Bridges to world, prosperity and the future

INTERNATIONAL Monetary Fund chief Christine Lagarde has praised China’s efforts in building “bridges” to achieve common prosperity, as well as the nation’s opening-up and reform.

In her speech at the opening ceremony, Lagarde associated the Lupu Bridge she crossed the previous night with three other “bridges” that China has built or is building now.

The first, Lagarde said, was the “bridge to the world” that China started to build 40 years ago.

It was constructed by opening its economy and by kickstarting reforms which later “changed the lives and prospects of hundreds of millions of people — here and beyond China.”

By trade, hard work and learning from others, China has helped to transform the global economy, said Lagarde.

Progress in China has played a significant role in boosting productivity, innovation and living standards in countries around the globe.

Now, she continued, China is building a “bridge to prosperity” by rebalancing its economy toward consumption-led growth, rather than export and investment-led growth.

This transition, symbolized by the CIIE, is good for China, especially in terms of the rising standards of living for the Chinese people, and also good for the world.

This includes all those who consider China as a vital and vibrant market for their goods and services.

Lagarde pointed out China’s current account surplus is projected to be less than 1 percent of GDP this year, compared with about 10 percent in 2007.

China is also building a “bridge to the future” by harnessing the power of international cooperation, especially on trade.

“On behalf of the IMF, I have called on all countries to de-escalate and resolve the current trade disputes and to fix the global trade system, not destroy it,” she said.

“To achieve these goals, we need more international cooperation, not less — and that goes well beyond economics.”

She quoted French philosopher Montesquieu as saying that “wherever there is good citizenship, there is trade, and wherever there is trade, there is good citizenship.”

Trade has the capacity to boost innovation, foster not only prosperity but also peace within countries and among nations, she added.

Themed “New Era, Shared Future,” the six-day CIIE sets up a platform for more than 3,600 companies from 172 countries, regions and international organizations to showcase their achievements and to look for more chances of international cooperation.