Sixty years ago, China committed to leapfrogging its economy in a comprehensive reform initiative, the Great Leap Forward. Today, the country is bearing the fruits of those measures as it vies with the US for its title of the world’s most relevant country. In the midst of its Second Great Leap Forward, will China grab the coveted prize?
President Xi Jinping
Emerging markets are already looking forward to 2019, glad to see 2018 nearly behind them. It turned out not to be a good year for emerging markets as a whole, after being on top of the world in 2017. Factors beyond their control—such as the monetary-tightening regime in the United States and high-flying dollar, trade wars and market corrections in developed economies—are largely to blame, but recognizing this will not erase the pain.
Chinese president Xi Jinping calls it the “project of the century”. Part of his roadmap to Chinese prosperity, the Belt and Road Initiative (BRI), presents opportunities not only for Corporate China but for financial institutions and corporates the world over.
“Openness brings progress for ourselves, seclusion leaves one behind. China will not close its doors to the world; we will only become more and more open.”