Full coverage: 95 years of glory
China's five-year plan is capitalizing on innovation to revamp China’s economic model. In today’s episode, we discuss what China should do to achieve the innovative goal.
"I think the Chinese dream embodies a very ambitious concept, and I think China is on track to achieve the concept, which is to build a moderately prosperous society for all. I believe, that is the main goal, from my view and point, the four Comprehensives outlined by President Xi has been very much to sustain that main goal, I mean, comprehensively deepen reform, that’s a very important building block to achieve a moderately prosperous society," said Carlos Magarinos, chairman of Global Alliance of SME(GASME), and former UNIDO director general.
"I admire president Xi Jinping's recognition of the importance of changing the economic model of China from the high speed extensive model of development to a what is termed “New Normal ” But especially an intensive model of development, it depends more on quality and innovation and efficiency rather than on increasing the number of workers and increasing the number of inputs into production. I think that is a very important transition if China is going to become a high income country with a high-quality economy over time. We know from experience elsewhere that many countries have reached this point in their development relatively few had become high income countries. So this is a very complicated, difficult, wide-ranging set of changes that are needed," said Kenneth Lieberthal, senior fellow of Foreign Policy and Global Economy and Development, Brookings.
"I do think the advancements which China has made and which they intend to made in the rule of law very important. Not just for air quality, but for overall growth and investment in the economy. I think that the application of a strong rule of law is important. I think it’s crucial that enterprises no matter they are foreign owned, domestically owned, state or private sector, joint venture, whatever the nature of their ownership structure, and whatever their scale, whether they are moderate size or large, that they are invited to abide by the environment of laws," said Charles Dallara, executive vice chairman of the Board of Directors and Chinaman of the Americas, PG.
"I really comment leadership of China for their effort to concentrate on good governance. A country cannot prosper if you don’t have the good governance. In the effort to tackle issue of corruption, the effort from leadership, the effort to tackle issue of non-transparency, creating more transparency of flow, check and balance, anti-corruption, make sure that rule of law is in place, making sure the legal enforcement is something that is respected, and this is based on none discriminatory nature, and this is something that I think all countries will look up to China, would follow. I think many countries in ASEAN have already implemented these policies of good governance and transparency and anti-corruption in their own national policies," said Surakiart Sathirathai, former deputy prime minister of Thailand.
"China grew rapidly during the last more than two decades, and its growth does slow down. But I think China is adjusting by its own policy decision. The growth path that China is embarking now will allow it to improve the quality of growth to more sustainable levels and I do believe that this “New Normal” that we are talking about will also take China to continue its march towards further improvement in the living standards of the people and better quality of life, and more sustainable is a more important factor in my mind," said Fakhruddin Ahmed, former prime minister of Bangladesh.
