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Grasping Development Opportunities in the Post-Crisis Era


Grasping Development Opportunities in the Post-Crisis Era

Long Guoqiang, DRC


After the financial crisis in 2008, globalization came to a crossroads with global economic development becoming decelerated and imbalanced. The de-globalization and anti-globalization move began to impose an impact on global economic performance as well as on the domestic political situation and economic policy of those countries that once led globalization drive. At any time, we need to guard against risks resulting from globalization, but we also need to take the initiative to grasp the opportunities brought about by globalization. The information technology revolution has brought us both risks opportunities. In view of the history of human development, the long cycle mentioned by economists is driven by a major technological revolution.

The information technology revolution, an epoch-making revolution, means that mankind has entered an information era, which has a profound impact on people's lives. We need to keep an eye on the opportunities brought about by information technology.

The opportunities for development emerged in the post-crisis era need to be grasped. At present, the global economy is facing many challenges after the financial crisis. Though China is losing comparative advantage, we should not forget to look at the other side of the coin. 1. The strategy of “bringing in” foreign investment and encouraging companies to “go global” has brought us many strategic opportunities, and our main task is how to stimulate innovation and vitality, improve competitiveness, and realize the upgrading of industrial structure. 2. After the crisis, a large number of talents moved to China, the number of returned overseas students increased more than ten times in the past ten-odd years. In addition, a large number of multinational executives and researchers came to and settled down in China. 3. Viewing from the implementation of “going global” strategy, the Chinese enterprises took the opportunity to integrate global resources and markets through M&A, the establishment of R&D centers and the provision of investment.

A big power needs to have the awareness and ability to create opportunities. China used to be a country with weak economic strength and limited political influence in the world. After decades of development, we have become an economic and trade power as well as a political power with strong political influence across the world. As an emerging power, we promoted globalization and regional cooperation through launching the intelligent concept of the Belt and Road Initiative. The concept of openness, inclusiveness and mutual benefit and the principle of co-construction and common sharing proposed by China are different from the globalization advocated by the United States. President Xi Jinping pointed out at the World Economic Forum held in Davos that China’s door will remain open to the world, and will not be closed. He further mentioned that people in the world should continue to make efforts to press ahead with globalization. His remarks aroused positive response in the international community.