Xi tells Swiss: let’s work together
Print Edition
CHINA’S economy will remain stable and keep growing steadily while resisting protectionism, President Xi Jinping told Swiss executives yesterday.
“We are confident,” Xi said, adding that there were headwinds facing the global economy, which is still weak.
“Overall China’s economy is performing steadily. In 2016, last year, GDP is expected to grow by 6.7 percent on a year-on-year basis, and that means we missed our set target, but that expectation according to some international institutions will be among the highest among major economies.
“Protectionism, populism and de-globalization are on the rise. It’s not good for closer economic cooperation globally,” he said.
Xi, on a state visit to Switzerland before a keynote speech at the World Economic Forum in Davos, said China’s economy was entering a “new normal,” and Swiss firms could help it improve quality, and become more efficient, equitable and sustainable.
“The restructuring of China’s economy and the upgrading of our industries will generate huge new demand,” Xi said.
“In terms of intellectual manufacturing, finance, insurance, energy conservation, environmental protection, energy generation, electricity, food and medicine, Switzerland has advanced technology and ... expertise and could be a new partner for innovation for China.”
China owed its economic development to opening up, and Switzerland and China would work together to reject all forms of protectionism, he said.
“We will expand the openness of our service sector and general manufacturing industry to provide more investment opportunities for foreign businesses and create a sound legal and policy environment a legal playing field.”
China has become Swiss engineering company ABB’s second biggest single market, behind the US.
Elevator maker Schindler has designs on rivaling bigger Kone and Otis in China, the world’s biggest elevator market.
Swiss drug and chemical makers are also fanning out in China. Novartis has completed a US$1 billion research campus in Shanghai, while Clariant is pinning its hopes on rising Chinese consumer demand.
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