Bridges to world, pros­per­ity and the fu­ture

Shanghai Daily - - CIIE - (Xin­hua)

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.

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