Photo taken on Jan. 22, 2018 shows the logo of the World Economic Forum (WEF) in Davos, Switzerland. (Xinhua/Xu Jinquan)
In the face of the COVID-19 pandemic, China’s economic growth is facing short-term challenges, but the Chinese government is taking measures such as expanding domestic demand, reducing dependence on exports and the cultivation of high value-added industries to ensure economic growth. said Forum President Borge Brende.
GENEVA, May 21 (Xinhua) — China’s stable economic growth is of great importance for global recovery and “what happens in China of course has a huge impact on the rest of the world, and vice versa.” , said the World Economic Forum (WEF). President Borge Brende told Xinhua in a recent interview.
As the world’s second largest economy, China has experienced rapid development over the past half century. Nearly 800 million Chinese have been lifted out of extreme poverty, and China’s infrastructure construction has achieved remarkable results, he said, noting that the environment in China has also greatly improved.
Over the past decade, China has made a huge contribution to global economic growth, with its contribution to global economic growth generally remaining around 30 percent, the president said.
Photo taken on Dec. 21, 2021 shows a view of BMW Brilliance Automotive’s (BBA) new Tiexi plant in Shenyang, northeast China’s Liaoning Province. (Xinhua)
In the face of the COVID-19 pandemic, China’s economic growth is facing short-term challenges, but the Chinese government is taking measures such as expanding domestic demand, reducing export dependence and cultivating high value-added industries to ensure economic growth, Brende said. .
“So in the long to medium term, I’m quite bullish on the Chinese economy,” the president said.
As for the Russian-Ukrainian conflict, the president said the conflict has dampened economic growth in Europe and triggered global challenges such as the energy crisis and high inflation, further slowing global economic recovery.
“So what we need to avoid now is that (the) slowdown in global growth that happened this spring does not end in a recession, and (the) particularly vulnerable are developing countries and some emerging countries and economies,” he added.
Brende called on countries to use monetary policy prudently, avoid trade protectionism and beggar-thy-neighbour policies, continue to cooperate on global value chains, and promote global economic recovery in a win-win manner.
A staff member prepares to unload a container from a truck at a logistics station of Shenyang East Railway Station in Shenyang, northeast China’s Liaoning Province, March 5, 2020. (Xinhua/ Pan Yulong)
Speaking about the upcoming annual meeting of the World Economic Forum in Davos, Switzerland, Brende said “our meeting has to be different because the world is different.”
“Now COVID-19 is the worst pandemic we’ve had in maybe 100 years. Also, climate change is really happening. Just this spring, the temperature in India was the highest in 120 years. Then we have a situation with a slowdown in the global recovery,” he noted.
These issues, which are closely linked to the livelihoods, jobs and prosperity of people around the world, will be important topics at the upcoming annual meeting, Brende said.
Brende said global challenges need global solutions, “We are all in this together and we need to act accordingly.” ■