“Financial crisis will not happen in China!”, the Chinese Premier underlines from Switzerland; the Sting reports live from World Economic Forum 2015 in Davos

Li Keqiang, Premier of the State Council of the People's Republic of China at World Economic Forum 2015 in Davos, Switzerland (WEF, 21/01/2015)

Li Keqiang, Premier of the State Council of the People’s Republic of China at World Economic Forum 2015 in Davos, Switzerland (WEF, 21/01/2015)

On the first day of the World Economic Forum 2015 in Davos it was the turn of the Chinese Premier to take the floor and perform a much awaited speech. Professor Schwab introduced Mr Li Keqiang, Premier of the State Council of the People’s Republic of China, with great honour and interest. Mr Keqiang made one of the most stimulating speeches at World Economic Forum 2015 in Davos.

Mr Keqiang started his speech with his beautiful walk on the mountains over Davos earlier that morning. He said he was impressed by the natural beauty of the Swiss Alps and by the serenity and peacefulness of the Davos town. However, as the Chinese Premier underlined, the world unfortunately is not that peaceful today. The Chinese leader referred to the latest terrorist attacks that Europe has suffered.

While he recognised that Davos is the world’s centre for brainstorming, he said “we cannot solve problems with the same way of thinking we had when creating them”. Thus, Mr Keqiang stressed the necessity to learn lessons from history. Despite the very difficult times that the world is being through lately, the Chinese Premier continued, it is exactly in difficult times that the world has joined forces to overcome difficulties. The times of “cold war” or “zero sum” or “winner takes all” mentalities belong in the past, Mr Keqiang insightfully posits.

China is opposed to terrorism in all its manifestations, the Premier unfolds his thoughts later. We should all seek to live in harmony. He then stressed  the importance of co-existence of all cultures and nations in the world. He interestingly commented that cultural diversity is as important as biodiversity in the globe. Nations and cultures should mutually respect one another and create a status of harmony in their relations. For that, co-ordination is necessary.

Moving on to the global economy, where China is certainly a significant player with its frenetic rhythms of growth and potential, the Chinese leader said that we need to follow the trend of the times. Since China is certainly a major trade partner in the global economy, Mr Keqiang is convinced that the global value chain needs to be constantly enriched and updated. In that direction, he also clearly mentioned the need of structural reforms both in his country and globally.

What is more, the Chinese Premier openly admitted and commented on the substantial slow-down of the Chinese economy. From high speed economy it has turned to medium-high speed economy. Of course this abides by economic laws, he maintained. Nevertheless, the Chinese economy is still the second largest economy in the world. The Chinese Premier in a reassuring tone to the leaders of the world inside the main Congress Hall of the World Economic Forum said the following: “if I could compare the Chinese economy with a fast speed train, this train will not lose speed or momentum but will find speed”.

Furthermore, Mr Keqiang gave a responsible answer to all those that are being sceptic about China’s growth rate slow down. He said that his country will overcome this and control it with reforms. He announced a strategic focus on proactive fiscal policy in China. In addition, he would fine-tune the Chinese economy and upgrade its structure. “Financial crisis will not happen in China!”, the Chinese top official underlined with caliber. All security precautions that are safeguarding the Chinese economy have been taken, he stressed.

Mr Keqiang fosters a more vigorous micro-economy for the Asian giant. More quality employment for young people is also a vital point in his policy agenda. He is eager to “reshare public wealth”, as he maintains. The burden of the economic excellence in China will be shared both by the market and the government, he decisively stated. For that, innovation will play a primordial role. Entrepreneurship will be a key for China to satisfy its high goals.

The Chinese Premier shared with us his experience from a recent visit he paid to a small village in China with 700 households, where its inhabitants had started up 2.000 online stores! As impressive as that may sound, Mr Keqiang elaborated further that there are over 70 million companies and independent professionals in China. “The story of the village”, as the Chinese leader referred to it, is a brilliant example of how hard working Chinese people are.

One of the most important policy targets of the Chinese Premier will be to expand China’s demand and consumption. Moreover, and this is of crucial importance for China, he appeared committed to create opportunities and give people the ability to enjoy Chinese social welfare and industry. What is more, he set the bar extremely high with regard to incentivise all the markets in the Chinese economy. Most importantly, in a very open and sincere statement the Premier left no doubt that he will put an end to corruption in China.

Mr Keqiang continued by saying that China now has a substantial production of significant intellectual property. He is proud of some remarkable achievements that his country has made in the last few years. He gave the example of fantastic projects in infrastructure, to begin with. The Chinese railway has been significantly upgraded and it is China’s jewel in infrastructure, connecting big metropolitan centers of great distance at no time. The Premier made a special remark about how China has conducted outstanding synergies with western companies in major infrastructure projects in aviation, or nuclear energy. Last, the Premier did not omit to refer to exports, the engine power of China that are growing rapidly and contribute to the world’s economy as well.

Ending this very well structured political speech and being inspired by the Alpine surroundings, the Premier of China said: “there are three properties of a good skier; have the right speed, be balanced and be courageous”. His last word in Davos was about peace and how the world needs to maintain it at any cost, in order to overcome difficulties and evolve.

