Discussing Global Opportunities in Deepening China’s Reform

China Media Group, along with Bank of China, U.S.A., hosted a dialogue themed “Global Opportunities in Deepening China’s Reform in the New Era” in New York City on Monday, July 22. Dozens of top American experts in China relations, academia, and business gathered at the event to discuss key takeaways from the third plenary session of the 20th Central Committee of the Communist Party of China (CPC) and discover new opportunities for global development brought by China’s deepening reform.

The event was held following the third plenary session, which took place in Beijing from July 15 to July 18, 2024, and adopted a resolution on further deepening reform comprehensively to advance Chinese modernization.

Shen Haixiong, President and Editor-in-Chief of China Media Group, delivered a video speech at the event, pointing out that Chinese President Xi Jinping has said, “Reform and opening-up, China's second revolution if you like, has not only profoundly changed the country, but also greatly influenced the whole world.” In addition, he highlighted the significance of the comprehensive deepening of China’s reform in the new era, stating that it is the key move to fully promote China’s national rejuvenation and build a great country through Chinese modernization. He stressed that China’s reform will provide a global boost in exploring paths to modernization and better social systems, offering new opportunities, and injecting new momentum for the development of all countries.

“As the world's largest comprehensive media conglomerate, and with the largest portfolio of media and related businesses and the widest coverage, China Media Group has been striving to tell the story of China's reform and opening up, telling the story of Chinese modernization, and actively building bridges and ties for exchanges, dialogue and mutual learning between China and the world,” Shen added.

In a video speech, Chinese Ambassador to the U.S., Xie Feng, stated that the third plenary session held in Beijing recently was a full success and attracted global attention. “This dialogue series is a good opportunity for us to exchange views on this important meeting and the global opportunities from China’s deepening reforms,” he said.

Xie emphasized that this pivotal session was held at a critical time, as the country is striving for national rejuvenation through Chinese modernization. He noted that the most important outcome of the meeting was the adoption of its Resolution, a blueprint for further deepening reform comprehensively to advance Chinese modernization. He explained the significance of this third plenary session, saying that the session speaks to the strong determination of the Central Committee with President Xi Jinping at its core to deepen reform, and the meeting is a step-forward in China’s consistent reform efforts and its pursuit of Chinese modernization.

Robert Lawrence Kuhn, chairman of the Kuhn Foundation and recipient of the China Reform Friendship Medal, explained China’s reform and its impact on the international business world in his keynote speech. He stated that as a witness and researcher of China's poverty alleviation, he is confident about China's mid- to long-term development plans built on high-quality development and new productive forces, encouraging American companies to seize the opportunities China's reforms bring to the world and invest in China.

Stephen Kennedy Smith, Chairman of New Frontier Bio and board member of the John F. Kennedy Library Foundation, highlighted the critical role of communication and dialogue in the development of China-U.S. relations. He said that the meeting between Chinese President Xi Jinping and U.S. President Joe Biden in San Francisco in 2023 helped de-escalate the dangerous amount of mistrust and miscommunication between the two governments, thereby stabilizing the global economy. He called on China and the U.S. to work together to promote cooperation and innovation, both in the private sector and through government-to-government relations, and build a relationship rooted in maintaining peace, confidence, and mutual prosperity.

The event also featured a panel discussion, providing an abundance of insights and knowledge on China’s reform and opening-up. It included contributions from Anthony Moretti, Associate Professor of Communication and Leadership at Robert Morris University, William Jones, former Washington Bureau Chief for Executive Intelligence Review, and Anthony Chan, former Chief Economist at JPMorgan Chase.

Professor Moretti praised China’s commitment to alleviating poverty, stating that long-term solutions are essential and China has prioritized this goal consistently over decades. He noted that China’s current success is based on strategic foresight planned 10 or 20 years in advance, and this commitment to long-term planning will eventually benefit its people and society.

Anthony Chan highlighted China’s industrial transformation towards smart manufacturing, citing progress in producing solar panels and electric vehicles to promote a green economy. He observed that this momentum extends to many other areas in science and technology. Chan added that China is no longer trying to make products better, but also creating new ones through innovation and technology that will meet global needs and really make a difference.

William Jones discussed China’s new productive forces and high-quality productivity, emphasizing the country’s focus on fostering creativity to push the boundaries of current knowledge and advance scientific frontiers. Since China’s reform and opening up, its policy of prioritizing science and technology has enabled it to leapfrog from a relatively impoverished country to the most important economy in the world. Jones also highlighted the expansion of China’s Belt and Road Initiative, noting its boost to global connectivity and the creation of alternative financial arrangements outside the dollar system. He stressed that it’s a new world in transition and called on nations to adapt and engage with these changes for mutual benefit.

Student representatives from universities in the U.S., including Massachusetts Institute of Technology, Georgetown University, and New York University, attended the event. Some expressed their desire to study and work in China, calling for more student exchange programs between the two countries.

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