"China has a lot of important roles to play and a lot of important ways to contribute", speaking of China's role in upholding globalization and multilateralism, Martin Raiser, Country Director for China and Mongolia and South Korea, World Bank, told GDToday and Newsgd.com in an interview.
The 7th China and Globalization Forum hosted by the Center for China and Globalization (CCG) kicks off in Beijing on Friday. Heads of international organizations, economists, entrepreneurs and noted scholars meet in the forum to hold in-depth discussions on challenges, opportunities and China's role for globalization in a period of uncertainty.
(Photo by the Center for China and Globalization)
China, US still possible to meet each other half way
In June, the World Bank raised its forecast of China's economic growth this year to 8.5% from 8.1%.
"That largely reflects the strong rebound in China, the first half of the year, particularly in the first quarter", said Martin, "but when you look at the global recovery, it's actually strongest in the most advanced economies and the richest countries", he added.
CCG Honorary Chairman and former Minister of Commerce Chen Deming indicated that the complementarity for China-US economy is extremely strong.
According to statistics from China Customs, the bilateral trade in goods between China and the US reached 3,408 U.S. dollars in H1, seeing a year-on-year growth of 45.7%.
"China and the US are still possible to meet each other half way since the economic for both sides are so complementary".
(Poster: Mia)
Wang Huiyao, President of CCG and Counselor for China State Council told GDToday that a great number of well-known scholars and global opinion leaders all agree that we shouldn't have a cold war. "We should really work out our differences," said Wang.
However, Wang stressed that in the next phase of globalization, the international rules must be built on consensus.
"The era that a few countries come together, saying we have made a rule that's for international, has gone."
The Guangdong - Hong Kong - Macao Greater Bay Area has the potential to be a powerhouse for globalization
As a young entrepreneur, Renato Peneluppi was also invited to participate in the forum. Having been in China for 11 years, he is now the executive director of Cussa - an English training institute. Speaking of globalization, he highlighted an area in South China.
"In my country Brazil, most of businessmen are very attracted to the Guangdong - Hong Kong - Macao Greater Bay (GBA) since doing business in Guangdong and Hong Kong is practically easier". He believes that the construction of the GBA will be a promising project for the world.
(Poster: Mia)
Philip Kisray, SVP & General Manger of Wiley has been to Guangzhou, Shenzhen and the entire GBA a number of times.
"The energy, not just in terms of research, education and innovation, but everything, comes together and makes up the ecosystem".
Philip believes that this business ecosystem is going to drive real and tangible outcomes from research, which can generate a microcosm from basic research, to conceptualization, to the development of ideas, to actually invest in entrepreneurship, startups, and manufacturing. "That microcosm is very perfect in the Greater Bay Area."
Siyabonga Cwele, Ambassador of South Africa to China, highlighted that Guangdong is one of the richest provinces in China. "Guangdong is a big economy. It's important in terms of trade with South Africa, and the African continent", said Siyabonga.
Martin Mueller, Chairman of Swiss Chinese Chamber of Commerce, lives in Dongguan, Guangdong. "For 8 years. I saw that the GBA has huge potential, particularly for my private business, which is architectural designs and construction. The design and construction level in the GBA is quite high, which suits my business very much."
However, he indicated that there are also many challenges for the development of the GBA.
"For example, the GBA has three currencies, and has customs. If you want to transport goods from the mainland to Hong Kong or Macao, you have to go through for the customs procedure, although the speed is incredible."
Meanwhile, he believes that changes and reforms will take place very soon.
"The government there is really listening to the market, to the requirement of companies, including foreign companies. They are changing the business environment accordingly."
The annual China and Globalization Forum is one of CCG's flagship conferences. Since 2015, CCG has hosted this forum annually in conjunction with its council meeting, bringing together the most prominent members of CCG Advisory, leading policy scholars and business leaders. Over the years, this signature event has become a magnet for the most highly regarded delegates from China's government as well as expat experts, and business communities.