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FICCI Secretary General: China's Economic Transition Injects Vitality to World Development

2018-04-09 15:56:00 Source:China Today Author:ZHANG HUI
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On the morning of April 9, discussion sessions of the Boao Forum for Asia Annual Conference 2018 kicked off as scheduled. Guest speakers at the session The Asian Economy: Systemic Risks & Structural Reform included Sanjaya Baru, secretary general of the Federation of Indian Chambers of Commerce and Industry (FICCI), Dai Xianglong, former governor of People's Bank of China, Fan Gang, director of China's National Economic Research Institute, Masaaki Shirakawa, former governor of the Bank of Japan, and Zhang Yuyan, director of the Institute of World Economics and Politics under Chinese Academy of Social Sciences. They discussed the challenges faced by Asian countries and their development prospects.
In the Q&A session that followed, Sanjaya Baru answered China Today's question regarding China's resolve to further its reform and opening-up and the opportunities China is bringing to the world with its transitioning to a stage of high-quality development from the past rapid-growth phase.

"I'm very happy to see China's change to high-quality development from the past high-speed development mode. This is a very good transformation," Sanjaya Baru said. He believed that in the future China would maintain its economic growth rate at around six percent, and would further its reform and opening-up.

He said that China's high-speed development has shaped it into a global export giant, and therefore brought it into trade-oriented friction with some countries like the United States. He pointed out that China's transition to high-quality development is very necessary. "In the long term, only sound and high-quality development is sustainable," Baru said.

He further stated that in the world arena, China is more than a big exporter; it is injecting more vitality to world development by bringing investment to many countries. "As far as India is concerned, we welcome China's investment. We hope China and India will have more cooperation in many fields. India is now laden with heavy debts. We hope our cooperation with China will help ease the problem," Baru told China Today. He believed that China's ongoing economic transformation would not only benefit China, but catalyze the development of many other developing countries. He said he was very happy to see China's change.

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