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President Xi gets high marks for his economic missions

Editor: Li Kun 丨CCTV.com

09-25-2015 15:41 BJT

By Yu Xiang, director, division of American economic studies, associate research fellow, Institute of American Studies, China Institutes of Contemporary International Relations

From September 22-25, Chinese President Xi Jinping is paying his first United States state visit with his first stop in Seattle. He made the trip amid China's recent stock market turmoil and Washington’s growing concerns over bilateral economic and trade issues.

President Xi selected to visit Seattle, where numerous US-based multinationals operate, to highlight his emphasis on economic and trade topics along with a willingness to speak with US business leaders.

Xi met prominent CEOs (chief executive officers) of hi-techs and other multinationals, such as Microsoft, Apple, IBM, Google Cisco and Uber.

He visited Boeing and Microsoft; joined in a round-table discussion with top US and Chinese executives based in the US from  a broad range of industries including  auto, aircraft, entertainment, tourism, chemicals, finance and technology.

He attended the US-China International Industry Forum as well. President Xi's speeches can boost US business ties in China and fight against negative publicity about Beijing's domestic reforms. Accordingly, Xi completed his economic missions successfully.

He reassured anxious US business leaders by saying that China's economic prospects remain bright.

China is coming to grips with a slowing economy. Recent Chinese stock market turmoil has deepened Americans' concerns. President Xi's Seattle speeches had emphasized that the nation’s sustainable development comes from active domestic economic restructuring.

The deceleration of China's economy would impact international trade. Hence re-balancing China's economy towards consumption, and reducing Chinese government-led investment can be the right solutions.

Since the financial crisis, Beijing has made substantial progress to reduce its external imbalances with surpluses on both the current account and trade balance falling sharply from their peaks in 2007.

Consumption to GDP ratio has risen much higher, and the services sector's share in the economy has also continued to increase. Xi sought to convince US business leaders that China's central government can utilize policy measures to stabilize and stimulate its economy.

Accordingly an economic and financial crisis does not stand in China’s horizon. Meanwhile, Beijing's resolve to deepen reforms hasn't changed. President Xi said, China would "add new impetus to the country's development."

Xi believes China can overcome its problems by fostering more private enterprises and less state control over the market, allowing market mechanisms to wield greater influence.

President Xi delivered on promised plans for liberalizing its financial sector, even amidst China's A stock market correction.

Soon Beijing will open up its interbank markets for the benefit of central banks, sovereign wealth funds and financial markets. An interest rate liberation measure would move ahead as planned, which US businesses prefer. Xi is providing grounds for optimism.

Xi reiterated that China is not squeezing out foreign companies by exploiting reforms. He wants to clean up the domestic competitive atmosphere for a pro-market economy.

An increasing number of trade and economic disputes have become an inevitable consequence of deepening economic relations with the US. Both sides should treat disputes objectively and solve them solely through economic methods.

The success of China's reforms benefits not only China, but the US and the world as well. President Xi has underscored his commitment to build a more productive relationship with the US.

He had indicated key areas of Sino-US cooperation:

1) China and the US should accelerate IT (Internet Technology) negotiations to assure the interdepence and win-win situations for both sides.

2) China welcomes the US to join the Asian Infrastructure Investment Bank (AIIB), and expects to cooperate with the US on the G20, Climate change, IMF (International Monetary) reforms.

3)Chinese companies will take part in US infrastructure projects. President Xi had unveiled an agreement with US firm, XpressWest, to construct a $US12.7 billion high speed, 230 mile rail line linking Southern California to Las Vegas. 

4) President Xi had disclosed a $US3 billion fund to invest in energy-efficient projects in China with a tie-up between General Electric Co. and China National Machinery Industry Corp. to develop clean-energy projects in Africa.

5) Beijing and Washington have jumped out of a bilateral relations level towards a multilateral relations level.

It's reasonable to anticipate that the US will witness China's sincerity to deepen cooperation with President Xi's state visit. Chinese often say, "Well begun is half done." We, Chinese, have many reasons to feel happy about President Xi’s US visit that had given a big push to their complementary major country relations to enhance bilateral ties.


 

( The opinions expressed here do not necessarily reflect the opinions of Panview or CCTV.com. )

 

 

Panview offers a new window of understanding the world as well as China through the views, opinions, and analysis of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

Panview offers an alternative angle on China and the rest of the world through the analyses and opinions of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

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