Open­ness ‘is vi­tal for de­vel­op­ment’

Shanghai Daily - - TOP NEWS - Huang Yix­uan

GLOBAL de­vel­op­ment ur­gently needs an open econ­omy and the China In­ter­na­tional Im­port Expo high­lights China’s fur­ther open­ing-up, which is par­tic­u­larly im­por­tant in the con­text of ris­ing global trade ten­sions, Lithua­nian Pres­i­dent Dalia Gry­bauskaite said yes­ter­day.

“The open­ness to in­vest­ments should not be taken just as ab­so­lute,” Gry­bauskaite told the par­al­lel ses­sion on Trade and In­vest­ment, part of the CIIE.

Trans­parency, rule of law, and com­pli­ance with in­ter­na­tional rules also play a sig­nif­i­cant role, and are more im­por­tant than the in­ter­ests of any en­ter­prise or con­glom­er­ate, she said.

The fo­rum dis­cussed ways to re­vi­tal­ize in­ter­na­tional trade and in­vest­ment and in­ject sus­tained im­pe­tus into global eco­nomic growth.

Deputy Thai Prime Min­is­ter Somkid Ja­tus­rip­i­tak also told the fo­rum that the expo is con­struc­tive and in­no­va­tive, demon­strat­ing China’s sin­cer­ity and vi­sion for pro­mot­ing trade.

The CIIE comes at the right time , Somkid said.

It boosts peo­ple’s con­fi­dence in free trade at a time when the global eco­nomic sit­u­a­tion is full of un­cer­tain­ties and free trade is be­ing chal­lenged.

Ex­ec­u­tives of sev­eral com­pa­nies and in­ter­na­tional or­ga­ni­za­tions shared their thoughts on trade and in­vest­ment dur­ing a panel dis­cus­sion.

The mod­er­a­tor was Aran­cha Gon­za­lez, ex­ec­u­tive di­rec­tor of the In­ter­na­tional Trade Cen­ter, the joint agency of the UN Con­fer­ence on Trade and De­vel­op­ment and the World Trade Or­ga­ni­za­tion.

Struc­tural re­forms will be a driv­ing force for China’s de­vel­op­ment, which can help make the coun­try’s econ­omy more bal­anced and healthy, said pan­elist Zhu Min, chair­man of the Na­tional In­sti­tute of Fi­nan­cial Re­search at Ts­inghua Univer­sity.

Zhu said mul­ti­lat­er­al­ism is the only so­lu­tion to global trade ten­sions.

Mean­while, Jim Hack­ett, an­other pan­elist and pres­i­dent and CEO of Ford Mo­tor Com­pany, said he was op­ti­mistic that China and the United States would find a bal­ance on the trade is­sues be­tween the world’s two largest economies, de­spite the dif­fer­ences be­tween them.

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