Daily Management Review

China Has Its Own Problems At Home Even As World Looks To China For Growth


03/25/2017




China Has Its Own Problems At Home Even As World Looks To China For Growth
As China promised world and business leaders that it will keep its doors open even as the world's second-largest economy undertakes its own market and financial reform, it sought to expand its influence and clout over a four-day conference this week.
 
"China's door to the world is always open and will become increasingly open with progress," Chinese Vice-Premier Zhang Gaoli said at the opening of the Boao Forum on Saturday.
 
While remaining a force for peace and stability in the world, China is also committed to opening up access to foreign investment and various industries, he also said.
 
Globalization is a reality and not a choice for nations, People's Bank of China's Governor Zhou Xiaochuan meanwhile said.
 
After the U.K.'s Brexit vote and the election of U.S. President Donald Trump, there are concerns about increasing protectionist sentiments among some nations and Zhang and Zhou's comments come amid such concerns.
 
Underscoring a shift in global trade and power relations, leaders around the world are looking toward the East Asian giant for direction, clarity and support with China still championing globalization and free trade.
 
With its One Belt, One Road project which is presenting new opportunities for countries which may have previously struggled to attract investors and funding, that is reflected through its aggressive push in Asia through Europe.
 
The landlocked Central Asian country of Kazakhstan is one.
 
"When the Soviet Union was dissolved in the early 90s, everyone (said) that Kazakhstan would struggle because it does not have access to the ocean, but it turned out that we didn't need to have an ocean because China was going to be the ocean of Kazakhstan," said Eurasian Resources Group CEO Benedikt Sobotka on Thursday.
 
Indeed, beyond its familiar sphere, China made clear its intention to push its influence.
 
Championing globalization and partnership, addressing the floor at the forum's opening were made by counties such as Madagascar, Micronesia and Nepal who are usually under-represented on the world stage.
 
Underscoring the many challenges that the major but still emerging economy face, here were concerns over its domestic economy dominated panels and discussion, while hopeful nations are eyeing the investment and growth that China is bringing to the table.
 
China's debt risks are "very much under control" and that the issue is of "great importance" to the authorities, Vice Finance Minister Liu Wei said on Friday.
 
Explain the long-drawn process in restructuring debt-laden state-owned enterprises, which also has social responsibility to tens of millions of employees, was the former vice president of the China Academy of Social Sciences Li Yang, at a separate panel.
 
China's economic reform efforts could lead to a "crazy" situation and needs delicate maneuvering, said Chairman of Boston Consulting Group Hans-Paul Bürkner.
 
While accepting that those negatively affected by globalization need to be supported, there was a consensus at the forum that international exchanges can only continue to flow in an increasingly open world despite concerns
 
"In 20, 30, 40 or 50 years, will we (still) see free exchange of ideas, people and goods? I think the answer is yes. But I suspect we will find ways to address the real discontent and dislocation that some trade activities and technologies cause," said Peter Tufano, dean of the Said Business School at the University of Oxford
 
(Source:www.cnbc.com) 






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