Premier Li Keqiang said China is committed to inclusive growth and employment is central to the success of this project in his keynote speech today at the opening of the World Economic Forum’s Annual Meeting of the New Champions.
Better known as Summer Davos, the forum is held in China’s northeastern port city of Dalian in Liaoning province from June 27 to 29.
“We’re making sure there’s at least one member of each family who gets a new job,” Premier Li said in his speech.
Of the country’s 1.3 billion population, there are 900 million in the labor force, including 13 million annual fresh college graduates together with a large number of surplus rural workers rushing to cities for jobs, Li said in his speech.
As the development of artificial intelligence may generate more robotics and automation that will replace workers, Premier Li said in the Q&A session that it would bring pros and cons.
He said under the so-called fourth industrial revolution more jobs will be created to boost opportunities for those who lose work to AI. These positions will come from expansion of e-commerce, entrepreneurship and innovation, especially in emerging delivery of services and a sharing economy.
This would bring a structural change in the labor force and serve people better.
Premier Li’s key points:
Inclusive growth
Sustainable economic expansion requires inclusive growth and employment is key to its success. Inclusive growth helps increase equal opportunities for economic participants.
Growth rate
The slowdown in GDP growth rate does not mean China’s economy is sliding, considering the total volume.
Structural adjustment and innovation
The economy must make structural adjustments and increase innovation to maintain economic vitality, but not stimulus. He said the government would stick to a proactive fiscal policy and a prudent monetary policy to ensure financial clarity and stability.
Foreign companies
China would open its market to the services and manufacturing sectors, and keep cutting red tape for foreign companies. He said domestic and foreign businesses will be treated equally.
Risks
The country is fully capable of managing financial market risks and no systemic risks exist now. There are rising geopolitical risks with the backlash against globalization. However, China would keep its promises to combat climate change and continue to cut domestic capacity in older industries such as steel.
The 21 First Century———- the Chinese will show the world how smart, hard working they are as a people and unlike countries that like to cause chaos with mis- guided confused foreign adventures the Chinese leadership accepts their role as the mercantilist of the world. I would say to sum up the Chinese view of how they want things to run———-"Make business not war"——Just Sayin!!
That is a promising government operated by a real and first PhD Prime Minister. Based on my observation on China’s industrialization progress and her employment issues through my few visits to China, I can fairly say that China’s PM is on the right track. Though Eastern China looks more like the USA’s New York, Chicago, or Los Angeles, China people in the Midwest to Western China are still far behind current technological jobs. Considering the huge size of China population and her very diverse people, the PhD PM and his boss Xi Jpg have a daunting task ahead to make China a true sustainable super power in Asia, the examplary big brother?
On the table policy, I agree with this commentator. However, I have seen many nationals of Chinese origin used their economic power to control the governments in many S.E Asia countries in favor of China policies. I also noted that Confuciusnism does not favor war but the takeover by economic power! The One Belt One Road speed rail is basically designed to transport people out of China to various countries in S.E Asia and the Eurasia – new countries west of China. Further, China has a solid protectionist trade policy.