President Xi Jinping’s advocacy of a community with a shared future for mankind, an open economy, globalization and fighting protectionism and isolationism has been widely welcomed and China has been transforming the proposals into action, said a senior Chinese official attending the World Economic Forum on Wednesday.
Liu He, a member of Political Bureau of the Communist Party of China Central Committee, addressed the four-day annual meeting, which ends on Friday. Last year, Xi made speeches that were considered historic in Davos and Geneva.
“President Xi came here last year and delivered a speech entitled Jointly Shoulder Responsibility of Our Times, Promote Global Growth, in which he expounded on China’s firm support for economic globalization,” said Liu, a top economic policy adviser as head of the General Office of the Central Leading Group for Financial and Economic Affairs, responsible for mapping the country’s economic policies. “That speech was warmly received by the international community.”
Liu said that in line with Xi’s propositions in Davos, China has stood firm against all forms of protectionism in the past year.
He said China has strengthened protection of intellectual property rights, promoted fair competition, deepened the opening of financial markets and increased imports.
“With efforts to implement the Belt and Road Initiative, we are moving economic globalization forward with concrete actions,” Liu said.
Liu said the theme of this year’s forum, Creating a Shared Future in a Fractured World, is highly relevant.
He quoted Xi as saying, “As long as we keep to the goal of building a community with a shared future for mankind and work hand in hand to fulfill our responsibilities and overcome difficulties, we will be able to create a better world and deliver better lives for our people.”
While urging improved labor productivity and changes in the savings rate in large economies, Liu warned that deep-seated problems in the world economy have yet to be fixed and multiple risks and considerable uncertainties come from high debts, asset bubbles, protectionism and the escalation of regional and international hot spots.
“To meet these challenges, to keep the growth momentum, and to turn the cyclical recovery into sustainable growth, we need concerted global efforts,” Liu said. “History often repeats itself in different ways or keeps revisiting similar crossroads. It is crucial to make prudent and rational choices — choices that will serve mankind well.”
He advocated having an open mind and taking a strategic perspective in dealing with global challenges like climate change, disruptive technologies and terrorism.
“No country can cope with them alone. We need to enhance mutual understanding, tolerance and trust. And we must seek cooperation in a sensible and practical manner,” Liu said.
“We need to shape a new type of international relations featuring mutual respect, fairness, justice and win-win cooperation, and build a community with a shared future for mankind. We believe this is the only way that will lead us to prosperity.”
Angus Deaton, an economics professor at Princeton University, told China Daily that Xi’s concept of a shared future for mankind is a great vision. “I think China is doing what they can to make it happen,” said Deaton, recipient of the 2015 Nobel Memorial Prize in Economic Sciences.
Rob Wainwright, director of Europol, the police authority based in The Hague, said Xi’s call for a shared future is significant.
“I work very much in Europe with US partners, but that is not enough. I am very pleased about the positive positions that China has taken so far,” Wainwright said.
In his speech, Liu also said that high-quality growth, instead of high-speed development, will predominate in China’s development in the coming years.
Liu said China is preparing a new reform package that will be announced when China celebrates the 40th anniversary of reform and opening-up this year.
Liu has said that the financial sector, manufacturing and services industries, intellectual property rights and imports are the four key sectors for China’s reforms this year.