up， but still remains too low. The bottom line is that， despite all sorts of reforms and stimulants， Chinese consumers are not performing as they should in order for the country to have a balanced， mixed and more stable economic model in coming years. 　　This is partly because of the other issues to which the work conference alluded， such as the need for a more comprehensive social safety net. 　　China currently spends 5 percent of its GDP on healthcare―half the level of a country like the UK， and a third of the U.S. rate. Yet， it is suffering the same kinds of health issues seen in developed economies―rising chronic diseases associated with obesity， smoking and overall lifestyle patterns. 　　Mental healthcare is as much a challenge in China as anywhere else， but with very few resources committed to tackling it so far. As China advances toward the achievement of the goals set for 2021 （the centennial of the CPC’s founding）， these will need to be addressed somehow. 　　And while the state has a framework in place， mapped out in the current 13th Five-Year Plan （2016-20）， it will need a number of associated changes， from reforms in the fi