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Sunday, September 19, 2021

China Reopening Helps World Economy

China’s commitment to greater opening-up in the government work report delivered at the annual “two sessions” will serve as a catalyst for global recovery, experts have said.

Attending the opening meeting of the fourth session of the 13th National People’s Congress on Friday in Beijing, Chinese Premier Li Keqiang presented the government work report on behalf of the State Council to the legislature for deliberation.

Commenting on the report, Yu Xiong, a professor at the Surrey Business School of the University of Surrey in Britain, said China’s openness has a significant impact on the world, which can greatly support the recovery of the world economy as the ongoing pandemic continues to weigh on growth.

“This can bring new hope and confidence to the world,” he said.

“During the pandemic, many countries could not easily recover by themselves,” the professor said, stressing that the growth engines provided by other countries were vital for them to respond to the crisis during and after the pandemic.

“Foreign investors can thus expect to see significant opportunities emerging from a more open, impartial and innovative China in the coming years,” he said, adding that the opportunities are not just for China, but also for the whole world.

“In a world now still struggling with economic and pandemic crises, China’s hard-fought victory over COVID-19, its reviving economic growth, its commitment to greater openness and international cooperation are positive catalysts for global recovery,” said Wilson Lee Flores, a columnist for the English-language daily The Philippine Star.

Hussein Ismail, deputy editor-in-chief of the Arabic version of China Today magazine and an Egyptian expert on Chinese affairs, noted that the Belt and Road Initiative will benefit citizens of all participating countries.

As China pledged to ensure the success of key exhibitions including the China International Import Expo, the China Import and Export Fair, and the China International Fair for Trade in Services, the government work report “reaffirms China’s commitment to globalization and multilateralism,” said Cavince Adhere, a China-Africa relations expert based in Kenya.

By prioritizing the development of new business models such as international e-commerce, China will make more robust cross-border trade possible, creating opportunities across the world, he said.

“This will further contribute to global economic recovery, poverty reduction and actualization of other development goals as codified in the United Nations Sustainable Development Goals,” the Kenyan expert said.

S. Jack Heffernan Ph.Dhttps://www.knightsbridgelaw.com
S. Jack Heffernan Ph.D. Economist at Knightsbridge holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Crypto, Mining, Shipping, Technology and Financial Services.

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