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‘Real Economy,’ Not ‘Bubble Economy,’ Is the Road to Success, Xi Says

July 27, 2015 (EIRNS)—During the course of his recent inspection tour of northeast China’s “Rust Belt” which is targeted to again become a major industrial region for China, President Xi Jinping laid stress on the overriding importance of the “real economy.” Xi said,

“To build a good economy, build good enterprises, and build good state enterprises, is how we implement the real economy as we move forward.”

Xinhua News Agency notes that during the inspection tour. Xi Jinping was continually underlining the importance of the real economy in a “new type of industrialization,” based on the introduction of new technologies into the manufacturing industry. No doubt paraphrasing what President Xi had to say, Xinhua writes:

“Through the ages in order to live, people had to eat, to clothe themselves, to have housing, to be able to relax from their labors, and the basis for securing these things was the ability of the real economy to produce the needed goods; people want development develop and the basis for this is creating an ever higher level of production in the real economy. Therefore, from beginning to end, mankind’s ability to exist and to develop was based on the real economy.”

Xinhua also notes that this emphasis has been something of a leitmotif for President Xi during his various inspection visits to different parts of the country. Already in Wuhan in 2013, another older industrial district, and the place where the 1911 revolution against the Qing dynasty began, Xi also stressed the importance of the real economy. “Industrialization is very important,” Xi said.

“Every great nation that wishes to excel must rely on the real economy, and can’t allow bubbles.”