Paulson optimistic about China's Twelve-Five plan

CCTV broadcast two sets of financial program "dialogue", around the Boao Forum for Asia Special Planning, the former U.S. Treasury secretary, the Boao Forum for Asia, Paulson and other global dignitaries, business leaders, received the host Chen Weihong interview and answer the audience questions.　　Mr Paulson said China's economic growth needed to be more beneficial to the people's livelihood and was optimistic about the "Twelve-Five" plan. The Boao Forum is the first group to join after retiring from office, hoping to continue to contribute to China-US relations: The New Directors list includes former Russian prime Minister Cerno Merkin, former French prime Minister Raffarin, and you.　　Why did you choose the Boao Forum for Asia as a director? Paul: The Boao Forum is the first organization I joined after retiring from the position of finance minister, and I am very interested in non-profit organizations like the Boao Forum. In the past 20 years, China-US relations have become more and more important, I hope to continue to contribute to the Sino-US relations, to participate in the Boao Forum will allow me in a very short time with the entire Asian government leaders and business leaders, as well as the academic elite to communicate.　　It should be said that each of our new directors are coming with a sense of mission, all with a responsibility. Inclusive growth should be more beneficial to the livelihood of savers than inflation. Chen: Asian countries have been developing faster over the years. But the growth imbalance is also getting worse.　　In terms of GDP growth, Asia's fastest annual growth rate of 11%, the slowest only 0.8%, 14 times times worse, in the face of such imbalances, the new theme of the concept of inclusive growth of Boao can really run through the regional development of Asian countries in the process? Bao: Now the development of the state is unbalanced, the widening gap between rich and poor, how to find a balance in the gap, different countries have different policies, for China needs to make economic growth more inclusive, more can benefit people's livelihood, raise wages, gradually relax interest rates, gradually open up the capital market,　　This will allow Chinese savers to get more out of their bank deposits than inflation, giving Chinese citizens a stronger guarantee of health care and pensions. China's new problem is the speed of speed reform when it matches with economic development Chen: After the rapid economic development of the 30, China is now entering a new stage of development, but at the same time we have seen many new challenges.　　Which do you think is the biggest challenge in China's development process? Bao: I think in many ways, China is a miracle of economic development, China is the world's second largest economy, it is difficult to imagine such a large economy is a developing country, per capita GDP in the world around 100. The problem in China is the speed of development.　　In my opinion, China's challenge, how to grasp the progress of reform, how to let the pace of reform and economic development match. The savings rate in the United States is low, and people tend to consume rather than save. If China's social security system is more mature, Chinese investors and savers will have more financial instruments and more sophisticated financial markets to gainMore investment returns and more resistance to inflation.　　So freeing up markets to allow foreign investors to compete freely in China's capital markets is not tantamount to deregulation, because China can decide how to regulate, and I think competition will benefit society as a whole, as well as improve the efficiency of financial markets, bring in more investment products and benefit the public.　　Audience: Twelve-Five Planning is a major plan for China's development in the next five years, what are your concerns about this content? Paul: I am optimistic about China's "Twelve-Five" plan because it emphasizes inclusive development and also emphasizes the development of renewable energy and environmental technologies, which I think are crucial issues in China's economic restructuring. In the past, when China's economy relied on low-cost export advantages, it is now time to expand domestic demand, produce high-value-added products and carry out technological innovations that are easier said than done, but the "Twelve-Five" plan is a blueprint for inclusive growth in many ways. Ma Yan Finishing