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China provides example for the world

China Daily | Updated: 2017-10-30 07:42


The 19th CPC National Congress introduced Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, for China's long-term development. How do you think it will guide China's future?

There was a very hopeful point in President Xi's speech. The fact that he emphasized quality of life rather than just growth for growth's sake makes me hopeful. It's the right move to focus on a more environmentally friendly China, and reducing excess capacity and reducing risks in the financial sector. That will make China's economy more stable. So I thought it was a good speech.

President Xi Jinping said China has embarked on a "new era" in its development while spelling out a two-stage development plan for the country by the mid-21st century. What do you think of that? What is happening in China that impresses you the most?

To me, it's always the young people, the new generation. When I was in China, I worked very closely with Chinese government officials. I could see how differently those in their 30s and 40s were from those in their 50s and 60s. These are people that have had different life experiences and are highly educated and highly capable, which makes me optimistic about China.

President Xi Jinping has pledged to develop a modern economy. What are your expectations for that?

I guess the challenge for China is focusing less on the level of growth and more on the sustainability and quality of growth, and focusing on reducing risks. Because obviously, if China has financial crises it'll make it harder to achieve a well-off modern society. It's amazing, in a way, that China has stopped the growth of wealth management products and stopped the growth of lending from banks to nonbank financial institutions without any real instability in the financial sector. That makes me feel hopeful.

China's is still the world's fastest-growing economy, and millions of people have been lifted out of poverty. What in your opinion has been the key to such achievements? And what do you think of the Chinese development model?

In some ways, it's been an economic miracle taking China from low levels of income and development to a middle-income economy. The question is, does China have the right strategy to become a modern society and more prosperous? China has to promote innovation. China has to protect intellectual property. And most importantly for the country's development, I think China needs a more decentralized financial system.

China provides example for the world


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