I want to ask you first in terms of your main take-aways, what do you think the most from president Xi’s speech? Also, would you make of China’s message of economic cooperation and openness at a time of rising protectionism and moderating economic growth, because it is very easy to be protectionist when the world economy slows down.
Yes, indeed. The world is at a turning point, very important turning point. We know that with the bust of economy in recent years, many countries tried to protect their domestic markets through isolation. This may work in a short period, but it won’t work for long time. We can see from history that what happened after the great depression in the last century? With all these countries raised their tariffs, what happened? The whole world suffers and the war comes. Now China raise a new proposal to solve this problem. You can see that President Xi jinping has proposed three things in this CIIE conference. The common things in his three proposals are — to build a new open world economy, this is the common thing in his proposal. This indicates that China tries to solve the problem, try to solve the slowdown of the world economy together with other nations, not isolated. We can also see that President Xi jinping uses Cooperation, innovation and mutual benefits to describe three proposals. Let me use a metaphor to explain that. If you meet a new person, maybe the best way to start is to build trust through cooperation. If you become friends, let’s do some business together and do innovation and share the risk and burden. If you become family or good friends, then you should not only care about yourself, but also the others’ interests.
In President Xi's speech, he cited examples suggesting China has honored its promises made in the first CIIE about further opening up. Given that this year has attracted even more participants, do you think the event can further increase China's business dealings around the world?
Trust is very important in business, it is the crucial thing. Lack of trust may result in lots of problems, such as ambiguity aversion or prisoner’s dilemmas. China’s promise significantly strengthens the trust between China and foreign companies. Whenever foreign companies face problems, they will try to negotiate, communicate or talk to the Chinese government rather than escape the market. On the other hand, we know that this promise can serve as endorsement for foreign companies, so that Chinese customers will be more willing to buy foreign products. Therefore, I believe these business dealings will go further in the future.