Then, Mr Schwab took the floor after Mr Keqiang finished his stimulating thoughts. He thanked the Chinese leader for taking part at the World Economic Forum 2015 in Davos.

Last, but certainly not least, the German founder of WEF, in reply to the Chinese Premier’s reference to the “good skier”, he smartly chose to end the session by wishing to the global markets “good skiing at the slopes of the Chinese economy”.

Stay tuned at the European Sting, the only Brussels media that effectively broke the “Brussels bubble” and made it to Davos with live critical coverage of the most important sessions of the World Economic Forum 2015.

You can view his full speech from Davos here:

the sting Milestones

Featured Stings

Stopping antimicrobial resistance would cost just USD 2 per person a year

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Lebanon: UN rights office calls for de-escalation of protest violence

Here’s how companies can make sure they are blockchain-ready

Why the financial scandals multiply?

JADE Generations Club: Connecting perspectives, changing Europe.

At global health forum, UN officials call for strong, people-focused health systems

To entrepreneurship and beyond!

My ‘’cultural’’ contacts with China

‘We are nowhere closer’ to Israeli-Palestinian peace deal, than a year ago, Security Council hears

‘Rare but devastating’ tsunamis underscore need for better preparation, UN chief urges on World Day

‘Regional security and integration’ in Central Africa under threat, Security Council warned

‘Spectre of poverty’ hangs over tribes and indigenous groups: UN labour agency

Recovery and Resilience Facility: Romania submits official recovery and resilience plan

Artificial intelligence: Commission takes forward its work on ethics guidelines

Industrial policy: recommendations to support Europe’s leadership in six strategic business areas

The ocean is teeming with microplastic – a million times more than we thought, suggests new research

Can Obama attract Iran close to the US sphere of influence?

Bring killers of journalists to justice: UN agency seeks media partners for new campaign

Regulate social media platforms to defend democracy, MEPs say

Canada has the most comprehensive and elaborate migration system, but some challenges remain

G20 LIVE: World Leaders in Turkey for G20 Summit. Global Economy will be discussed in Antalya

These countries are the most optimistic about economic recovery from the pandemic

Last-chance Commission: Why Juncker promised investments of €300 billion?

COP25: Developing nation’s strike hard

Ireland’s planning to make its Emerald Isle even greener

Peer-to-peer learning: a way to develop medical students’ trainings

ISIL continues to pose a ‘serious challenge’ worldwide – UN counter-terror chief

Biodiversity: MEPs demand binding targets to protect wildlife and people

Leaders need hard data to make the hard decisions about sustainability

Nicaragua ‘crisis’ still cause for concern amid murder, torture allegations: Bachelet

Trump: Hostile to Europe, voids Tillerson’s “ironclad” ally pledge

Businesses, governments and consumers to implement a more climate-friendly approach to #BeatPlasticPollution on World Environment Day 2018

Right2Water initiative: Is the Commission ready to listen to citizens?

Trump’s withdrawal from the Paris climate deal is bad for US business. Here’s why.

3 natural mysteries that could be explained by quantum physics

The winds of change: 5 charts on the future of offshore power

Millions of Bangladeshi children at risk from climate crisis, warns UNICEF

COVID-19 and the importance of scientific credibility in decreasing the number of cases

Antitrust: Commission opens investigation into possible anti-competitive conduct of Amazon

Plastic is a global problem. It’s also a global opportunity

NASA is recruiting new astronauts – this is what it takes to apply

Why it’s time to celebrate migrants

Fighting forest fires in Europe – how it works

The Pegasus Project awarded the 2021 Daphne Caruana Galizia Prize for Journalism

Detecting online child sexual abuse requires strong safeguards

Sexual reproductive health rights SRHR and ending HIV: can one be achieved without the other?

Greenhouse gas emissions have already peaked in 30 major cities

Transparency, EU values, and pluralism: new rules for European political parties

Central Asia bloc has important role in ‘peace, stability and prosperity’ beyond region, says Deputy UN chief

Greater transparency, fairer prices for medicines ‘a global human rights issue’, says UN health agency

It’s time to end our ‘separate but unequal’ approach to mental health

How smart tech helps cities fight terrorism and crime

EU and Mercosur reach agreement on trade

UN committed to helping Haiti build better future, says Guterres, marking 10-year anniversary of devastating earthquake

Antitrust: Commission sends Statement of Objections to O2 CZ, CETIN and T-Mobile CZ for their network sharing agreement

5 things to know about the exploding world of pro gaming

World Food Programme accesses Yemeni frontline district for first time since conflict began

UN chief calls for ‘immediate end’ to escalation of fighting in southwestern Syria, as thousands are displaced

The world’s food waste problem is bigger than we thought – here’s what we can do about it

A Sting Exclusive: “Seize the opportunity offered by Africa’s continental free trade area”, written by the Director General of UNIDO

More Stings?

Comments

  1. Pretty great post. I simply stumbled upon your blog and wished to say that I’ve truly
    enjoyed surfing around your weblog posts. After all I’ll be subscribing
    for your rss feed and I am hoping you write again very soon!

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: