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March 28, 2019

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China ‘a major influence on world growth’

China remains a major engine and stabilizer for global growth and has provided inspiration for the world during the past 70 years of development, delegates from around the world have said during the ongoing Boao Forum for Asia on China’s southern island province of Hainan.

As this year marks the 70th anniversary of the founding of the People’s Republic of China, Gloria Macapagal Arroyo, speaker of the Philippines House of Representatives and a former Philippine president, told a panel discussion that China has made huge contributions to the world in the past 70 years, becoming the world’s second-largest economy.

Arroyo said China has proved to the world that every country can achieve success by following its own development approach suitable to its conditions, and the reform and opening-up policy is the key to China’s economic miracle.

China’s visionary mode of development featuring openness, innovation and win-win cooperation has not only benefited itself, but has also contributed to the world economy as well, former French President Francois Hollande told a panel discussion themed “70 and 40 Years in Retrospect: China in a New Era.”

Noting that China has achieved unprecedented development in the past 40 years, unseen in human history, Hollande said one of the major reasons is that China has been constantly adjusting and redefining itself to keep up with the changing international landscape.

Despite weakening global growth and increasing uncertainties in the world, Asia has promising economic prospects and is expected to become the world’s largest regional cooperation block, said a BFA report released on Tuesday.

Acknowledging that Asia remains the most dynamic region in the world and has great growth potentials in the future, Hiroshi Nakaso, former deputy governor of the Bank of Japan, said he is looking forward to seeing the two major powers of Asia set successful examples of bilateral economic cooperation in a third country so as to energize more cooperation.

The past several decades have also witnessed Japan’s increasingly extensive engagement in China’s reform and opening-up process.

As protectionism and unilateralism are spreading across the world, Nakaso said “we can’t use protectionism to fight protectionism. Emerging economies should further improve their investment climate to make themselves more attractive to foreign capital. A case in point is China’s newly-adopted foreign investment law which is a major measure to upgrade its investment environment.”

President of US real estate and financial services firm Lennar International Chris Marlin said China’s growth rate was the envy of the world.

“The Chinese consumer gets stronger every month and every year,” he said.

“The advances that China has made in the areas of big data, artificial intelligence and machine learning are the envy of the world in many ways. So, the Chinese economy is very productive and providing stimulus for the overall global economy.”

The BFA, known as Asia’s Davos, is a non-governmental and non-profit international organization that started the annual conference in 2002.


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