Li Daokui: China's economic reform is in "deep water"

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By CGTN's World Insight

From the 19th National Congress of the Communist Party of China to the ongoing two sessions in Beijing, reform and opening-up continues to top the agenda. Tian Wei sat down with CPPCC member, Li Daokui and heard his thoughts on what kind of work needs to be done, to continue China's economic progress.

"Every pace (move) of the reform in China today involves more thinking, more debates, more deliberation, more research than before"

Li Daokui, a CPPCC member, and the Mansfield Freeman Professor of Economics and director of the Center for China in the World Economy (CCWE) at Tsinghua University's School of Economics and Management (SEM). / CGTN's World Insight Photo

Li said that China's economic reform is in "deep water." He added that after 19th National Congress of the Communist Party of China and ongoing National People’s Congress, reform will speed up, "because the basic personnel decisions will be set up for the next five years, and these personnel decisions are in line with the ideas of top leaders in China."

"The core regulatory restructure will become solidity, will be streamlined, will be strengthened because Chinese financial sectors are very multidimensional. One enterprise is actually doing many things. The financial firms are doing multiple things we call universal banking, whereas the regulators are very specialized. There is a mismatch."

Li added that domestic issues were deeply intertwined with global problems.

"In the minds of top decision-makers, local or domestic, Chinese affairs are now ever more intertwined with international affairs. In other words, let international community benefit when we are the other from China's development, for example through BRI and through China's contribution to global governance," he said.

World Insight with Tian Wei is a 45-minute global affairs and debate show on CGTN. It airs weekdays at 10:15 p.m. BJT (1415GMT), with rebroadcasts at 4:15 a.m. BJT (2015GMT).