Experts from various fields came together to discuss the future of china’s development, by promoting an increase in domestic spending, as well as, pushing for growth in their lending sector.
The panellists included 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 at the Chengwei Europe Forum 2012 on the 6th of November. There were a total of 25 experts, whom all had concerns for the uncertainty that has been dangling over china ahead of the leadership change beginning on the 8th of November.
They discussed the effects of the dollar depreciation and euro debt in regards with renminbi, the stagnation in the transformation of china due to very little domestic consumption and exports being sluggish, and the threats to domestic companies that are facing problems in going global.
The panellists have suggested consumer growth and lending and this is what they had to say about it:
Dr Gerard Lyons, Chief Economist of Standard Chartered, said that the often heard phrase, ‘Made in China’, should become ‘Bought in China’.
Carrying the discussion forward London Business School’s Prof Andrew Scott said: “Debt isn’t a threat to China’s economy. “It makes perfect sense to increase consumer lending in China. The challenge is how.”
Chinese statesman and economist, Prof Cheng Siwei, said "rely more on domestic consumption"
The conference will be followed by the London Business School’s China Business Forum on the 10th of November and conclude the China week hosted by London Business school.
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