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China’s economic mastermind pledges more reform at Davos

The man behind China’s economic policy took the stage at Davos on Wednesday, pledging to push forward the country’s four-decade reform and further open the country to the world.

The man behind China’s economic policy took the stage at Davos on Wednesday, pledging to push forward the country’s four-decade reform and further open the country to the world.

Liu He, President Xi Jinping’s main economic advisor, echoed his boss’s lofty pro-globalisation words from last year’s Davos summit, promising foreign companies greater access to China’s financial services market, manufacturing and some service industries.

He promised to carry out China’s financial services liberalisation, which was unveiled late last year.

Banking, securities and insurance industries will allow more foreign access, he said, adding that these measures would be implemented one at a time.

China will work to increase imports, do better at protecting intellectual property and “gradually lower the imported automobile tariff rate”, he said.

Noting this year was the 40th anniversary of China’s reform and opening policy that brought about the country’s economic miracle, he said “we will continue to press our reform and opening policy in China”.

Those market reforms were “behind China’s growth”, he said

Added to the Communist Party’s 25-member politburo in October, Liu holds substantial clout in China and analysts forecast the 65-year-old will take on greater responsibilities in China’s government this year.

Liu began his speech to the forum of global elite leaders with a rundown of Xi’s three-and-a-half-hour address to the 19th Party Congress delivered last October, telling the crowd the address was the place to start for insight into China’s policy priorities.

He reiterated China will focus on three battles in coming years: resolving risks, reducing poverty and controlling pollution.

China will make our “skies blue again”, he vowed.

(Agence France-Presse)

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