Xi con­fi­dent in global econ­omy

En­trepreneurs hail Chi­nese leader’s speech em­pha­siz­ing broad in­clu­sive­ness

China Daily (USA) - - ACROSS AMERICAS - By LI XIANG in Hangzhou lix­i­ang@chi­nadaily.com.cn

Pres­i­dent Xi Jin­ping’s speech at the B20 Sum­mit sent a mes­sage of con­fi­dence in the global econ­omy amid ris­ing risks from slug­gish growth, busi­ness lead­ers said on Sun­day.

En­trepreneurs and in­dus­try ex­perts who at­tended the busi­ness fo­rum ahead of the G20 Lead­ers Sum­mit in Hangzhou, Zhe­jiang prov­ince, lauded Xi’s speech, say­ing his em­pha­sis on in­no­va­tion, co­or­di­na­tion and in­clu­sive­ness helped lay out the fu­ture di­rec­tion of the global econ­omy.

“Coun­tries have been ea­gerly look­ing for new growth en­gines since the fi­nan­cial cri­sis in 2008. … Xi’s speech of­fered a pre­scrip­tion to the re­cov­ery of the world econ­omy,” said Eric Jing, pres­i­dent of Ant Fi­nan­cial Ser­vices Group, an arm of e-com­merce gi­ant Alibaba Group.

“Only by am­pli­fy­ing the ef­fect of in­no­va­tion can we truly re­store the growth mo­men­tum of the global econ­omy,” he said.

In his speech at the open­ing of the B20 Sum­mit on Satur­day, Xi said the devel­op­ment of the world econ­omy re­quires joint ef­forts from all coun­tries, and he stressed that poli­cies should not be drafted on the ba­sis

For the first time Thai­land was in­vited to the meet­ing, which shows how China links de­vel­oped and de­vel­op­ing economies.” Kavi Chongkit­ta­vorn, se­nior fel­low at the In­sti­tute of Se­cu­rity and In­ter­na­tional Stud­ies in Thai­land I think what Pres­i­dent Xi Jin­ping stressed goes in tan­dem with the Belt and Road Ini­tia­tive dat­ing back to 2013.” Chris­tos Vla­chos, manag­ing part­ner at Silky Fi­nance in Athens and an in­de­pen­dent fi­nan­cial ad­viser It is ev­i­dent that China is open-minded in help­ing to shape a win-win and shar­ing global econ­omy by in­ject­ing sus­tain­able im­pe­tus.” David Lau­rier, CEO of Ap­pliTek, an en­vi­ron­men­tal an­a­lyzer and in­te­grated so­lu­tions provider in Bel­gium

of self-in­ter­est but mu­tual ben­e­fit.

He also called for the low­er­ing of trade and in­vest­ment bar­ri­ers to spur growth.

Luigi Gam­bardella, pres­i­dent of Chi­naEU, a busi­ness as­so­ci­a­tion based in Brus­sels, said China’s com­mit­ment to free trade is a good sign amid a back­drop of ris­ing pro­tec­tion­ism and trade frag­men­ta­tion.

Xi also sought to al­lay con­cerns over a slow­ing Chi­nese econ­omy, re­as­sur­ing in his speech that China will con­tinue to be the growth en­gine of the world and that Bei­jing is ca­pa­ble of main­tain­ing a medium to high growth rate.

John Cai, chief ex­ec­u­tive of in­surance firm AIA China, said the pres­i­dent’s com­mit­ment to deep­en­ing re­form and lib­er­al­iz­ing the Chi­nese econ­omy sends a pos­i­tive mes­sage to do­mes­tic and in­ter­na­tional en­ter­prises.

He said China’s pro­posal to ex­pand fi­nanc­ing on in­fra­struc­ture projects to im­prove in­ter­con­nec­tiv­ity could bring op­por­tu­ni­ties for fi­nan­cial firms, in­sur­ers in par­tic­u­lar, as in­surance cap­i­tal could serve as a sta­ble source of fi­nanc­ing for such projects.

Some in­dus­try lead­ers said Xi’s speech at the B20, and the open­ing of the G20 Sum­mit in Hangzhou, were ex­am­ples of China’s ris­ing in­flu­ence in global eco­nomic gov­er­nance.

“Xi’s speech shows China is mov­ing from the side­lines to the cen­ter in global gov­er­nance,” said Clare Pear­son, chair­man of the China-Bri­tish Busi­ness Coun­cil.

Other busi­ness lead­ers were im­pressed with his res­o­lu­tion to pro­mote green and sus­tain­able growth.

“Xi has been clear about the en­vi­ron­ment and sus­tain­abil­ity,” said Bob Dud­ley, BP’s group chief ex­ec­u­tive.

“He had a great phrase about green moun­tains and clean wa­ters be­ing bet­ter than gold and sil­ver mines, and how it (green growth) is im­por­tant to the devel­op­ment of China.” Meng Jing, Zhong Nan and Chen Meng­wei con­trib­uted to this story.

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