Wang Qishan: Positive about the economy, China-U.S. are 'inseparable'

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Europe

03:25

After making a keynote speech in the World Economic Forum's (WEF) annual meeting in Davos, Switzerland on Wednesday, Chinese Vice President Wang Qishan gave his opinions on Chinese economy, globalization, the market economy, and China-U.S. relations.

"The speed of economic growth is indeed important, yet quality and efficiency are priorities at the current stage, for government and markets alike."

Wang Qishan made the remarks when asked about his vision for the next stage of China's economic growth after the 40th anniversary of China's reform and opening-up last year.

He pointed out that China is experiencing sustainable economic development with GDP growth as high as 6.6 percent. He is confident that by the end of 2020, China will be able to deliver on its mission of achieving a society of initial prosperity in all respects, despite challenges and uncertainties.

"Balance is relevant yet imbalance is definite. Therefore, we should together make a bigger pie to share in order to guarantee an inclusive and balanced globalization."

Wang cited a famous philosophical term when responding to the currently rising populism seen around the world. He noted that globalization represents a trend of history, in which imbalance is not only understandable but also inevitable.

He urged all countries to join hands in striking a better balance between efficiency and equity, using policy measures to leverage when necessary.

The counter-globalization wave will fade when stakeholders' interests are well protected, Wang added.

01:05

When asked about his attitudes to the current economic trend, Wang said he is more optimistic than U.S. Secretary of State Mike Pompeo, while noting that Pompeo did show optimism in his speech yesterday.

Wang said one of the reasons behind his judgement is that the emerging economies are taking responsible and correct measures in their contributions to the world economy.

When talking about the relationship between regulators and the market, Wang said that the rules should not be put ahead of development.

"When we have accomplishments, there will always be challenges. The bigger the challenges are, the bigger the risks are," he added.

About the China-U.S. relationship, Wang said the two countries are inseparable, and noted that history shows that when the two countries properly handle each other's core and major interests, relations will grow smoothly - otherwise, they get in trouble.

The WEF's annual meeting kicked off in Davos on Tuesday, with the theme of "Globalization 4.0: Shaping a Global Architecture in the Age of the Fourth Industrial Revolution." Over 3,000 participants from across the world are taking part in over 350 sessions and workshops during the event.

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