Consensus, incentives and implementation — Not one less
Tian Wei
04:14

Hello and welcome to this edition of CGTN Observes. I'm Tian Wei.

In a country of 1.4 billion people, how do you know what's exactly going on? Are the solutions in mind going to work or not?

The two weeks every year in early spring in Beijing are the best barometer to answer all these questions. As both the annual NPC and CPPCC meetings come to a conclusion, one must answer all these questions.

A consensus has been reached. There are tall orders for the country, but these can become opportunities. What are these challenges?

Well, the economy slows down, but is China on the path of quality growth? China-U.S. trade negotiations are still going on. How will China handle the outcome if it's successful? How about the three battles being fought so far — against environmental degradation, financial risks, and poverty? Will the country be able to do its own thing well, at a time of great uncertainties?

China now is ready to answer all those questions with actions.

Second, incentives. The thundering applause in the Great Hall of the People at this year's Two Sessions came when the Chinese Premier said loud and clear that there would be big cuts in taxes and fees in construction, manufacturing, and other sectors.

Meanwhile, the biggest topic for discussion this year is about the Foreign Investment Law. For the very first time in 40 years, this key legislation has been updated. The new law seeks to create a more sound business environment and bring China much closer to the best practices worldwide.

The two policy shifts mentioned earlier both for Chinese businesses and for international ventures are not only significant in their own ways, but they also show the Chinese government can and will deliver on its promises.

This brings us to the third point, implementation. That is the hardest part — to translate dreams into reality.

Without that, nothing will come true and faith could fade away. Just a few examples: The new Foreign Investment Law, though framed with principles, needs a whole new set of concrete regulations to go with it. Another example is the reductions of fee and taxes. Will it really benefit the business opportunity and spur more vitality? There is also the goal of job creation in the government work report — 10 million jobs all over the country, this year. At a time of huge technological transformation, there is an extra layer of challenges to translate these 10 million jobs into reality.

But China is an amazing country, as you may know. It has the luxury of drawing inspiration from history, it has the hardest working people in the world. It can even make miracles come true as long as the country is working toward the right direction.

That is far from abstract, as the reform and opening-up of the past four decades has already proven. All that's needed now is not the pressure to perform, but the determination and wisdom to get it done.

As the Two Sessions this year comes to a close, we understand that the Chinese will benefit from policies such as: Tax cuts, equal opportunities, more social welfare and job creation. We also know that the new Chinese policies are aimed at bringing benefits to those who see China as an equal partner for global growth through a more attractive and sound business environment, better constructive ways to build partnerships, and more open communications and a strong incentive to build trust.

Let's hope it is only the beginning of the beautiful things to come.

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