00:00Welcome to Qianjun, Professor of Finance and the Executive Dean at the International School of Finance of Fudan University.
00:07Professor, welcome. Lovely to have your company.
00:10What do you make of the recommendations for China's five-year plan?
00:16Good to be with you.
00:18So, like the previous five-year plans, it does two things.
00:21It offers a set of goals and ways to achieve these goals.
00:25So, I think there are two critical areas to realize these goals.
00:31One, as you have mentioned, discussed, we're going to build a set of new industries based on technology advancement.
00:40That's one.
00:42And two, it's also very important to build the domestic market.
00:48And in building the domestic market, hopefully, the Chinese economy can transform from an investment-driven growth to a more consumption-driven growth model.
01:01What about the support for the private sector and this acceleration of China's transformation into a financial power?
01:10So, this is a great question.
01:14So, I think in both of the areas we just talked about, building the modern industrial sectors and also in domestic market, private companies play a very important role.
01:28So, China is leading in technology in production in many areas related to EV and BYD from its get-go, from its starting point, remains a private company.
01:44And you see a lot of other private-owned companies thriving in many other areas of adopting technologies.
01:53And, of course, in consumption, that's certainly the case.
01:56But in terms of building the financial power, domestically, there are five areas that we're trying to build.
02:05And I think globally, you will see maybe faster pace in terms of R&B internationalization.
02:12I want to ask you about this objective around China becoming self-reliant in core sectors.
02:20What should the rest of the world make of that?
02:22I think ideally, you want all the superpowers of the world to cooperate with each other.
02:34At the moment, that's certainly not the case for one of the superpowers.
02:39So, I guess China has to emphasize self-reliance.
02:44At the same time, as Chinese firms go in abroad to new areas, new markets, they will bring these homegrown developed technologies wisdom.
02:57And hopefully, people around the globe, outside China, will also be able to enjoy the benefits brought about by these technology advancements.
03:08Professor, great to talk to you, and thanks so much for your time.
03:13Chian Jun, Professor of Finance and Executive Dean at the International School of Finance of Fudan University.
Comments