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Rakesh Gupta: Enthusiastic keynote speech endorses globalization trend

2016-09-07

By Rakesh Gupta    Source: China Daily    Published: 2016-9-6


This year’s G20 summit is being held in an environment experiencing a sluggish economic period and people around the world are watching this with eagerness and hope. Apart from looking at the new growth drivers, leaders around the world are also interested in developing a sustainable growth agenda and to some extent see China’s rapid growth with awe and interest.


President Xi delivered his keynote at the B20 meeting on Saturday. He started his speech on a personal note talking about his work in Hangzhou and the development of the region from humble beginnings, bringing in a personal touch to international business and diplomacy.


His speech was full of enthusiasm and hope; of clear blue skies and lakes and rivers with clean, clear waters. He talked about China’s success in achieving tremendous growth outcomes despite the challenges of starting as a poor nation with a population of over 1.3 billion and turning into the second largest economy in the world.


Path to success for China may not have been easy but they have achieved this with perseverance, resolve and dedication.


Some may argue China has pursued path of economic growth at the cost of environment. This growth in China has not been even. It has been focused on economic outcomes. China has more than 6 per cent of its people living in extreme poverty. Recently China has shifted its growth focus to be equitable and inclusive and has implemented policies that are aimed at alleviation of poverty and had some success in this regard.


His speech had all key elements included that were expected in his speech such as balancing of social and market model, continuing with its efforts in globalization, achieving common prosperity, deepen reforms etc.


President Xi presented China’s strategies to provide impetus for future economic growth such as; innovation driven development strategy to provide stronger and new growth drivers, green development, promoting equity and further opening to achieve greater mutual benefit.


The author is a visiting fellow of Chongyang Institute for Financial Studies at Renmin University of China.  


Key Words: B20   globalization   global growth  

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