Chinese Premier Li Keqiang speaks during The Global Impact of China's Economic Transformation event. (Photo : Reuters)
It appears that Pemier Li Keqiang's eagerly anticipated speech at Davos this week did not disappoint, as the address received praise from both the business and analyst sectors internationally.
On Friday, China's Xinhua News Agency spoke with numerous experts, from locations including Brussels, Russia and the U.S., to gather their thoughts afterward.
The premier, described as "statesmanlike" by the Financial Post's Diane Francis, projected confidence in Switzerland in light of the slowed down phase that China's economy is presently undergoing--described by President Xi Jinping in May of last year as the "new normal"--and assured his global counterparts that China will ward off any harsh landings in the future.
According to Li, the eastern giant's ongoing stability is underpinned by medium-to-fast economic growth over the next two decades.
Furthermore, the Chinese premier mentioned China's commitment to a prudent monetary policy and proactive fiscal policy. He reported that his Chinese counterparts are preventing potential financial risks, while the nation's savings ratio bolsters economic expansion.
In response, Sergey Gorkov, vice chairman of the board of Russia's Sberbank, expressed excitement, saying that his company "have been looking to expand business in China," while the premier's Davos presentation delivered "a very strong signal to turn our wishes into reality."
Gorkov was particularly enthused by Li's discussion of Beijing's RMB internationalization strategy, as it will prove beneficial for Russia-China "financial cooperation."
The Russian's optimism was echoed by American Roger Barnett, who is the chairman of the board of Shaklee Corporation. Barnett told Xinhua that he is now more confident about doing business in the Chinese market due to the economic outlook contained in Li's presentation.
Similarly, Ernst & Young's Mark Weinberger is heartened by China's intention to engage in further economic reform, which he called "very necessary and timely."
On the domestic front, Alibaba founder and chair Jack Ma said that the "new normal" is proof of China's prioritization of quality over quantity, while Beijing University economics professor Justin Lin asserted a belief that "China will continue to be an engine of world growth."
