China, Europe and the Netherlands: Opportunity Is Knocking at Our Doors

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Apr. 2015 No.12 ISSN 2095-4212 www.boaoreview.com
China, Europe and the 
Netherlands: Opportunity Is 
Knocking at Our Doors
Mark Rutte
Prime Minister of the Netherlands
The Past, Present and Future 
of Global Governance
Pascal Lamy
Former WTO Director-General
From Old Patterns to the New 
Normal: An Unusual Opportunity 
to Invest in China
John Zhao
CEO of Hony Capital
Asian Integration,
Offshore Renminbi, 
and Infrastructure Finance
Ravi Menon
Managing Director of Monetary 
Authority of Singapore
Financing and Planning the 
Construction of the Silk Road 
Economic Belt
Hu Huaibang
Chairman of China Development Bank 
April 2015
Solving Global Economic 
Challenges with 
Innovation and 
Dynamism
Edmund Phelps: Each of the world’s major economies 
–the EU, America and China–is slipping into its own 
“new normal”. They must begin to find ways to expand 
their indigenous innovation from the elites in the tech 
industries to all kinds of industries and all sorts of people 
down to the grassroots of society.

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Apr. 2015 
  001 
WWW.BOAOREVIEW.COM
Cover
Edmund Phelps: 
Money has become the metric for assessing a person’s success 
and main satisfactions. Pathological materialism leads to rampant short-termism 
in business and finance. Each country must expand its indigenous innovation 
from the elites to the grassroots of society to regain wide prosperity and mass 
flourishing.
Macro Economy
Hu Huaibang: 
The CDB is ready to work with all parties to open 
up innovative and pragmatic co-operation, to actively participate 
in the construction of the historic Silk Road Economic Belt, and to 
make ever greater contributions to the long-term prosperity and 
development of the SCO region.
048
102
Finance
Investment 
John Zhao: 
The real Golden Age of investment in China has 
only just begun. Both “going out” and “attracting in” offer 
a historical opportunity to further integrate China into the 
global economy.
Ravi Menon: 
The increasing integration between China and ASEAN 
coupled with the growing importance of financial services in Asia has 
underpinned the growth of the offshore Renminbi market and the 
development of infrastructure financing in Singapore’s financial center.
Contents
040
014
Mark Rutte: 
The Dutch business representatives who will be 
accompanying me to China join me in looking forward to strengthening 
our existing ties and exploring new opportunities to work together. I 
sincerely hope that, true to tradition, this Year of the Sheep will indeed 
bring favorable winds that will carry both our economies forward and 
enhance our relations in every aspect.
Pascal Lamy: 
Acknowledging and understanding our ethical differences 
is a prerequisite to attempts to find an acceptable point of convergence. 
This attempt at acknowledging and understanding is probably the most 
valuable contribution our global system could make to improve global 
economic, political, and social integration in order to ensure the best 
possible future for the generations to come.
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 Contents
GDP
002 
  Apr. 2015
040 Europe, America and China Have 
the Same Economic Problem
Edmund Phelps: Each of the world’s major 
economies – the EU, America and China – is 
slipping into its own “new normal”. While they 
offer an escape from poverty, all of them are, to 
varying degrees, lacking in human flourishing.
Information
010  
Boao Salon – 2015 Inaugural Event   
013 
Think Tank
018 
The Past, Present and Future of Global 
Governance
Pascal Lamy: While many of the answers to globalization’s 
questions reside within domestic political systems, our 
current global governance system is insufficient to address 
borderless challenges. Globally, we should focus on 
maximizing the utility of our present system and find an 
acceptable point of value convergence, to improve global 
economic, political and social integration. 
022 
Financing and Planning the Construction of the 
Silk Road Economic Belt
Hu Huaibang: The grand idea of a Silk Road Economic 
Belt has already progressed from a simple initiative to its 
implementation phase, and as the largest investment and 
financing mechanism within the framework of the Shanghai 
Cooperation Organization (SCO), the SCO Interbank 
Consortium needs to play a positive and active role in this 
development.
026 
Economic Prospects for India in 2015
Ajit Ranade: When most parts of the world are experiencing 
a slowdown, India and China’s share in the global economy 
will increasingly mirror their population share. In particular 
for India, its growth will provide much of the growth 
impetus in Asia due to falling crude oil prices, government 
reforms and reaping demographic dividends.
030 
The Debt-Based-Growth Model Comes to an End
Gabriel Stein: The world may be facing a secular change, 
away from debt-based output growth of over two decades. 
Some of the consequences of such a shift would involve 
lower long-term interest rates, a change in the role of banks, 
and possibly shifting housing patterns.
Cover
036 
Why Grexit Would Not Help Greece 
Guntram Wolff: An exit is unlikely to help the Greek 
economy much, as devaluation would not help regain its 
competitiveness, and exports would not react considerably 
to changes in wage costs due to the sclerotic economy.
Contents 
Macro Economy
014 
China, Europe and the 
Netherlands:Opportunity Is 
Knocking at Our Doors
Mark Rutte: The Netherlands has always 
had a special place for China as a gateway 
to Europe. With closer ties, and in terms of 
personnel, trade and business facilitation, 
China and the Netherlands can face the same 
challenges together, and offer opportunities 
to businesses in diverse fields.
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