President Xi calls for 'unified national market'

CGTN Europe

CGTN discussed the latest with Xiaolin Chen, Head of International, KraneShares

Transcript

00:00Well, let's talk now to Xiaolin Chen, who's head of international at CraneShares.

00:04Good to see you again, Xiaolin. So lots to break down.

00:06Let's start with this push on advancing the marine economy that's been announced.

00:12What does that consist of and why is it happening now?

00:16Thank you again for having me on your show.

00:19I think China is clearly aimed to diversify its economic activity.

00:23Now tapping into industries like shaping fisheries, offshore energies,

00:27and now marine tourism, so on and so forth.

00:30To encourage this bit of a marine economy that can contribute quite significantly to its GDP.

00:36Obviously, some of the other old or per se traditional sectors in China seem to be slowing and growing in recent years.

00:44So this is another way of diversifying its own activity.

00:49Obviously, encouraging this marine economy can clearly encourage technology, innovation,

00:55and also infrastructure developments.

00:58Such activities will be vital to enhance China's trade capabilities and connectivities with the global market.

01:06Given all these geopolitical tensions and certainties outside of China in economic terms,

01:12that's encouraged China to look at alternative ways or other options out there.

01:17And there's been an announcement too, hasn't there, that China is going to build a unified market.

01:23What will that consist of?

01:24This is clearly a system, or they have been, I think, long,

01:30they should be looking into this activity with a goal to at least smoother domestic trees

01:36and reduce geopolitical or regional, excuse me, reduce regional disparities

01:41to basically enhance efficiencies to basically enhance efficiencies to make the economy more resilient.

01:46Obviously, that make the domestic transactions more unified in a way to remove the challenges they have been facing.

01:54This can support China's transition to consumer-driven economies by enhancing this consistent standard

02:00and make the market more accessible across regions and globally.

02:04So, we'll make the standards and the way of the systems, the language we speak,

02:09to do business more globally, more unified, more easy to transact.

02:14So, you say this move will make it easier globally.

02:17How could it make it easier for European companies specifically to do business with China?

02:21There's a lot of challenges, obviously, one, systems-wise.

02:26This is the goal to say, system-wise, we should unify, at least we should look at how we can align

02:31or connect with the global standards to make, you know, particularly, you know, certain crucial auditing services.

02:39Some of us, we speak the same language or the same language.

02:42So, when investors are assessing corporates in China, they can make sure they understand the same standards being used here.

02:48That's one. I think the second is the languages, time difference and culture and so on and so forth.

02:52These have all been put into agenda to say, you know what, China is open and aim to connect with the rest of the world.

02:58Europe and China has been long-term trading partners for decades.

03:04And this is the way now both sides can get their voice heard and get into practice to get things fixed

03:10or amended in a way of understanding each other and then carry on business fundamentally.

03:16So, these are big changes, aren't they, to the way the economy is run.

03:20What will they mean at home for China?

03:25China has wanted to find one different way, the alternative source, that they can continue to grow on the economy externally.

03:36That's one.

03:36Second, they have always been focusing on how domestically they can boost their economy so they can continue to grow

03:41and at the same time achieving another dual mandate to rebalance this economy to consumer-driven.

03:48So, this would mean a lot for China at a very important time that they face external challenges

03:53and try to boost domestic economy and at the same time try to put the framework into the right place

03:59for them to continue to connect with the global market.

04:02Like the marine system, they're trying to showcase to say, you know what, we put this on the agenda,

04:09we have the capability to connect with the rest of the world.

04:12I think the right step has been taken now, at least the right initiative has been activated here.

04:18Now we've got to watch very closely to the details, how they're going to implement,

04:21how quickly this can be put into effect.

04:24Charlene, great to talk to you as always, Charlene Chen there, Head of International at Crane Chess.

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