WEF president: China's stable economic growth 'of great significance to global recovery'
The logo of the World Economic Forum (WEF) in Davos, Switzerland, January 19, 2017. /CFP

The logo of the World Economic Forum (WEF) in Davos, Switzerland, January 19, 2017. /CFP

China's stable economic growth is of great significance to global recovery, and "what happens in China, of course, has (a) huge impact on the rest of the world, and vice versa," World Economic Forum (WEF) President Borge Brende told Xinhua News Agency in a recent interview.

As the world's second-largest economy, China has experienced rapid development in the past half-century. Nearly 800 million Chinese people have been lifted out of extreme poverty, and China's infrastructure construction has achieved remarkable results, he said, noting that the environment in China has also been greatly improved.

In the last decade, China has made a huge contribution to global economic growth, as its contribution to world economic growth has generally remained around 30 percent, said the president.

In the face of the COVID-19 pandemic, China's economic growth faces some short-term challenges. But the Chinese government is taking measures to expand domestic demand, reduce export dependence and cultivate high value-added industries to ensure economic growth, Brende said.

"So long- and medium-term, I'm quite bullish on China's economy," said the president.

As to the Russia-Ukraine conflict, the president said the conflict has dragged down economic growth in Europe and triggered global challenges, such as the energy crisis and high inflation, further slowing down the global economic recovery.

"So what we have to avoid now is that (the) slowing global growth that has come this spring doesn't end in a recession, and especially vulnerable are developing countries and some emerging countries and economies," he said.

Brende called on countries to use monetary policy prudently, avoid trade protectionism and beggar-thy-neighbor policies, continue to cooperate on global value chains, and promote global economic recovery in a win-win manner.

Talking about the upcoming annual meeting of the World Economic Forum in Davos, Switzerland, Brende said, "Our meeting needs to be different because the world is different."

"Now COVID-19 is the worst pandemic we have had maybe in 100 years. Also, climate change is really happening. Just this spring (the) temperature in India has been the highest in 120 years. Then we have a situation with a slowing global recovery," he said.

These issues, which are closely related to people's livelihood, employment and prosperity of the world, will be important topics of the upcoming annual meeting, Brende said.

Global challenges need global solutions, he said. "We all are in the same boat, and we have to act accordingly."  

Source(s): Xinhua News Agency

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