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China dominates World Economic Forum
(xinhua)
Updated: 2006-01-30 08:43
The World Economic Forum annual meeting at Davos drew to a close on Sunday
after four days of vibrant debate with China in the spotlight.
Zeng Peiyan, Vice President of
the People's Republic of China speaks during the "message 2" session at
the World Economic Forum in Davos, Switzerland, January 25,
2006.[Reuters] |
When world business
and political leaders gathered at the tiny Swiss Alpine resort to brainstorm on
global challenges, they found China had become part of their discussions in
virtually every global issue, be it employment, energy, environment, or health.
The world's perspectives on the rise of China were far from being convergent.
Some saw it as a challenge or even threat, others might see it as an
opportunity.
Business executives were generally more upbeat about China's rise as the
world's most populous country is turning out to be a huge market for their
products.
According to a PricewaterhouseCoopers global CEO survey published at the
forum, almost 80 percent of the 1,410 CEOs view China as the most significant
market opportunity.
American participants might tend to see China's rise as a threat. Their
reaction was often fear, concern or anger, observed Laura Tyson, dean of London
Business School.
For Professor Klaus Schwab, founder and executive chairman of the forum, the
rise of China is a threat and an opportunity.
"It could be a win-win situation. But we have to work very carefully to make
it really a win-win situation. In order to do so, we have to create much better
mutual understanding," he told Xinhua at the opening day of the forum.
He noted that since 1979 when the forum invited the first Chinese delegation
to Davos, China has transformed itself into an economic powerhouse.
Schwab believed China is entering a new phase of modernization and its
creative imperative is to promote scientific and technological developments
while protecting the environment and enhancing its social fabric.
Chinese themselves, however, were more realistic by stressing both
achievements and challenges.
Chinese Vice-Premier Zeng Peiyan said his country has grown an average of 9.6
percent per year in the past 27 years and a market economy has taken root.
But he admitted that challenges abound, including low GDP per capita and
income disparities between the urban rich and the rural poor.
Cheng Siwei, a top lawmaker and economist, defined as China's main
development challenges improving the living standards for a large population of
1.3 billion, dealing with resource and environmental constraints, remedying
uneven development across regions and between urban and rural areas, and
alleviating poverty.
China may set a moderate growth target of 8 percent in the next five years to
allow for more investment to promote social progress, he told a panel.
China's growth model, which is mainly based on fixed asset investment and
exports, may not be sustainable, observed Stephen Roach, chief economist of
Morgan Stanley.
The annual meeting also explored prospects of China's banking sector, its
rural poverty, environmental protection and rising energy demands.
The rise of China's neighbor, India, also draw attention of panelists. The
two countries combined account for 40 percent of the world's population.
Indians, unlike Chinese, launched an aggressive campaign at the forum to boost
its profile with an impressive 150-strong delegation.
The annual meeting under the theme of "The Creative Imperative" attracted
about 2,340 business and political elite from 89 countries and territories.
Other issues that interested participants included the Middle East situation,
especially the electoral victory of Hamas in Palestine, the Iranian nuclear
issue, energy and environment.
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