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What officials and economists say at the China Development Forum

Updated: Mar 24,2015 8:38 AM     China Daily

The “One Belt, One Road” policy will see financial institutions focusing more on the Asia-Pacific region and coming out with innovative financial products to the growing opportunities in local markets. The Bank of China will take steps to further promote the issue of offshore renminbi bonds to adapt to the new trend.

Tian Guoli, chairman of Bank of China Ltd

Chinese companies are likely to slow the pace of global expansion after the “China Manufacturing 2025” program and the developed countries’ “Industry 4.0” strategy, which will close the gaps in labor costs. High-tech manufacturing will see robust development in China and help reshape the world’s manufacturing industry.

Lin Zuoming, chairman of the Aviation Industry Corp of China

Strengthening infrastructure building is the foundation of connectivity, and the critical route to link Asia with Europe and Africa. Particularly, energy connectivity, including multinational electricity transmission channel building, is very important for enhancing regional economic integration.

He Lifeng, deputy director of the National Development and Reform Commission

We plan to spend five years to achieve the goal that 50 percent of the country’s imports and exports will be realized through free trade zones, compared with the current rate of 30 percent.

Gao Hucheng, minister of commerce

The growing wealth inequality in China, with limited number of people accounting for most of the bank deposits, will increase the risks after the opening of the capital account. Given that capital outflow will pose a threat for economic growth this year, China is unlikely to rush to ease the restriction on the amount of capital account convertibility. However, outflows of great domestic capital are also unlikely to happen.

Yu Yongding, an academician at the Chinese Academy of Social Sciences

China’s current GDP accounts for 13 percent of the world’s total. If China maintains a 7 percent annual growth rate, it will contribute nearly one percentage point to the world’s growth each year. In the context of the world’s annual growth of between 3 and 4 percent, China’s annual contribution to the world’s growth should reach 25 to 30 percent ... in the next few years, indicating that China is still the main economic driver of the world’s economic growth.

Justin Yifu Lin, former vice-president of the World Bank

AIIB, as a highly streamlined institution, will recruit global professional staff, avoid overstaffing, and have a “zero tolerance” attitude toward corruption. It will promote green economy and low-carbon economy to achieve harmonious coexistence between mankind and nature.

Jin Liqun, secretary-general of the Multilateral Interim Secretariat for Establishing the Asian Infrastructure Investment Bank