Dean Cheng Siwei gave a speech about China’s Economy at the Ask and Learn Podium held by the School of Management, Fudan University on April 6th.
Dean Cheng held that the domestic economic situation is still serious in 2012, and to respond to this situation we must change the mode of economic development and deepen the reform and opening up.
He proposed that influenced by Europe debt crisis, the international economic growth this year will decrease. "Last year the global economic growth was around 4%." Prof. Cheng speculated that this year the world overall growth would sustain at 3%.
Due to the reduced benefit of investment, environment factors and inflation, domestic economic situation is also not optimistic. How should we deal with the serious economic situation? Cheng put forward his opinions in the speech.
He believed that, firstly, we must transform the pattern of economic development. At this point, Cheng raised three "transformation", and they are: from over-reliance on overseas demand to reliance on domestic demand; from epi-type growth to quality-type growth; from exogenous power to endogenous power.
The second strategy Cheng proposed was continuing to promote and deepen the reform and opening up. He said, the relationship between legal system and human system should be dealt with appropriately; great efforts should be made to control corruption, and the relationship between fairness and benefits, the government and the market should be coped with suitably as well.
Even though the economic situation is grim, this famous expert in Economics called himself "prudent optimist" at the end of his speech, and he is in great confidence of China's economy, "I believe when winter comes, the spring is not far away."
