BEIJING (CHINA DAILY/ASIA NEWS NETWORK) - China could emerge from the coronavirus pandemic with a more dominant economy, replacing the United States as the world's largest within the current decade, according to experts.. Read more at straitstimes.com.
BEIJING - China could emerge from the coronavirus pandemic with a more dominant economy, replacing the United States as the world's largest within the current decade, according to experts.
"China's response to the pandemic has been far more focused, forceful and effective than elsewhere. Policy has focused on keeping businesses afloat and people employed, and this has paved the foundation for the swift recovery." "China has managed the aftermath of coronavirus much more efficiently than Western economies and will therefore catch up with these economies rather more quickly."
"The centralised nature of economic decision making in China means that in times of crisis like this, the Chinese government has more levers available to it to control things that might stimulate the economy and employment," he said. "It is important that other countries take note of this, but at the moment I am not sure they are. China is now so important to how we all get out of this."
Mr Koh King Kee, president of the Centre for New Inclusive Asia, a think tank based in the Malaysian capital Kuala Lumpur, said this would make China an attractive place for investment as the world recovers from the pandemic. According to the World Bank, in terms of the ease of doing business, China ranked fifth among 190 nations in improvements made since 2015.
"The lifting of foreign ownership caps in the banking and insurance sectors and Tesla's growth in China speak to the market opportunities," he said, referring to the US electric car maker and clean energy company. INVESTMENT PLAN Many analysts believe China will turn the crisis arising from the pandemic into an opportunity to redouble its efforts to become a leader in the industries of the future.
Many entrepreneurs at the symposium addressed by Mr Xi were from the technology sector, and they will be at the forefront of China's efforts. The country has already set itself a deadline of becoming a global technology leader within 15 years. He believes the scale of investment in new infrastructure such as big data centres and 5G, new energy vehicle charging stations, high-speed railways and long-distance power transmission to bring renewable energy to cities, is ahead of anything taking place in the West.
"What you have also got is this entrepreneurial culture and this huge market where companies can try out new ideas. Whatever the rest of the world decides to do in terms of its relationship with China, this domestic market will accelerate innovation, and we have seen that happen already." Mr Khanna, the global strategist, said:"The US-China trade war has already served to accelerate China's efforts to upgrade its semiconductor and other industries."
Mr Sheng is among those who did not anticipate the difficulties that advanced countries such as the US would experience in tackling the crisis.Mr Sheng believes the key battleground will be in delivering green products to a consumer base with a heightened awareness of global risks such as climate change, based on the experiences learned during the pandemic.
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