The panelists included experts such as Xiaoming Liu, China’s Ambassador to the UK; Andrew Scott, Deputy Dean and Professor of Economics, London Business School; Shang Zhong, Minister of Commerce, People’s Republic of China, and Wenjian Fang, Director and CEO, Bank of China. The Chengwei Europe Forum 2012 involved a total of 25 members to get both East and West views on what can be done to trigger the growth in China, which has slowed down considerably.
A country, which has developed, sought after leadership skills in the past decade have encountered retardation in growth. The discussion brought up several questions and thoughts on the current economic state of China. Some of the questions were;
What is the effect of the depreciating dollar and the European debt crisis on the renminbi?
How has slow growth in domestic consumption and export effected China’s transformation into a leading nation?
What is the globalisation scenario for domestic companies, who have been facing several hurdles overseas?
Prof Andrew Scott of London Business School said: “Debt isn’t a threat to China’s economy. “It makes perfect sense to increase consumer lending in China. The challenge is how.” This was in regard to the domestic consumption and debt which is being considered the most important venue for recharging China’s growth rate.
Dr Gerard Lyons, Chief Economist of Standard Chartered, said that the often heard phrase, ‘Made in China’, should become ‘Bought in China’.
Chinese statesman and economist, Prof Cheng Siwei said that China needs to "rely more on domestic consumption"
Effectively using their Leadership skills, now more than ever will help them pull through this phase.
"The Chinese,” Prof Siwei said, have "the desire to improve their lives".
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