ZCZC
BCN-16
CHINA-ECONOMY-GLOBAL-MARKET
Interview: China’s further opening up a positive signal to global market
JOHANNESBURG, July 28, 2018 (BSS/Xinhua) – On the 40th anniversary of its
reform and opening-up this year, China’s overtures of opening up further as
it enters a new stage of development are a positive signal to the market,
said a South African business leader on Friday.
In an interview with Xinhua, Martin Kingston, vice president of the
Business Unity South Africa (BUSA) and chief executive officer of Rothschild
(South Africa) Proprietary Limited, said investors want safeguards and
assurances, so the emphasis on protecting intellectual property while also
adopting a market-friendly stance will ensure that China remains competitive.
At the annual conference of the Boao Forum for Asia this year, China
outlined a new policy that highlights more measures for free trade and
investment, including lower tariffs for automobiles and other imports.
The commitment made by China might also open opportunities for greater
economic collaboration within BRICS, according to Kingston.
Kingston hailed the great success of China’s economic transformation
through the reform and opening-up policy, saying that China’s remarkable
growth, manifest on its rising living standards, bears tangible testament to
the success and efficacy of its opening up policy.
“Out of all the BRICS countries, China has attracted investment from top
Fortune 500 companies, with some home-grown successes making it on the elite
group of companies whose market capitalisations exceed some countries’ GDP.”
China on Friday announced the 100-day countdown to the opening of the
China International Import Expo (CIIE), which will be held in Shanghai on
Nov. 5-10. More than 2,800 companies from overseas will participate in the
expo, including over 200 businesses on the Fortune Global 500 list.
Commenting on significance of the event, Kingston said it is a welcome
move of reassurance from China, as it is a key player in global trade.
“Opening up its markets and collaborating in these areas will further
enhance its economic potential,” he said.
According to Kingston, it is a positive and reassuring statement that
China remains ready to work and collaborate with its trade partners for
mutual benefit, stressing that in the BRICS context, China is South Africa’s
biggest trade partner and South African business circle welcome China’s
commitment to these objectives.
Amid trade protectionism rising in the West, Kingston said, “the efficacy
of the global economy, and by extension world trade, is premised on
multilateralism.”
BSS/AFP/HR/1115