Businessmen Gather in 2019 China Development Forum
DATE:  Mar 23 2019
Businessmen Gather in 2019 China Development Forum Businessmen Gather in 2019 China Development Forum

(Yicai Global) March 23 -- The annual China Development Forum (CDF) kicks off on Saturday in Beijing, under the theme of "Greater Opening-up for Win-Win Cooperation". Leaders of global businesses and international organizations, as well as foreign and Chinese scholars, gather here to exchange ideas on economy and business cooperation.

Apple CEO Tim Cook said at the economic summit of the forum that he is grateful for China's opening policy as it allows more companies to become a part of this market.

"Openness is not only important for China's potential, but also for the overall economic prosperity of the world," Cook said.

Cook maintained that the key to cooperation between Apple and various countries is openness, which includes the opening of new ideas and solutions. He also emphasized the importance of investment in education, and vowed to increase investments in education and training.

Li Daokui, professor of economics at Tsinghua University's School of Economics and Management, said that a huge market is needed for a country to negotiate with other countries, to ensure opening trade cooperation. Proper trade conditions are also important as it can ease the industries affected by trade friction in their own countries. 

Harald Krueger, CEO of BMW, said that China has 1.4 billion people and is the world's largest auto and electric car market. There is no doubt that it will play a bigger role in future transport industry.

Krueger said that the rapid development in China's 40 years of reform and opening-up has not only reshaped China's economic outlook, but also brought tangible benefits to the country and the rest of the world. Many multinational companies have benefited from the growing Chinese market. The BMW Group is one of them.

Raymond Dalio, founder and chairman of Bridgewater Associates, pointed out that the economic risks encountered in Europe and the U.S. are larger than that in China. China has more space and capacity to regulate the debt cycle, and the government has the ability to coordinate.

Dalio said that the consumption power of the major Western economies is mainly based on credit, and credit expansion may bring short-term debt pressure. In addition, Western central banks, especially the European Central Bank, have limited potential to stimulate economy by lowering interest rates. 

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Keywords:   China Development Forum,Tim Cook,Harald Krueger,Li DaoKui,Ray Dalio