China’s Reform Serves Global Future

Khmer Times, Thursday, 11 September 2014; News by Chheang Vannarith

PHNOM PENH (Khmer Times) – As economies globalize, countries get more interconnected and interdependent.

China is a core pillar sustaining the international system and global order, and promoting global development.

“The world needs China and China needs the world,” Chinese Premier Li Keqiang said Wednesday at the opening of a World Economic Forum in Tianjin.

“As a great economic and political power, China has a significant influence in changing the world of today, and will continue to have a tremendous role in strengthening our collective global future,” stated Professor Klaus Schwab, founder of the Davos-based World Economic Forum.

The success of China’s reform benefits the world economy. However, there are challenges ahead as China takes on its reform path.

The road to global economic recovery remains bumpy. Chinese economy is facing downward pressures. There are fluctuations and deep-seated challenges.

To deal with emerging issues and challenges, the Chinese government has introduced policy measures to ensure its economic development trajectory will remain stable so that China’s economy can avoid a hard landing.

Results oriented reform is the key to China’s future.

“We will continue to carry out reforms in key areas of systemic importance with every determination to forge ahead and bear long-term interests in mind when addressing current problems,” stated Premier Li.

He highlighted major ongoing reforms designed to realize the Chinese dream. These reforms include structural readjustment in public and private sectors, strengthening state-market partnership, reform of state-owned enterprises, improving social equity and social safety nets, and promoting environmental protection.

State-market partnership

Recently the Chinese government successfully implemented business registration reform by removing restrictions, thus easing and reducing the cost of new business registration. As a result, new business registrations significantly increased.

The government supports private companies through reform of investment financing and logistics, promoting innovation and entrepreneurship, research and development, and human capital development.

Service sector development is a key priority of economic reform. Research and development is fundamental to add value to Chinese products and services.

Rural-urban integration

As development disparity widens and the rural-urban divide deepens, China adopted a rural-urban integration strategic plan which includes building infrastructure connections between rural and urban areas and providing incentives to those companies to invest in less developed regions.

Green economy

Experiencing serious environmental issues caused by rapid industrialization and urbanization, China is taking measures to protect the environment. It is paying more attention to the quality of growth.

China promotes a green economy. It introduces structural readjustments and institutional innovation concerning energy conservation and environmental protection.

Premier Li asserted: “There is no turning back in China’s commitment to a sound eco-system. We have declared war on pollution and earnestly fulfilled international responsibilities.”

China also is taking concrete steps to tackle climate change by setting up environmental assessment and management systems, reducing CO2 emissions, and introducing low – carbon development.

Regional conflicts and Chinese commitment

Regarding regional tensions, China assures its Asian neighbors that it will firmly stick to a peaceful settlement of disputes.
“We need a win-win or all – win which ensures mutual benefits,” stated Premier Li.

“Only through this way can the world prosper and advance forward. China is resolute in following the path of peaceful development. China is the defender and a builder of the existing international system. China is dedicated to maintaining peace and stability,” he continued.

“Regional conflicts and hotspots should be solved peacefully and politically through dialogue. We start deepening our cooperation with our Asian neighbors, handle differences peacefully, and maintain good neighborliness and friendship,” he added.

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