- POSTED: 13 Sep 2013 19:31
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The three-day World Economic Forum (WEF) Summer Davos session in Dalian has come to a close. Most delegates walked away optimistic about China's economic outlook and are looking forward to the policy reforms the government is expected to implement in the months ahead.
DALIAN, China: The three-day World Economic Forum (WEF) Summer Davos session in Dalian has come to a close.
Most delegates walked away optimistic about China's economic outlook and are looking forward to the policy reforms the government is expected to implement in the months ahead.
One key issue that was discussed at the forum is whether China can continue to grow and are its new policies by the new government enough to bring the country to its next stage of development.
China Premier Li Keqiang has reaffirmed that even though China's economic foundation for rebound is weak, the country is committed to reforms and that message seemed to have resonated well with delegates, particularly in the area of market liberalisation.
WEF’s chief economist Jennifer Blanke said: "Probably financial markets will be the first to see a bit of a change in terms of interest rates and exchange rates. I'm hoping in the product market area as well, this is something that can be tackled with earnest. But we're waiting and seeing and eventually this will have to happen in China because this is a globalised world and either you're competitive or you'll eventually pay the price. "
One of the main policy push to growth is urbanisation and businesses are convinced about its prospects.
Dalian Wanda Group’s chairman Wang Jianlin said: "If people can get social security, for the real estate sector -- if we can understand the opportunities, that will be huge.
“I work in retail, which is both an investment and an enterprise. A small shopping complex hires 7,000 to 8,000 people and will have hundreds of shops. This will have implications down the line on suppliers and the manufacturing sector."
With all that has been said and done at the forum, businesses and the world will be keenly watching policymakers in China to see how they turn those promises into action.