Daily Management Review

Globalization Is Brining Benefits To All Countries, Says China's Premier Touting Globalization At ‘Summer Davos’


06/27/2017




Globalization Is Brining Benefits To All Countries, Says China's Premier Touting Globalization At ‘Summer Davos’
During the first day of the World Economic Forum's "Summer Davos" event in Dalian, China, Premier Li Keqiang delivered an address resoundingly touting the benefits of globalization.
 
Although he acknowledged that countries may also face challenges along the way, but saying that "it is bringing benefits to all countries," Li heralded globalization during the speech.
 
In a reaffirmation which comes in the wake of the U.S. announcing its departure from the global Paris Agreement on the issue, the premier also reiterated his country's commitment to addressing climate change while positioning China as a global leader.
 
And saying that "free trade is the foundation of economic globalization", he also addressed the issue of protectionism which many say China heavily practices.
 
While largely ignoring widespread criticism that the country protects its own through both obvious and subtle measures, Li stressed that China does, in fact, give fair and equal treatment to both foreign and domestic firms.
 
China is making the "utmost effort" to create employment, the premier said on the subject of China's domestic economy. Since it is important for inclusive growth, jobs should be created through promoting innovation and entrepreneurship, he said. China says it has created over 50 million new urban jobs in the last four to five years and the country is aiming for near full employment.
 
Li said "we are fully prepared for them", while talking about the challenges that China is now facing as it undergoes a domestic transformation. China is capable of achieving its growth target and there will not be a hard landing for the country, the premier said.
 
He said that Beijing will remain committed to its reforms to open up its markets and those achievements will not require a massive stimulus. But before they are truly open for foreign firms, those markets still have a long way to go, , many business leaders have noted.
 
Marking what experts say is a noticeable shift away from the old image of a copycat China, the world's second-largest economy has made waves recently with its fast-growing tech sector. And as the country looks toward the new economy driven by the private sector and entrepreneurship, it's a move that China needs.
 
In fact, by focusing on growing consumption and the services sector instead of the longtime line of cutting dependence on manufacturing and exports, Li appeared to send a new message, emphasizing innovation as the new growth model. Because of innovation, China was reducing its reliance in all those areas, he said.
 
According to CB Insights, there are 50 unicorns — private companies worth more than $1 billion, in China. And experts are expecting a wave of Chinese tech IPOs to come soon as some are even expanding globally within their first year of operation.
 
The manner in which China continues to position itself on the world stage is something that the world is looking at. the first Chinese leader to give a speech at the annual World Economic Forum meeting in Davos in January was President Xi Jinping. And China was positioned as a global connector and leader in his speech and is a position that the country has since pushed continuously.
 
But because of economic woes, murky markets and human rights abuses at home, China, in reality, is far from achieving the image of the global leader that it's painted for itself, say critics.
 
(Source:www.cnbc.com) 






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