China’s reform will benefits not only the country but also the world, former World Trade Organization chief Pascal Lamy told the People’s Daily, saying China’s potential for development and huge demand from the large population will make its increasing speed over the average level of the world.
The Frenchman praised China for making a great contribution to the prosperousness of world’s trading. Before China joined the WTO, China’s trade volume only weighed 4 percent of the world, but now China has become the biggest trading nation in the world.
Lamy believed China’s economy is in a positive transition period: from an ultra-high speed growth to a middle-to-high speed growth, from a deportation-oriented economy to a domestic demand-oriented economy; seeking the increase of quantity but also the quality.
The transition is a complicated systematic campaign, which will meet certain setbacks and challenges.
“The reform is a period of suffering. Think about pushing the gas pedal and the brake at the same time when you are driving, what will happen?” Lamy said, before noting China needs to be cautious on making the reform policy.
He also suggests China should facilitate the reforms, based on the past success and the opening-up of the trade environment, to achieve a greater development and increase China’s international competitiveness.
The G20 summit is set to take place in Antalya in Turkey from November 15 to 16 while Hangzhou, capital of East China’s Zhejiang Province, is set to host the G20 summit next year.
“Hosting the G20 summit is an opportunity for China to introduce its new thoughts and new measures to the world,” Lamy said. “China could also prove the responsibility it has already shouldered in accordance with its economic scale and importance.” (The Daily Mail – People’s Daily news exchange item)
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