China keen to work with others to share the benefits of future growth

China Plus Published: 2019-01-25 22:11:51
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Note: The following is an edited translation of an article from the Chinese-language "Commentaries on International Affairs."

Two years ago when China's President Xi Jinping spoke at the World Economic Forum in Davos, he stressed the need to unswervingly promote economic globalization. Two years later, China once again used the platform provided by Davos to promote this message, when China's Vice President Wang Qishan said that economic globalization is a historical necessity and that, in order to solve the problems associated with economic globalization, specific remedies must be tailored to address specific needs.

The Shenzhen Special Economic Zone [Photo: VCG]

The Shenzhen Special Economic Zone [Photo: VCG]

Mankind has now entered the era of the fourth industrial revolution. In order to make full use of the opportunities on offer, all nations must work towards fully utilizing new technologies like artificial intelligence, driverless cars, and the Internet of Things. At the same time, they have to collaboratively solve common problems such as unbalanced development and the uneven distribution of income. "We must look for a better way of cutting the cake while making the cake bigger," Vice President Wang Qishan told his audience at Davos. "Blaming others will not solve problems."

In this regard, China's experience is worthy of closer examination. The government has recently delivered broad-based tax reductions, held the first China International Import Expo, reduced the number of industries subject to foreign investment restrictions, and proposed amendments to the national Patent Law that would see punitive damages levied against those who misuse the intellectual property of others. These reforms demonstrate China's credibility when it says it is pushing ahead with reforms and a further opening of its economy.

The fruits of reforms such as these are already evident. Tesla is building its first overseas factory in Shanghai. BMW is investing in a new factory in the city of Shenyang in northeast China. And the first foreign-controlled securities company and the first fully-owned foreign insurance holding company have come into being. These are just some of the signs that the world is continuing to eagerly partner with China and share in the benefits of growing access to its market. Klaus Schwab, the founder of the World Economic Forum, has said that China's contribution to the growth of the world economy over the past 40 years is proof that reform and opening up is the best way to achieve prosperity.

And China has made it clear that it is going to continue along this trajectory. This means a continuation of its efforts to find solutions to global issues using a win-win approach to problem solving. It means acknowledging and respecting the unique needs of emerging markets and developing countries. It means defending the right of all countries to participate equally in the systems of global governance. And it means adhering to and ceaselessly promoting principles of multilateralism. This is the future President Xi Jinping spoke of at the Davos forum two years ago, and it's the one that Vice President Wang Qishan rallied for again this week.

Underlying China's approach to its future development is the importance of transparency and rules-based frameworks. This is reflected in the outcome of the government's economic work review late last year, which prioritizes the development this year of rule-based and transparent processes that better facilitate the transformation of the nation's economy into one where growth is based on high-quality development. And it's reflected in the emphasis that China has placed on rules and fairness during talks at this year's Davos forum.

Just as China is seeking to actively learn from the experience of other countries, other countries should look to make the most of China's willingness to work in partnership on ensuring that international rules and standards promote not only its own development, but a growing shared global prosperity.

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LU Xiankun Professor LU Xiankun is Managing Director of LEDECO Geneva and Associate Partner of IDEAS Centre Geneva. He is Emeritus Professor of China Institute for WTO Studies of the University of International Business and Economics (UIBE) and Wuhan University (WHU) of China and visiting professor or senior research fellow of some other universities and think tanks in China and Europe. He also sits in management of some international business associations and companies, including as Senior Vice President of Shenzhen UEB Technology LTD., a leading e-commerce company of China. Previously, Mr. LU was senior official of Chinese Ministry of Commerce and senior diplomat posted in Europe, including in Geneva as Counsellor and Head of Division of the Permanent Mission of China to the WTO and in Brussels as Commercial Secretary of the Permanent Mission of China to the EU. Benjamin Cavender Benjamin Cavender is a Shanghai based consultant with more than 11 years of experience helping companies understand consumer behavior and develop go to market strategies for China. He is a frequent speaker on economic and consumer trends in China and is often featured on CNBC, Bloomberg, and Channel News Asia. Sara Hsu Sara Hsu is an associate professor from the State University of New York at New Paltz. She is a regular commentator on Chinese economy. Xu Qinduo Xu Qinduo is CRI's former chief correspondent to Washington DC, the United States. He works as the producer, host and commentator for TODAY, a flagship talk show on current affairs. Mr. Xu contributes regularly to English-language newspapers including Shenzhen Daily and Global Times as well as Chinese-language radio and TV services. Lin Shaowen A radio person, Mr. Lin Shaowen is strongly interested in international relations and Chinese politics. As China is quite often misunderstood in the rest of the world, he feels the need to better present the true picture of the country, the policies and meanings. So he talks a lot and is often seen debating. Then friends find a critical Lin Shaowen criticizing and criticized. George N. Tzogopoulos Dr George N. Tzogopoulos is an expert in media and politics/international relations as well as Chinese affairs. He is Senior Research Fellow at the Centre International de Européenne (CIFE) and Visiting Lecturer at the European Institute affiliated with it and is teaching international relations at the Department of Law of the Democritus University of Thrace. George is the author of two books: US Foreign Policy in the European Media: Framing the Rise and Fall of Neoconservatism (IB TAURIS) and The Greek Crisis in the Media: Stereotyping in the International Press (Ashgate) as well as the founder of, an institutional partner of CRI Greek. David Morris David Morris is the Pacific Islands Trade and Investment Commissioner in China, a former Australian diplomat and senior political adviser. Harvey Dzodin After a distinguished career in the US government and American media Dr. Harvey Dzodin is now a Beijing-based freelance columnist for several media outlets. While living in Beijing, he has published over 200 columns with an emphasis on arts, culture and the Belt & Road initiative. He is also a sought-after speaker and advisor in China and abroad. He currently serves as Nonresident Research Fellow of the think tank Center for China and Globalization and Senior Advisor of Tsinghua University National Image Research Center specializing in city branding. Dr. Dzodin was a political appointee of President Jimmy Carter and served as lawyer to a presidential commission. Upon the nomination of the White House and the US State Department he served at the United Nations Office in Vienna, Austria. He was Director and Vice President of the ABC Television in New York for more than two decades.