Hopes voiced for next five years

Charles Foster, chairman of US-China Partnerships and a board member of the Asia Society-Texas Center [Photo/China Daily]

A1 The foreign policy initiative of President Xi Jinping that I have been most impressed with over the past year has been his willingness to take major steps to end corruption. This is most critical for China, as large-scale corruption undermines the best of programs and morale in society in general. Thus, I think it was a critical decision for Xi to root out corruption not only at the rural levels but also at high levels in order to establish a mindset that corruption cannot be business as usual.

A2 There are so many, just like for the United States. Again, I think doing more of what has already been initiated but in a much larger, comprehensive way, and that is a total war against pollution in major Chinese cities. Again, the highly publicized episodes of unacceptable, and even dangerous, levels of pollution, particularly in the capital city of Beijing, is something that affects all of the populace, no matter what their status in life.

Clearly this is an issue that took years to occur and is difficult both in terms of cost and scientific challenges. I think it is critical for the government to create a comprehensive plan that will give the general populace an expectation that the issue of unacceptable and dangerous levels of pollutants will be dealt with within a reasonable time frame irrespective of what will clearly be a huge financial cost.

In fact, such a project, if handled properly, could be an overall stimulus to the economy and could stimulate development of new technologies, as well as deal with an issue that affects all developed and undeveloped countries across the globe. It could be the equivalent of a moon shot.

A3 One thing I have learned over the years is that commentators are often quick to write off China and to be overly pessimistic. Thus, I am somewhat confident and hopefully not overly optimistic that the Chinese economy will rebound in 2016 for the benefit of not only the Chinese people, but for the global economy as well.

A4 The opportunity that is most important in the US in general, and Texas and Houston in particular, would be the fact that the extraordinary development of the Chinese economy and creation of extraordinary wealth has now created conditions for Chinese companies and nationals to make significant foreign investments overseas, just like the US and Western countries have made significant investments in China. Chinese nationals and companies are already making such investments, and while there are always issues, overall investments are a win-win for the US. Chinese companies diversify their risk, gain legal access to technologies, and the US is able to gain additional sources of capital. For the US, it is a chance to further balance the trade between our two countries. These opportunities are particularly opportune for China today, and Texas, given the low price of energy, which creates opportunities for Chinese investment in order to solidify the future oil and gas energy needs of China at bargain rate prices.

A5 I would ask what plans China has to allow the yuan to fall further, and whether it is still considered to be overvalued against the US dollar.

I would also ask about plans to modify current restrictions on the ability of individual Chinese nationals to transfer funds abroad for investment or other opportunities.