Thriving domestic economy will boost global partners, ambassador says

China’s continued economic growth and its efforts to ramp up international relations will bring “even bigger benefits” to the United States economy and its people, according to Beijing’s top envoy to Washington.

Speaking ahead of the 19th National Congress of the Communist Party of China, Cui Tiankai, the Chinese ambassador to the US, said he believes the meeting promises to bring about win-win scenarios for China and for its global partners.

Citing figures and sources from the US-China Business Council and JPMorgan Chase, Cui said in an article posted online by CNN on Oct 16 that China has made headway in its reform, while a booming Chinese economy has proved a boon to the US.

The congress, scheduled to open on Oct 18, is expected to unveil a new leadership and set a blueprint for national development for the next five years and beyond.

“We expect the Party congress will illustrate that China’s unrelenting efforts in reform and opening-up has added further momentum not only to its own development, but also to that of the world economy,” Cui wrote.

“By strongly emphasizing our outward-looking vision, this year’s congress promises to continue to bring about win-win scenarios for China and for our partners across the world, particularly the US.”

Cui said, as previously shown, the twice-in-a-decade congress can be the beginning of tremendous determination and development.

For example, when the 18th CPC National Congress concluded five years ago, an ambitious plan was introduced by the current leadership to build a new, open economic system. Since then, he said, the country has turned those ideas into structural reform, economic growth and tangible institutions.

“China’s supply-side reform is actually kicking in,” the ambassador wrote, citing Jing Ulrich, managing director and vice-chairwoman in the Asia-Pacific for JPMorgan Chase.

According to a Sept 14 CNBC report, Ulrich said at the Milken Institute’s Asia Summit in Singapore that the Chinese leadership has been containing capacity growth and closing a lot of factories in the steel and aluminum sectors. “So now, reform actually has come to fruition,” she said.

Cui said China has increased its contributions to international economic governance, especially since the 2012 congress. The country has done this through strong endorsements of globalization and free trade in the international arena, and through groundbreaking endeavors like the Asian Infrastructure Investment Bank to address Asia’s infrastructure needs, and the Belt and Road Initiative to increase connectivity throughout Eurasia, he said.

2.6 million US jobs

Citing figures from the US-China Business Council, a private nonpartisan, nonprofit organization of roughly 200 US companies that do business with China, Cui said 2.6 million US jobs are supported by the China-US bilateral trade relationship.

The ambassador also quoted a report by Oxford Economics for the council in January that said US exports to China are expected to reach more than $520 billion by 2030, as China is expected to continue to be one of the world’s fastest-growing economies.

However, Cui cautioned that the mutual opportunities afforded by a globally engaged China are not always on the mind of the US, citing the recent investigation initiated by the US into intellectual property.

He said the probe “showed the overemphasized trade imbalance between the two countries, the misunderstandings about China’s debt, and the treatment of foreign investment based on each other’s appeals are all major concerns for the bilateral relationship”.

“Through dialogue, our two countries can address these concerns, which in turn will benefit the global economy,” he added.