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Frank-Jürgen Richter: Li's Davos speech gives a clear outline of China's future

CCTV, January 23, 2015

 

Chinese Premier Li Keqiang’s keynote speech at the Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland, on Jan. 21 gave everyone a clearer idea of China's aims and direction, said Dr. Frank-Jürgen Richter, Chairman of Horasis and former WEF director of Asian affairs, in a written interview with CCTV.com.

Before the meeting, the National Bureau of Statistics (NBS) released data showing that China’s economy grew 7.4 percent in 2014 — its slowest growth rate in 24 years. And last week, the World Bank forecast that China’s growth rate would fall to 7.1 percent in 2015, causing concerns that China’s economy may lose steam.

But Premier Li stressed in his speech that China is not heading for a hard landing. He said China will foster a new engine of growth, transform the traditional engine of growth, promote trade and investment liberalization, and encourage its companies to explore the international market.

"Premier Li Keqiang stressed that China is still a developing country, but that through the 'new normal' of a lower growth rate, there is still enormous room for development to take place internally and internationally," Dr. Richter said.

"I am sure that his speech gave everyone a clearer idea of the aims and direction of China. China, he said, is open for business in many areas, noting that its services sector is presently smaller than other global exemplars and so he would welcome approaches from the rest of the world, but under a cautious view of the Chinese regulator."

Dr. Richter also expressed confidence in the China’s economic prospects.

"The year-on-year figures showed China’s economy missed its target — but only by 0.1 percent, which is well within any accounting error. Its demand for metal and ores has increased recently, implying an up-tick in the economy," he said.

He believes that China’s ‘steam’ will not be exhausted because China is working on ways to alter manufacturing structures, and transition from an export-led economy to an economy more driven by domestic demand.

"As any nation moves from developing to developed status its growth rate falls. We ought not to be overly concerned as China’s growth falls slowly: it is building a strong future."

Dr. Richter also emphasized other highlights of Premier Li's speech, such as China’s deepening of reforms, further opening-up, greater innovative capacity, increasing employment, reducing inequality, and developing its service sector.

Dr. Richter also highlighted the enhanced relationship between China and Europe over the past few years and said he looks forward to more cooperation and less outright competition among countries worldwide.

Courtesy to Dr. Frank-Jürgen Richter and Horasis: The Global Visions Community. Horasis is an independent international organization committed to enacting visions for a sustainable future. Before founding Horasis, Dr. Richter was the World Economic Forum’s Director of Asian Affairs. As a leading analyst of international business and emerging markets, he speaks globally and influences major business and governmental decisions.

 


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