Money Stories
13:31, 24-Jan-2019
Dialogue between Klaus Schwab and Wang Qishan at Davos 2019
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After addressing the World Economic Forum's (WEF) annual meeting in Davos, Switzerland on Wednesday, Chinese Vice President Wang Qishan had a dialogue with Klaus Schwab, the founder of WEF.
They mainly focused on five aspects: China's economic growth, anti-globalization wave, global economy, China-U.S. relations and the Fourth Industrial Revolution.
China's development will be sustainable
China's economy still face mounting downward pressure and external uncertainties in 2019, how will China's economic trends affect global economy?
Wang said, "Despite multiple risks and challenges, China will definitely beat expectation and be able to deliver on its mission of achieving a society of initial prosperity in all respects by the end of 2020."
He also stressed that important as growth speed is, the country should prioritize growth quality, structure and efficiency.
Counter-globalization wave
"Globalization is an irreversible historical trend, in which imbalance is inevitable. Philosophically speaking, balance is comparative while imbalance is absolute."
When asked about rising counter-globalization wave and populism, he noted that governments should take concrete steps to rein in the imbalance and enable everyone to share the fruits of globalization.
Global economic cycle
Before the opening of WEF 2019, the International Monetary Fund (IMF) revised down global economic growth forecast. President Schwab asked Wang whether China has been fully prepared.
Wang noted he is optimistic about China's economic growth. Due to the complementarity and connectivity between China and global economy, China's sound economic growth represents contribution to the world.
Win-win China-U.S. relationship
About the China-U.S. relationship, Wang said the two countries are inseparable, noting 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.
Rules and standards under Industry 4.0 should be up-to-date
This year's WEF is themed on "Globalization 4.0: Shaping a Global Architecture in the Age of the Fourth Industrial Revolution".
Wang said that the fundamental change of Industry 4.0 lies in scientific breakthroughs and technological innovation. Some rules and standards may be challenged in this process.
He noted that countries may need to adjust rules and standards in light of actual conditions in development.