SHANGHAI, March 23 (Xinhuanet) – Keeping sustainable economic development in a globalized world is the most pressing challenge facing China, said a participant at the 5th World Forum of Chinese Studies, adding it’s important for China to find common ground between answering domestic demands and meeting international expectations.
Delivering the opening address at the forum Saturday, Gustaaf Geeraerts, full professor of Brussels Institute of Contemporary China Studies, said that China’s model of development is facing a lot of challenges as China continues to rely too much on export and fixed asset investment and its economy is still wanting in terms of innovation and steering.
“The successful transition of Chinese economy from export and fix-investment driven growth to more consumer-led growth is the biggest challenge facing China’s newly-elected leadership,” said Geeraerts.
He acknowledged that although China has made enormous progress since the launch of the economic reforms, it is still confronted with many internal difficulties such as relatively low per capita GDP, widening gap between different regions, between urban and rural areas and between the rich and poor.
Earlier in an interview with Xinhuanet, he said China’s successful economic transition to a more consumer-led economy will not only benefit Chinese people but also affect world economy.
“Successful economy development and shift towards consumption-driven economy offers a lot of opportunities for small enterprise in Europe and makes great contribution to rebalance global economy,” Geeraerts explained.
He added that it is important to develop service sector and stimulate the growth and influence of small and medium enterprises as they are important to create more employment.
Geeraerts added that he is happy that the Chinese dream for a bright future and wish dearly and deeply that the Chinese can realize their dream as it benefits the rest of the world.
“After thirty years of development, more people are having more decent livelihood. It’s normal for them to have aspirations, they dream of going abroad, cleaner environment, educational system which is available to more and more Chinese, dream of a society where access to health service is equal to people from the city but also from the countryside. That’s the rightful dream.”
“Imagine how bad would be for the rest of the world if China’s development at some point would get into serious difficulty. In view of the importance that China already has to the world economy, that would be a disaster for all of us,” said he.
He pointed out that as the world order is moving towards a multi-polar, it consists of a highly diversified amalgamation of developed and emerging powers, which are deeply interdependent.
“Under such conditions, not only China but also all other powers need to balance between answering persistent strong domestic demands and meeting increasing international expectations,” Geeraerts emphasized.
“China has to overcome self-reliance dilemma, and it’s important to take more into account the expectations and interest of others and try to find common ground to develop together,” he further mentioned.
Geeraerts cautioned that China is facing an ever-harder quandary between identity as a developing country and its identity as an emerging power. With China’s economic success continuing both the developed and other emerging countries are expecting Beijing to take up greater responsibilities in supporting a sustainable global economy.
“Therefore, China has to come to terms with the international society,” said Geeraerts, adding that “time has come to articulate how China sees itself and its relationship with other major actors in the emerging world order.”
Co-sponsored by the State Council Information Office and Shanghai Municipal Government, the World Forum on China Studies is a high-end academic event dedicated to reflecting on global challenges while fostering an informed understanding of China.
Themed on “China’s Modernization: Road and Prospect,” the two day forum attracts about 240 scholars and opinion-leaders from various fields to study the development of China in the context of modernization.
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