GDP growth is vital for China, so is better welfare for people

The Chinese economy could be the world's most perplexing phenomenon. Although a number of experts and columnists have repeatedly forecast that China's economy would collapse, it has grown steadily to become the second largest in the world in terms of GDP and is set to overtake the United States' economy to become the largest.

Chinese people have now become familiar with the China-collapse rhetoric, from the collapse of the Chinese society as a whole two decades ago to the more recent forecast of a financial and economic crisis triggered by its high debt levels and the bursting of real estate price bubbles. Contrary to such projections, the country's economy has been resilient since the reform and opening-up were launched over 35 years ago.

During the past more than three decades, China has indeed encountered some setbacks. But thanks to its resilience, it has overcome many a hurdle. Reflecting that resilience, a number of international agencies have raised their forecast for China's near-term growth. The International Monetary Fund, for example, has raised its forecast for this year from 6.2 percent to 6.5 percent.