Implementation is the key word for China's opening-up

World
Europe

Four decades have passed since former Chinese leader Deng Xiaoping initiated the reform and opening-up campaign, which helped lifted millions of Chinese people out of poverty and greatly improved the country’s international status.

While many are guessing if economic achievement will encourage China to be more aggressive in its further opening-up, Xu Sitao, chief economist and partner at Deloitte China, said that gradualism is still the philosophy.

In an interview with CGTN, Xu said that "tremendous market access" was still a surprise to him in President Xi's speech at the Boao Forum. Another highlight was how President Xi's emphasis on implementation, which could be the keyword in the further opening-up process.

But in the meantime, the process has to be measured and there has to be a "planned road map." Markets would not be liberalized overnight but at a "gradual pace."

Another important takeaway from President Xi’s keynote speech Tuesday morning is that China will strengthen its intellectual property protection. In regards to some Western countries’ accusations that China is “taking technology,” Shigeo Katsu, former vice-president of the Europe and Central Asia Region at the World Bank, said that the concept of IPR is quite different between Western and Asian countries.

"In Asia, it is more of something to build on; in the West is much more something to protect." In Katsu's view, he believes there would eventually be a conversion of the two sides because China would have more global brands with more innovations.

Xu also added that the cost of infringement would only grow higher from now on.

When linking the message of further opening-up in Xi’s speech with recent US moves to increase trade barriers with China, Katsu said a trade war will be disastrous to the world economy and he hopes cool-headedness will prevail.