Commentary: China's experiences on governance heralds new way of peaceful development

Three years after China's new leadership took office, the world's most populous country has developed its own experiences on national governance that offer new ways for others to learn in peaceful development.

Having enjoyed a rapid economic growth for decades, China is now faced with a "new normal" that expects a slow but robust growth as the extensive economic model no longer suits the need for sustainable development.

By innovating its macro-economic policies, China, the world's second largest economy, adopted a "supply-side structural reform" in a decisive step to address outstanding issues like excess capacity, housing overhang, and state-owned enterprises with poor profitability.

The daring but prudent decision that differs from traditional stimulus measures is bound to solidify the bedrock for China's sound growth momentum despite downward pressure, which is also a striking characteristics of the ruling Communist Party of China's governance of domestic economic affairs.

Another buzzword to describe China's development in the past year is innovation as it has been listed as the number one driving force for growth in the next five years for the Asian giant.

Thanks to the emphasis on national level, innovation-driven practices have become common across the whole nation.

Data showed that the number of newly-registered Chinese businesses in 2015 averaged more than 11,000 on a daily basis, and the growth of the high-tech industry was evidently faster than that of the whole industrial sector, making innovation or innovation-powered business activities a new engine for economic development.

On the global stage, China has proactively expanded its convergence of interests with other countries.

Since Chinese President Xi Jinping took office in 2013, he has visited40 countries in 19 trips, and hosted more than 100 heads of state or government leaders back in China.

It is a self-evident illustration of China's closer ties with the rest of the world. To be more specific, China has so far established 72 different types of partnerships with 67 countries and five regions or regional bodies. A global partnership network has coming into shape.

With those already-made efforts, both Beijing and its partners have enjoyed or will enjoy tangible benefits.

In a bid to beef up regional connectivity and production capacity cooperation, China proposed two years ago the "Belt and Road" initiative, which impacts 4.4 billion people and deals with an economic aggregate of 21 trillion U.S. dollars, around 30 percent of the global volume.

For global economic and financial governance, the Asian Infrastructure Investment Bank has been launched by the Chinese government to support the building of infrastructure in the Asia-Pacific region.

Active efforts have also been made by China to promote the establishment of the Free Trade Area of the Asia-Pacific, with the signing of free trade agreements with South Korea and Australia, in a bid to boost regional economic integration.

As China has enjoyed a growing international influence with great successes in managing domestic and global issues, it is no doubt helpful for other countries to learn the successful stories and governance experiences of the largest developing economy in the world. Endi