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Scholars, business leaders dissect Xi's speeches

Scholars, business leaders dissect Xi's speeches

Author: From:China Daily Update:2021-10-21 20:03:20
Boudewijn Poldermans, chairman of Connect Global Capital Business CGCB International. (Photo provided to China Daily)
Boudewijn Poldermans, chairman of Connect Global Capital Business CGCB International. (Photo provided to China Daily)

  During his speech, President Xi stressed the importance of the link between business and social development and how China has realized rapid poverty reduction.[Special Coverage of the G20 Summit] 

  China is on its way to becoming the world's largest economy and playing a greater role in the global political economy, independent from the existing multilateral institutions and in contrast with the TPP and TTIP, the two trading arrangements initiated by the US.

  The establishment of the AIIB and the ambitious strategic Belt and Road Initiative are examples of this new role that will give a boost to China as a global power.

Cheng Shi, executive director and head of research at ICBC International Research Limited in Hong Kong. (Photo provided to China Daily)
Cheng Shi, executive director and head of research at ICBC International Research Limited in Hong Kong. (Photo provided to China Daily)

  President Xi Jinping's speech at Business 20 on Saturday integrates traditional Chinese, which highlights amity, sincerity, mutual benefit and inclusiveness, into the reform of global governance. It also introduces the Chinese perception of innovative, coordinated, green, open and shared development onto the world stage, thus providing a new way of thinking for the world to build a community of shared destiny. It is our hope that the G20 Summit in Hangzhou will reach consensuses and agree on more actions for global economic governance.

Cui Zhijian, associate professor of operations management at IE Business School in Spain. (Photo provided to China Daily)
Cui Zhijian, associate professor of operations management at IE Business School in Spain. (Photo provided to China Daily)

  In my opinion, the keyword of President Xi's speech is "reform", which not only concerns China's domestic economic reforms, but also the new steps that must be taken to facilitate the growth of the global economy. With respect to the reform of the Chinese economy, I am particularly impressed by the determination, courage and will expressed in the speech.

  A strong signal has been clearly sent to the world: China's economy will experience a series of serious, fundamental and structural reforms. In addition, Xi's speech reiterates the importance of collaboration and free trade for the global economy.

Stephen Perry, chairman of The 48 Group Club, a trade association promoting China-UK business links. (Photo provided to China Daily)
Stephen Perry, chairman of The 48 Group Club, a trade association promoting China-UK business links. (Photo provided to China Daily)

  President Xi describes the Chinese developments to date and the plans ahead and, most importantly, the plan to share its ways in the Belt and Road transformation and development project.

  This speech will be referred to for many years to come for its efficient use of words to describe Chinese policy.

  The G20 is the first real global organization of a reasonable size, and balanced between developed and developing nations, to try to create the basis for balanced and sustainable development.

 

Shada Islam, policy director of Brussels-based think tank Friends of Europe. (Photo provided to China Daily)
Shada Islam, policy director of Brussels-based think tank Friends of Europe. (Photo provided to China Daily)

  As one of the world's largest economies, China has a pivotal role to play in steering the global conversation and ensuring coordinated international action on issues related to world trade. A commitment by China to open and free trade is therefore highly significant, especially at a time when political and public support for free trade is on the wane.

  Given the downbeat international mood on trade issues, the G20 under Chinese leadership must send a message of openness and President Xi Jinping has done so at the opening of the G20 Summit, which is encouraging and timely. This is not only crucial for the global economy but also vital for Europe-China relations.

Kerry Brown, professor of Chinese Studies and director of the Lau China Institute at King's College, London. (Photo provided to China Daily)
Kerry Brown, professor of Chinese Studies and director of the Lau China Institute at King's College, London. (Photo provided to China Daily)

  Xi's speech promotes the idea that engaging with China's domestic growth agenda is something that every major economy should be interested in doing.

  Searching for new sources of growth is a global imperative now. Developed countries have been mired in low GDP growth since 2008, and even China's growth rate is slowing. There is the chance for a new kind of compact between China and other countries in this hunt for new growth something that links the hunger for a more service sector orientated, high consuming model within China with better quality trading and economic relations with the rest of the world.

Dennis Pamlin, founder of Sweden-based consultancy 21st Century Frontiers. (Photo provided to China Daily)
Dennis Pamlin, founder of Sweden-based consultancy 21st Century Frontiers. (Photo provided to China Daily)

  China's role in an open economy is special. China's experience in lifting people out of poverty and its important role as a provider of new sustainable technologies, like electric cars, LED lights and solar panels, is unique.

  What is needed to ensure that the world gets the solutions that are needed is something that China has great experience in. Hence, China has a key role in any discussions about a sustainable open economy.

  That China already has focused on establishing an open and frank atmosphere at the summit is most welcome. It is, however, important to remember that many of the most innovative stake holders who are entrepreneurs in small companies are not participating in the G20.

Bob Dudley, group chief executive, BP. (photo provided to china daily)
Bob Dudley, group chief executive, BP. (photo provided to china daily)

  At the opening ceremony of the B20 Summit, President Xi gave a very comprehensive speech highlighting the direction of economic development in China, and the priorities going forward. President Xi was very clear that China is at the new starting point with its 13th Five-Year Plan.

  People all around the world are worrying about the modest growth rates. What Xi said is that real growth now needs a shift in paradigms-it has to be some real changes and reforms, and some of them will not be simple. But the fact is, the world does need some transitions and reforms from established interests-that is what Xi was saying. And it is a message for everybody around the world.

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