WEF Davos 2016 LIVE: “Chinese economy has great potential, resilience and ample space for policy adjustment”, China’s Vice President Li Yuanchao reassures from Davos

Special Session: Li Yuanchao, Klaus Schwab

DAVOS/SWITZERLAND, 21JAN16 – Li Yuanchao (L), Vice-President of the People’s Republic of China and Klaus Schwab, Founder and Executive Chairman, World Economic Forum captured at the Annual Meeting 2016 of the World Economic Forum in Davos, Switzerland, January 21, 2016. WORLD ECONOMIC FORUM/swiss-image.ch/Photo Monika Flueckiger

On the afternoon of the second day of the World Economic Forum in Davos and amidst a wide worry about the financial turmoil that China’s and the world’s stock markets face, the Vice President of the People’s Republic of China, Mr Li Yuanchao came to the rostrum to give a much anticipated speech.

China’s New Normal

Mr Li started right to the point, stressing the new normal of the Chinese economy that will lead to a steady and more quality oriented growth. “The bright prospects of the Chinese economy do not rely on blind optimism”, China’s top politician underscored. He later continued by stressing that China has marked a substantial growth in 2015 and that his country remains a substantial growth lever for the world. Answering to the critics that Chinese economy is currently losing ground, he argued that “despite volatility, China achieved large growth in the world”.

China’s economy

The 10 trillion dollar economy created 13,2 million jobs and has pushed down unemployment to 5,1% in the big cities, Mr Li revealed to the public in Davos, accentuating the increase in the life standards of the Chinese citizen. Further, consumption in the country is moving up 15,4% and the same goes for retail sales that grew over 30%. Mr Li underlined that high tech industries are contributing more and more to China’s economy. As for China’s imports, valued in 2015 at 1,68 billion US dollars makes still the country the second biggest in the world. The import volume is always on a growth spiral of 4,4%. What is more, Chinese citizens make 120 million overseas visits a year, rendering China a major client in the tourism industry as its residents spend over 1 trillion RMB abroad.

China’s growth

China’s Vice-President made it clear that “China remains a major driving force for global economic growth”. Moreover, China “has the confidence to maintain medium to high growth”, which is its aim in the Chinese new normal era. Continuing to stress the great economic power of China, Mr Li argued that China has managed through its steady impressive growth to double its 2010 GDP and increase substantially its GDP per capita.

The point that he wanted to make was sound and clear. The future of China will be bright with its over 100 million Chinese citizens with college education, something that provides abundant resources to the country to ensure a prosperous future. This is corroborated together with residential savings, which increased to 4 trillion RMB, which provides “a strong basis for boosting consumption and investment”. On a different level, fiscal revenue for China in 2015 is expected to grow more than 5%, or else 3,33 trillion dollars.

“China is committed to reform and will further invigorate market players”, the Chinese top leader stated. The “3rd five year plan” of China is concentrating on this direction, in order to “pursue innovative coordinated grand open and shared development”. “There is a lot we can do and we will do”, Vice-President Li reassured the audience.

Chinese entrepreneurship

One of the big changes taking place lately in China is the substantial endorsement and support of entrepreneurship. He brought then the example of a small Chinese city of 150.000 people that has 100.000 new startups! The startup culture expands in China and every day there are “12.000 newly registered companies”. The limitation of bureaucracy, the strong support to entrepreneurs and the rising number of incubators and accelerators certainly pays off in China’s startup scene today.

Chinese infrastructure

Mr Li did not stop there. He reviewed China’s major infrastructure projects, like the 19.000 km mileage of the great Chinese railway, the biggest in the world. China’s innovation will secure a prosperous and sustainable growth and future. The 4th industrial revolution finds China very well prepared and ready for innovation.

World Crisis

Coming to the world economic crisis, he recognised that “over the past 8 years the world economic recovery has been slow with many urgencies and uncertainties”. According to a Chinese saying, “those that stay vigilant against potential risk and danger, will survice and thrive”, and this is what China is exactly going to do.

Vice-President Li thus gave a consequent glimpse of how China will pursue excellence in the coming 5 years, until 2020: “in the next 5 years China will commit to an open economy… China will continue to advance the initiative… strengthen international cooperation… help developing countries… we will speed up negotiations and FDI.” Later he even stressed that “to ensure some development in China is an important development to the development of mankind”.

G20 in Hangzhou

Finally, as it was anticipated, a significant reference was made to the 11th G20 meeting that will take place on 4-5 September this year in Hangzhou, China. It is the first G20 meeting hosted by China and surely the aims and expectations are high, not only by the world but by China as well. “The G20 plays a significant role in leading and promoting international cooperation”, Vice-President Li echoed President Xi’s adamant belief and saying.

“The Hangzhou summit will focus on innovating growth models, improving global economic governmence, trade and investment… new drivers for the development of the world development”, Mr Li emphasised thereafter.  Furthermore, the aims of the G20 Summit in China will also be to “promote reform and global economic governance… enhance the effectiveness and pay more attention to the developing countries… green finance and energy cooperation at G20”. In addition, he expressed his big hopes that G20 “will promote more trade… against trade protectionism” despite the slowing down of global trade in comparison to global growth as he earlier had noted.

