Opinion | Wang Qishan’s confidence is one thing, success in US trade talks another
- Optimistic Davos address by China’s vice-president told of growth and “modest prosperity”, but it is to be hoped that his outlook is not tested and truce with Washington turns into peace
In the wake of the lowest quarterly mainland growth figures for decades and a warning to top cadres from President Xi Jinping against risks to China’s stability, many were apprehensive about what to expect when one of Xi’s most trusted aides addressed the World Economic Forum at Davos, Switzerland.
Vice-President Wang Qishan surprised global political and business elites with optimism that China’s growth remains on track to deliver “modest prosperity” for all Chinese people by next year. Indeed 6.6 per cent growth – still the envy of the country’s main trading partners – was a significant number, he said, and “not low at all”.
Wang set a different tone to US Secretary of State Mike Pompeo, who hours earlier had warned the Davos audience of the threat of “China’s state-centred economic model”.
China’s leaders have good reason to send out an upbeat message, having launched their broad-based strategy for keeping the economy on course amid the US trade war and slowing growth, which includes more lending for companies and local infrastructure, and tax cuts.
Wang said that instead of breakneck expansion, China would pursue sustainable growth by refining its economic structure, quality of growth and efficiency. “With 6.6 per cent growth, we can reach our target of delivering modest prosperity for all Chinese people by 2020,” he said. At the same time, it was necessary to prepare for a “worst-case scenario” such as a new global economic crisis.
