FutureChina Global Forum Focuses on China’s Economic Development and Reform
Origin:Boao Forum for Asia      Time:2014-07-24 15:34:33     Views:450598

On July 17-18, the Annual Conference 2014 of “FutureChina Global Forum” was held in Shangri-La Hotel, Singapore. People from the economic circles of China and Singapore and within the region exchanged heated discussions on China's economic trends and its opening-up and reform issues. Mr. ZENG Peiyan, vice-chairman and China’s chief representative of Boao Forum for Asia attended the forum by invitation. 

Mr. ZENG Peiyan pointed out that China’s economic development has entered a “phase shift” period and is committed to surmounting the middle-income trap. Chinese leaders have adopted a rational view of its economic growth rates and put more emphasis on the quality of development. He said that at least four paths should be adopted for China’s economy to avoid the “middle-income trap”. The first is the transformation of economic growth model. China will forge new human capital dividend which is brought about by high-quality labor forces and allow technological progress to play a greater role in boosting economic growth. The second is the rebalance of economic structure. China will accelerate the development of advanced manufacturing industry and modern service industry and promote industrial gradient transfer and the adjustment of town space layout to rebalance the industrial and spatial structure. The third is the deepening of reform of mechanisms and systems. China will adhere to the direction of building the socialist market economy, let the market play the decisive role in allocating resources and establish the modern market system. It will also carry out reform in government administration by transferring from “prior approval” to “supervision during and after approval”. The fourth is the integration of China’s economy into the world’s economy once again. Marked by the establishment of China (Shanghai) Pilot Free Trade Zone in September 2013, China will explore the implementation of international management models such as “pre-establishment national treatment” with a “negative list”. It has also accelerated the building of free trade areas (FTAs) and negotiations of international multi-lateral agreements. ZENG Peiyan stressed that the on-going adjustment of economic development should be a stable and gentle progress in which sudden decline in the economy should be avoided, and discrepancies in the slowdown of factor inputs should be made up for by raising labor productivity so as to create better conditions for rational adjustment of economic structure.

 “Business China”, the host of the “FutureChina Global Forum”, is a business association initiated and co-founded by Chinese and Singaporean leaders in 2010. It is a platform that encourages and promotes co-operations between entrepreneurs in Singapore, Southeast Asia and China in business and trade. During the forum, Mr. LEE Hsien Loong, prime minister of Singapore met with Mr. ZENG Peiyan and Boao Forum for Asia also held a promotional dinner together with “Business China”.

(Go to Chinese)

 

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