China firmly promotes inclusive growth in globalisation

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Chinese Prime Minister Li Keqiang gives a joint press conference with the German Chancellor (not in picture) after representatives of both countries signed economic agreements at the end of Li's two-day visit to Germany on June 1, 2017 in Berlin. / AFP PHOTO / Tobias SCHWARZ

The Annual Meeting of the New Champions, which is also known as Summer Davos was held in Dalian, China from June 27-29, 2017. Over 2,000 participants from more than 80 countries convened in Dalian. Chinese Premier Li Keqiang attended the Opening Ceremony and delivered a speech on the theme of the meeting-”Achieving Inclusive Growth in the Fourth Industrial Revolution”. Premier Li elaborated China’s commitment of promoting globalization and inclusive growth, sent out a strong signal that China’s economy remains stable and healthy.

First, Premier Li Keqiang analyzed opportunities and challenges, elaborated on China’s solution to achieve inclusive growth in globalization. The fourth round of industrial revolution has given a strong boost to economic growth to all countries and has given people new hope. Meanwhile global economy recovery remains weighed down by lack of growth drivers, structural imbalances are yet to be fundamentally addressed and risk of De-globalization hangs over the world economy. Promoting inclusive growth calls for upholding economic globalization. All countries must adapt to and steer economic globalization forward and promote trade and investment liberalization and facilitation, put in place better institutional arrangements incentivizing efficiency and equity and provide opportunities for equal participation.

Second, Premier Li Keqiang shared China’s practice on inclusive growth at home. One of the most important reason why Chinese economic growth has maintained steady and fairly rapid even under the noticeable slowdown in the world economy, is that the inclusiveness of the economy is increasing. China has highlighted inclusiveness in the development strategies, and worked to promote inclusive growth through providing institutional guarantee and policy support.

China has given priority to employment, which is the foundation of achieving inclusive growth. China have implemented a proactive employment policy which created 13 million new urban jobs annually in the past few years, and the unemployment rate has been kept around 5 per cent.

China has encouraged not only enterprises and research institutions but also more ordinary people to go for entrepreneurship and innovation. For the past 3 years, an average of 40,000 new market entities have been set up every day, including some 14,000 newly registered enterprises. China have built open and shared platforms, which make entrepreneurship and innovation more efficient, less costly and faster.

China has continued to raise the standard of basic social welfare for the people. The entire population of China now can enjoy basic pension, basic medical care and compulsory education. Over 700 million Chinese have been lifted out of poverty in the past 30 years, and China’s poverty alleviation goal is to lift all the remaining over 40 million rural poor population out of poverty by 2020.

Third, Premier Li Keqiang announced Chinese economic statistics and achievements. Chinese economy has maintained a momentum of steady and sound growth this year. Chinese economy achieved 6.9% year on year growth in Q1(6.9% in Q2 according to the latest statistics ). Foreign exchange reserves grew for a fifth consecutive month in June and RMB exchange rate has been basically stable.

A number of international organizations and research institutions have revised up China’s growth forecasts. China’s economic structure has shifted from more reliance on export and investment to consumption, service sector and domestic demand. In 2016, consumption became primary growth driver with a contribution of 64.6% to China’s economic growth; The added value of the service sector accounted for 51.6% of GDP and current account balance to GDP ratio dropped to 1.8%.

China is now ready to work with Nigeria and all countries to achieve inclusive growth in economic globalization and the new industrial revolution. In the coming five years, China is going to import 8 trillion US dollars worth of goods from the world and make 750 billion US dollars outbound investment, which will deliver massive benefits to the world including Nigeria. China is also committed to international cooperation in industrial capacity and equipment manufacturing, which will not only benefits China but also accelerates other developing countries’ industrialization.