Wei Jianguo: China’s Economy Will Be Better Next Year

On November 30th and December 1st, IFENG News, Advanced Institute of Finance of Shanghai Jiaotong University Shanghai and Oriental Pearl co-hosted the “Transformation and Dream: 2019 IFENG Finance Summit Forum”. Wei Jianguo, Vice Chairman of China Center for International Economic Exchanges and former Vice Minister of Ministry, made a speech at the summit.

Wei Jianguo said that the economy will be better next year and there are three reasons for that.

First of all, many people worry about China’s economic performance and some experts say that economic growth will be under 6 percent next year. However, I think that the overall economic situation next year will be better than this year. The economy may experience a slow growth at the beginning of 2020 but will speed up later due to the supporting policies of the government, such as policies for supporting private enterprises, making greater financial reform and opening up and promoting the Belt and Road Initiative. These policies will play a significant role in promoting China’s economy and it should not be very difficult for China to achieve a GDP growth of 6%.

In addition, the manufacturing PMI reached 50.2% and will be better in December, which shows that the government has strengthened supply-side reforms, intensified the development of the real economy, and accelerated the reform and opening-up of the financial industry.

The China-Japan-Korea Free Trade Agreement is likely to be concluded next year. The three big economies, China, Japan and Korea will make East Asia a competitive participant in the international economy and hence, the focus of the global economy will shift from west to east. The era of Asia will come and the overlapping effects of policies will appear next year.

Thirdly, there will be greater reform and opening-up and more support for the real economy and financial industry.

In the end, Wei Jianguo concluded that most people only believe in “seeing is believing”, only a few people will still make continuous effort even if something has not been realized yet because they believe what they believe. So, we have people like Ma Yun and Ma Huateng in China, Steve Jobs, Bill Gates, and Mark Zuckerberg in the United States. Most people only act according to the existing rules of the game, but some people are doing whatever they can to explore new rules, and they made it.