ZCZC
BCN-22
CHINA-WORLD-ECONOMY
A timely shot in the arm for world economy : Commentary
SHANGHAI, Nov. 10, 2018 (BSS/Xinhua) – Five days on, the first China
International Import Expo (CIIE) has exceeded expectations and earned its
place in history, a feat biased critics hate to admit.
While global businesses celebrate the fair as a bonanza, naysayers keep on
churning out stale cynicism and skepticism. The expo, in their navel-gazing
judgement, will leave a trail of empty promises and trivial new policies and
is dismissed as an outdated pomp conspicuous by the absence of powerhouses.
Sober-minded observation would tell a totally different story. China has a
well-documented track record of delivering its promises. When China talks
about greater opening-up and shared prosperity, it means bold, visible and
swift actions.
By honoring pledges to a record number of reforms, China has moved up the
global ranking in ease of doing business by 32 slots from last year and
earned the country a spot in this year’s top 10 global improvers, according
to a World Bank report.
The expo will be no exception for summoning a wave of new opening-up
endeavors. The State Council unveiled a guideline Thursday to remove all non-
negative-listed market access restrictions on foreign investment within
months. A plan for significantly expanding the China (Shanghai) Pilot Free
Trade Zone will soon be announced.
What is to come is quite predictable: Imports will gain stronger growth
momentum, business environments will be even better, market access certainly
broadened and multilateral cooperation deepened.
Openness has become a trademark of China. Data released Thursday showed
its imports surged 26.3 percent last month to outstrip market predictions.
At a time when the world economy is going through profound adjustments and
protectionism rears its head, it is a big deal that the second largest
economy offers much-needed certainties.
Global industry big-names from the U.S., Japan and so on, aware of the
high stakes, have been wise to prefer shining at the fair over no-show, while
firms from the world’s least developed countries are also invited to share
the stage.
Offering a platform for firms from more vulnerable economies is more
important than ever. With dimmed global economic growth outlook, waning
foreign direct investment and fractured global value supply chain, emerging
and low-income countries face a tougher battle in reaching their full
potential.
With wide participation, the import expo serves as a global public good
for inclusive growth. As President Xi Jinping said in his keynote speech at
the CIIE’s opening ceremony, practices of the law of the jungle and winner-
takes-all only represent a dead end, and “inclusive growth for all is surely
the right way forward.”
If the expo can be dubbed as a grand show, it surely is the one of
consensus and joint efforts toward addressing the challenges we face.
And as free trade prevails at the end of the day, this gathering will go
down in history as a timely shot in the arm for the world economy.
BSS/XINHUA/HR/