IMI Takes on President Xi Jinping's Report

2017-10-24 IMI

These views first appeared in China Daily on October 19, 2017. Members of IMI International Committee share their views on the report delivered by General Secretary Xi Jinping to the 19th National Congress of the Communist Party of China in Beijing on Oct 18. The following are their comments on Xi's report. Alfred Schipke, Senior Resident Representative, IMF China China's focus on structural reforms, addressing over capacity and deleveraging, and allowing the market to play a decisive role are very welcome. This will not only reduce vulnerabilities but also improve the allocation of resources. Herbert Poenisch, Former Senior Economist of Bank for International Settlements Remembering Chairman Xi's leadership in Davos, with a stable and prosperous China committed to globalization, clean environment, and world peace we are heartened to read in Chairman Xi's address of China's continuing commitment to its open-door policy, starting with the One Belt One Road. Jaya Josie, Head of BRICS Research Center, Human Sciences Research Council of South Africa The key point that President Xi highlighted is how socialism with Chinese characteristics can continue to modernize and rejuvenate China, and contribute toward development for humanity in general and developing nations in particular. For many developing nations in general and Africa in particular China has been a great partner. Using the principles of the Forum for China Africa Cooperation China and many African countries have advanced international solidarity between nations. Today China is Africa’s biggest trading partner and an important investment destination. However, there are areas where China can improve its level of cooperation with Africa. First, China has made important advances in the internationalization of the RMB and this currency should become the medium of exchange in trade and investment in Africa. This would remove the dependence on the use of foreign currencies such as the US dollar and the Euro for trade and investment. Second, China has made great advances in internet banking and finance technology that will provide Africa with the foundation for promoting small and medium enterprise economic development across the rural populations in Africa.

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IMI Takes on President Xi Jinping's Report

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