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China’s reform and opening-up policy contributes to growth domestically, globally: ROK trade expert

Updated: Apr 8,2018 10:50 AM     Xinhua

SEOUL — China’s reform and opening-up policy has contributed to economic growth domestically and globally for the past four decades, a ROK trade expert said.

The trade expert also expected China’s further contribution to the global growth with a deepened reform and opening-up policy.

“Since the reform and opening-up, China has experienced many ups and downs, but it brought to China a rapid growth in hard power and soft power as well as in contents,” said Kim Young-ju, chairman of the Korea International Trade Association (KITA), in an interview with Xinhua on April 6.

Kim, who went into public office in 1975, said he has witnessed China’s rapid growth with the reform and opening-up for the past 40 years. He was invited to the upcoming Boao Forum for Asia (BFA) as a representing trade expert of ROK.

The 2018 annual meeting of BFA, scheduled for April 8 to 11 in Boao, a town in China’s southern island province of Hainan, has the theme of “An Open and Innovative Asia for a World of Greater Prosperity.”

It comes as this year marks the 40th anniversary of China’s reform and opening-up policy. The four-day event, which more than 2,000 guests will attend, includes some 60 sessions under four key topics: an open Asia, globalization and the Belt and Road Initiative, innovation and reform.

Since the launch of the reform and opening-up policy, Kim said, China has enjoyed rapid economic growth, thus dragging down the poverty rate in the country significantly and greatly improving people’s livelihood, the KITA chairman said.

China’s contribution to the world’s economic growth is also significant and it currently leads the global economic growth, he noted.

Kim said the future is bright as the Chinese government is actively tackling the fourth industrial revolution and the global environmental crisis, expressing the hope that China would contribute further to global growth by deepening its reform and opening-up.

“It is very well-timed to propose opening-up and innovation as key words (in the BFA) given Asia now is leading the world economy,” said Kim.

The KITA chairman spoke highly of China’s commitment to building a community with a shared future for humanity, which he said aims to create a global governance being inclusive and balanced while pursuing co-prosperity.

Globalization can cause wealth inequality and social conflict, but the slogan of building a community with a shared future for humanity is expected to help overcome conflict and create harmony, Kim noted.

He said China has played a role in building a world economic order and a global governance by creating an economic model of reform and opening-up, noting that it is represented by the Belt and Road Initiative and the establishment of the Asia Infrastructure Investment Bank (AIIB) to support the initiative.

Kim anticipated China will play an exemplary role in building a world economic order and a global governance by meeting its status as the world’s No 2 economy.

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