Insights | Robert Kuhn: Private business of great significance in achieving common prosperity

2023-03-13 Editor : Chen Tianhao ECNS App Download
Special: Two Sessions 2023

By Chen Tianhao

(ECNS) – Over the past three decades, Robert Kuhn, a famous U.S. strategist and banker, has been focusing on China's economic development. In his eyes, China has made great economic progress, which is of great significance.

During the exclusive interview with China News Network, Kuhn shared his observation of China's development and prospect. Kuhn thinks "China's economy is the most important thing for Chinese people and for the world", pointing out that China's GDP has risen from less than 2% of the world GDP in 1978 when the reform and opening up began to 18.5% in 2021.

Despite challenges during the past three years, Kuhn notes that China's economy still makes steady growth. What should China do to keep growing its economy and driving ahead the world economic recovery?

To answer the question, Kuhn points out that "there's no question of the importance of private business in China," citing a series of statistics from his previous research: 50% of the fiscal revenue of the government, 60% of the GDP and investment, 70% of the industrial upgrades and innovation and 80% of all the jobs come from private businesses.

In addition, Kuhn says, "the innovation that has come from private companies has become a very high percentage of the innovation of the total country", and there's "a recognition that the private sector is really driving the economy's innovation".

Therefore, Kuhn sees "Chinese government making important moves in terms of supporting the private business with words and actions." For example, "the government will support small and medium-sized companies, the newer stock markets will focus on them, and bank lending and policies at local and national levels will support them".

Speaking of common prosperity, Kuhn thinks that the Chinese government "wants to grow the Chinese economy and have fairness and distribution, which reflects the deep, underlying philosophy of the Communist Party of China as a socialist party".

"How to balance common prosperity and private business is a continuing issue. There's no simple answer", Kuhn says, "because circumstances change and you have to adapt your policy."

Digital economy is the area of China's future growth and a vehicle for common prosperity: Robert Kuhn (Photo: China News Network/Wang Luyao)

And Kuhn also notices the development of e-commerce in China, pointing out that many companies in villages and towns are looking for opportunities online to sell their products all over China. For them, "this is revolutionary," says Kuhn.

According to statistics Kuhn provides, China's digital economy has taken up "38% of the whole GDP". He adds that "it is the area of China's future growth and a vehicle for common prosperity, because there's no better way to integrate China's vast rural areas into the total economy than through the digital economy".


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