boao, hainan, march 29 (xinhua finance) -- china, the world's second largest economy, will add "certainty" to an uncertain world economy with sustained reform, opening-up and technological innovation, guests from home and abroad said at the boao asia bbs annual conference in 2019.
"at the beginning of this year, the world bank and the international monetary fund lowered their forecasts for global economic growth this year and next. this shows that there is not enough momentum for economic growth and there is a lot of uncertainty." boao asia bbs secretary general li baodong said.
zhang tao, deputy managing director of the international monetary fund, believes that uncertainties in the world economy include tensions caused by trade policies and the trend of the federal reserve's monetary policy.
under the shadow of global trade protectionism, china has continued to open wider and taken a series of measures to firmly support trade liberalization and economic globalization. china's actions in opening up to the outside world at a high level have injected strong confidence and impetus into the world economy.
the law on foreign investment introduced not long ago has established the basic framework of china's legal system on foreign investment in the new era. china is open to global investors in a stable, transparent, predictable and fair market environment.
"china's continued opening-up has a huge impact on the world economy." yu feng, president of honeywell china, a global high-tech manufacturer, believes that china's large middle-income group as well as corporate innovation, industrial transformation and upgrading have created many opportunities for companies including honeywell.
"china has chosen to support globalization and free trade through deepening reform and opening up, which is of great importance to the world," philippine house of representatives speaker gloria arroyo said at the bbs sub-conference on "70 and 40 years of memories: china in the new era."
jointly building the "one belt and one road" is a global cooperation platform of "openness, inclusiveness, balance and win-win" provided by china to the international community. over the past five years and more, china has played an important role in promoting global economic cooperation. zhang yuyan, director of the institute of world economics and politics at the chinese academy of social sciences, pointed out that "one belt and one road" is very inclusive. the continued progress of "one belt and one road" is conducive to solving many uncertainties facing the world economy.
recently, italy and china signed a memorandum of understanding on jointly promoting one belt and one road construction. italian economy and finance minister giovanni tria said at the bbs annual conference in boao that participating in the "one belt and one road" will bring more investment to italy, multiple development opportunities for the italian economy and positive impact in many aspects.
tria believes that the "one belt and one road" initiative is not limited to the economic field, but will also promote cultural exchanges between countries and regions along the belt and road, and promote the flow of factors at all levels. in the long run, it will help promote globalization towards a more open, inclusive and inclusive direction.
in 2018, china's economic growth will contribute nearly 30 percent to world economic growth and continue to be the largest contributor to world economic growth. as the second largest economy in the world, china's own high-quality economic development is regarded by boao guests as a "stabilizer" in the uncertain global economy.
kent kelder, director of the center for east asian studies at johns hopkins university in the united states, believes that china's economy will still grow faster than that of developed countries in the next decade. even if growth slows, china's economy is still growing twice as fast as that of the united states and other industrialized nations. technological innovation and financial innovation will generate new and sustained driving forces for china's economic growth.
"china is not only the biggest engine of the global economy, but also the biggest shock absorber." li daokui, director of the china institute of economic thought and practice at tsinghua university, says china actually helped developed countries like the united states get out of the financial crisis relatively quickly.
"we have more than 1,000 employees in china and even moved our research and development team to china. in certain product areas, our global research and development center can also be located in china. hoda, director of germany's wacker chemical group, said that china has long been committed to technological openness, inclusiveness and cooperation, and wacker chemical group is full of confidence in china's economic prospects.
participants believed that china alone cannot change the uncertainty of the world economy into certainty. only by working together can we meet challenges and share opportunities. as the theme of this year's bbs conference in boao, asia, "common destiny, common action and common development" suggests, all countries need to open up and cooperate to jointly reduce risks and uncertainties in the world economy.
source: china financial information network