Chinas Economy in the Year of the Monkey

Diskussionsrunde BC-Fest16

Some Impressions from the Bavarian-Chinese Spring Festival 2016 in Munich

A warm welcome of the new Chinese year of the monkey was celebrated at the Bavarian-Chinese Spring Festival on March 3, 2016 with about 600 guests in Munich.

The entertaining evening program was complemented by an talk of the Chinese-German Journalist Felix Lee and a high-grade panel discussion.

The overall question was: Which path will China  take, facing the declining economic growth and the challenges in the country? In his talk “We will manage it! China on its way to a new economic framework”  Felix Lee emphasized that although the growth rate is declining, an economic growth of 6.5%  is still expected and has also been defined in the new 5 Years Plan for each year. This is more than any European country may dream of and may be better for the Chinese society and environment on the long run than a two digit megagrowth per year. China is changing from the global workbench to a society where service, innovative technologies  and consumption will be the main drivers.

According to his studies the atmosphere among Chinese people is not affected by these overall tendencies. At Chinese New Year more electronic Chinese Hong Baos, the red envelope containing a gift of money, have been exchanged than ever before: 8 Billion hong baos were sent by using WeChat at New Year’s eve!

In the panel discussion representatives of the Bavarian Ministry of Economy, Invest in Bavaria, the Munich City marketing and representatives of Huawei and a German Company took part. Walter Haas, CTO of Huawei, emphasized the commitment of Huawei in developing the new mobile communications standard 5G in cooperation with the Bavarian Ministry of Economy and leading German companies like BMW. 5G will play a key role in assisted driving technologies and in Industry 4.0.

Copyright Photos: Left side: Chinaforum Bayern, Klaus D. Wolf, Andreas Schebasta; right side: F.-H. Wu-Hoffmann