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China reiterates its support for economic openness as Chinese Premier Li Keqiang wrote in a Bloomberg column on Thursday, echoing President Xi Jinping's recent speech at the World Economic Forum in Davos that called for advancing globalization and rejecting protectionism. What signals did the Chinese premier send via the article? How is the world's second largest economy pressing ahead to face the challenges against the backdrop of a sluggish global economy and rising anti-globalization sentiment? Here is an abstract of the article titled, "How China plans to face a world of uncertainties." ECONOMIC OPENNESS We remain convinced that economic openness serves everyone better, at home and abroad. The world is a community of shared destiny. It's far preferable for countries to trade goods and services and bond through investment partnerships than to trade barbs and build barriers. GLOBALIZATION Economic globalization has enabled the creation and sharing of wealth on an unprecedented scale. There are problems, too, more on the sharing side. These can be addressed, but only if countries work together to ensure that a rising tide really does lift all boats. RED TAPE To make doing business in China easier, the state is consolidating administrative reviews and focusing more on compliance oversight, risk preparedness, and providing services. STRUCTURAL REFORM In 2016, China shed more than 65 million and 290 million tons of inefficient steel and coal-mining capacity, respectively. We plan to raise those numbers to 140 million and 800 million tons within the next three to five years to restore healthier fundamentals to those industries. NEW DRIVERS Services, which have surpassed manufacturing as a share of the economy, keep consolidating their lead. Consumption now contributes more than 60 percent of the growth to China's gross domestic product. INNOVATION Entrepreneurship and innovation are taking root. Meanwhile, new business models are thriving, transforming many previously unimaginable services into daily conveniences. The mobile-internet-enabled sharing economy is only one obvious case. CHINA'S ROLE In a world with a plethora of uncertainties, China offers an anchor of stability and growth with its consistent message of support for reform, openness and free trade. |
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