Mr Li chose to close his vibrating speech with an optimistic and wise comment: “Change is the rule of nature…although it is a world of ice and snow out there, in a few months Spring will come back to the mountains!”

The Vice-President of the People’s Republic of China hopes “the new economic Spring for our globe” will come very soon.

Stay tuned from 20 to 23 January as the Sting will be once more producing top class critical LIVE media coverage from the Congress Centre in Davos, Switzerland. 

Join the Hive!

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Featured Stings

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

Phone lines open between Ethiopia and Eritrea, and people are calling strangers

EU continues targeting on Chinese steel imports instead of the revival of its own economy

‘Terror and panic’ among Rohingya who may be forced to return to Myanmar – UN rights chief

SMEs and micro firms sinking together with south Eurozone

For video game addiction, now read official ‘gaming disorder’: World Health Organization

Euro-Mediterranean Assembly fixes its permanent seat in Rome

UN Forum examines three pillars of 2030 Global Goals

Why is the EU launching a doomed policy in stopping immigrant waves? What are the real targets?

The migration crisis is slowly melting the entire EU edifice

Global Citizen-Volunteer Internships

A European Discovers China: 3 First Impressions

Lies and reality about incomes and wealth in the EU

The EU Commission openly repudiates the austere economic policies

Parliament approves key directive regulating professional qualifications

UN chief welcomes resolution to 27-year-old disagreement over renaming the former Yugoslav Republic of Macedonia

EU unveils plan to accelerate Capital Markets Union ahead of London’s departure from the bloc

Key Brazilian border crossing for Venezuela refugees reopens as asylum numbers pass last year’s total

Digital development: technology-enabled, but human-centric

10 months were not enough for the EU to save the environment but 2 days are

London to say hello or goodbye to Brussels this week

MEPs want robust EU cyber defence and closer ties with NATO

Brussels enraged with Swiss referendum result to keep out EU citizens

Conflict and climate change challenge sustainable development effort: UN report

Nicaragua must end ‘witch-hunt’ against dissenting voices – UN human rights experts

Discussion at Europe House: Brexit & Food

No tears for Cyprus in Brussels and Moscow

China is building 8 new airports a year

FEATURE: Niger’s girls find sanctuary in fistula treatment centres

COP21 Breaking News_03 December: Unprecedented Global Alliance for Buildings and Construction to Combat Climate Change

A geared turbofan at Pratt & Whitney's production hub in West Palm Beach (copyright: Pratt & Whitney - a UTC Company- 2018; Source: Pratt & Whitney's website, media center)

The EU Commission approves UTC’s acquisition of Rockwell Collins under conditions

How bad could British healthcare get for its citizens abroad post-Brexit?

Cancer research put at risk by General Data Protection Regulation? The possible dangers of a data privacy EU mania

Teenage girl’s death sentence spotlights Sudan’s failure to tackle forced marriage, gender-based violence – UN rights office

Greece and Ukraine main items on EU28 menu; the course is set

Diversity training doesn’t change people’s behaviour. We need to find out what does

Let Nagasaki remain ‘the last city’ to suffer nuclear devastation says museum director, as UN chief arrives

UN Environment Assembly 2017: where the world convenes to #BeatPollution

European Parliament calls on Russia to end occupation of Georgian territories

France sneaks into the Geneva US-Iran talks to claim its business share in Tehran

Europe provides financial support to African countries while Turkey denies to change terrorism laws jeopardising the EU deal

Global Citizen-Volunteer Internships

‘Much more’ can be done to raise awareness about the plight of persons with albinism: UN chief

Rule of law in Hungary: Parliament should ask Council to act, say committee MEPs

“There are many converging visions and interests between the One Belt One Road initiative and the Juncker Investment Plan”, Ambassador Yang of the Chinese Mission to EU highlights from Brussels

The EU launches € 1 billion plan on supercomputers and tries to catch-up with competitors

The EU threatens to occupy Libya militarily; is another colonial war brewing?

Ukraine turns again to the EU for more money

How will the EU face the migration crisis when the Turkish threats come true?

Disintegrating Tories will void May’s pledge for Brexit deal in seven weeks

Is the West gradually losing Africa?

Devastating storms like Hurricane Florence ‘unusual this far north’: UN weather agency

How civil society must adapt to survive its greatest challenges

What washing your hands can teach you about global change

EU countries invested €5 trillion abroad

Why Microsoft is a regular to Almunia’s

AIESEC @ European Business Summit 2015: The power of an individual and how we can awaken Europe’s Youth

Where are people most proud to be European?

Brussels terrorist attacks: Schengen in danger once again while leaders gather Europe’s multiple broken pieces

Can the world take the risk of a new financial armageddon so that IMF doesn’t lose face towards Tsipras?

Paris agreed with Berlin over a loose and ineffective banking union

More Stings?

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