China is now ready to work with Nigeria and all countries to achieve inclusive growth in economic globalization even as the country is intending venturing into importing $8 trillion US dollars worth of goods from the world and make $750 billion US dollars outbound investment.
Although global economy recovery remains weighed down by lack of growth drivers, structural imbalances are yet to be fundamentally addressed and risk of de-globalization hangs over the world economy, hence, this new round industrial revolution is expected to give a strong boost to economic growth to Nigeria and countries across the globe. It as well targets at delivering massive benefits to all countries, including Nigeria, to bring about new and better hope for citizens’.
These were disclosed at the recently concluded annual meeting of the new champions, also known as Summer Davos, held in Dalian, China.
The meeting, with the theme, ‘Achieving Inclusive Growth in the Fourth Industrial Revolution’, was attended by over 2,000 participants from over 80 countries.
It analysed China’s commitment to promoting globalization and inclusive growth, sending out a strong signal that China’s economy remains stable and healthy.
Briefing Vanguard on the Dalian Summer Davos communiqué, at the Chinese Consulate General in Lagos, Chinese consul General, His Excellency, Chao Xiaoliang, reaffirmed China’s Premier Li Keqiang statement, that in the coming five years, China is going to import $8 trillion US dollars worth of goods from the world and make $750 billion US dollars outbound investment, which will deliver massive benefits to the world including Nigeria.
Quoting Premier Li, Consul Xiaoliang said, “China is also committed to international cooperation in industrial capacity and equipment manufacturing, which will not only benefit just China, but also accelerate other developing countries’ industrialization.”
He also announced China’s economic statistics and achievements and how the economy has maintained a momentum of steady and sound growth so far this year, with achieved 6.9% year on year growth in Q1(6.9% in Q2.
From the statement, Premier Li Keqiang, pointed out that latest statistics show that the Chinese Foreign exchange reserves, has grown for a fifth consecutive month in June and RMB exchange rate has been basically stable.
“A number of international organizations and research institutions have revised up China’s growth forecasts. China’s economic structure has shifted from more reliance on export and investment to consumption, service sector and domestic demand.
In 2016, consumption became primary growth driver with a contribution of 64.6% to China’s economic growth;” Premier Li quoted, stating further that, “The added value of the service sector accounted for 51.6% of GDP and current account balance to GDP ratio dropped to 1.8%.”
He also analyzed opportunities and challenges, elaborated on China’s solution to achieving inclusive growth in globalization while sharing his country’s practice on inclusive growth at home.
“One of the most important reasons Chinese economic growth has maintained steady and fairly rapid growth even under the noticeable slowdown in the world economy, is the inclusiveness of the economy. China has highlighted inclusiveness in the development strategies, and worked to promote inclusive growth through providing institutional guarantee and policy support.”
“China has given priority to employment, which is the foundation of achieving inclusive growth. China have implemented a proactive employment policy which created 13 million new urban jobs annually in the past few years, and the unemployment rate has been kept around 5%”, Premier Li added, expressing that,
“China has encouraged not only enterprises and research institutions but more ordinary people to go for entrepreneurship and innovation and for the past 3 years, an average of 40,000 new market entities have been set up every day, including some 14,000 newly registered enterprises. China has built open and shared platforms which make entrepreneurship and innovation more efficient, less costly and faster.”
To this light, the meeting however advised that promoting inclusive growth calls for upholding economic globalization, saying that all countries, including Nigeria, must adapt to and steer economic globalization forward to promote trade and investment, liberalization and facilitation.
All countries’ must put in place, better institutional arrangements, incentivizing efficiency and equity and provide opportunities for equal participation, as China has continued to raise the standard of basic social welfare for her people, hence, the entire population of China can now enjoy basic pension, basic medical care and compulsory education.
And in line with this, over 700 million Chinese have been lifted out of poverty in the past 30 years, and China’s poverty alleviation goal is to lift all the remaining over 40 million rural poor population out of poverty by the year 2020.