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France-Chinese Economy
Paris, France - May 21, 2019 (CCTV - No access Chinese mainland)
1. Various of Organization for Economic Co-operation and Development (OECD) forum in progress
2. Various of OECD chief economist Laurence Boone speaking
3. SOUNDBITE (English) Laurence Boone,chief economist, OECD (partially overlaid with shot 4):
"The more an economy develops then catches up with advanced economies, the less it relies on export-driven growth and manufacturing, and the more it will rely increasingly on services and consumption. So we're moving away from an export-driven development model to a consumption-driven model. It's good because that way China will depend less on its export market, and it's also a sign that China's population is becoming richer and feeling better."
++SHOTS OVERLAYING SOUNDBITE++
FILE: China - Exact Location and Date Unknown (CCTV - No access Chinese mainland)
4. Various of customers shopping in supermarket
++SHOTS OVERLAYING SOUNDBITE++
Paris, France - May 21, 2019 (CCTV - No access Chinese mainland)
5. Boone speaking at OECD forum
6. Attendees
7. SOUNDBITE (English) Laurence Boone, chief economist, OECD:
"We are seeing the global uncertainty derive from trade having an impact on the U.S., and I'll give you an example. If you look at the first quarter, GDP growth looked good, but there was a lot of stock building when we look at the strength of internal demand, so private consumption and private investment, you can see that this is waning already."
8. Various of Angel Gurria, OECD secretary general, speaking at forum
9. SOUNDBITE (English) Angel Gurria, secretary general, OECD (partially overlaid with shots 10-11):
"The trade tensions create uncertainty. Uncertainty is the greatest enemy of growth. Protectionism is bad for growth. Protectionism is bad for development. The benefit of liberalization is even higher than the damage of protectionism. So the world has a lot to gain by opening up, by continuing to liberalize trade. I agree that liberalization is a better way, and I agree that multilateralism is a better way."
++SHOTS OVERLAYING SOUNDBITE++
10. Gurria speaking at forum
FILE: Ningbo City, Zhejiang Province, east China - Date Unknown (CGTN - No access Chinese mainland)
11. Various of cargo ships, containers at Ningbo-Zhoushan Port
++SHOTS OVERLAYING SOUNDBITE++
Paris, France - May 21, 2019 (CCTV - No access Chinese mainland)
12. Various of OECD forum in progress
13. SOUNDBITE (English) Laurence Boone, chief economist, OECD (ending with shot 14):
"Because the production chains are very integrated, so it would be much better if everybody was sitting around the table to negotiate. There are issues to discuss. It's much better to do it in a multilateral way, because everybody is concerned."
FILE: China - Exact Date and Location Unknown (CCTV - No access Chinese mainland)
14. Aerial shots of cargo ship, port
Officials from the Organization for Economic Co-operation and Development (OECD) expressed confidence in China's economic development amid U.S.-China trade tensions.
On Tuesday, the organization delivered its Economic Outlook report, which expects China's economy to grow by 6.2 percent in 2019 and 6.0 percent in 2020.
The OECD forecasts the U.S. economy to grow by 2.8 percent in 2019, down slightly from 2.9 percent in 2018. It also predicts that the U.S.'s economic growth rate will drop further to 2.3 percent in 2020.
OECD chief economist Laurence Boone said that while China's economy is slowing down, it's also re-balancing.
"The more an economy develops then catches up with advanced economies, the less it relies on export-driven growth and manufacturing, and the more it will rely increasingly on services and consumption. So we're moving away from an export-driven development model to a consumption-driven model. It's good because that way China will depend less on its export market, and it's also a sign that China's population is becoming richer and feeling better," said Boone.
According to the OECD report, the U.S.-China trade dispute will not only hurt the Chinese economy, but it will also directly damage the U.S. economy.
The OECD also said that under the current situation, U.S. consumer prices will rise by 0.3 percent in 2020, which will impact the real economy in the U.S.
"We are seeing the global uncertainty derive from trade having an impact on the U.S., and I'll give you an example. If you look at the first quarter, GDP growth looked good, but there was a lot of stock building when we look at the strength of internal demand, so private consumption and private investment, you can see that this is waning already," said Boone.
OECD secretary general Angel Gurria said that the uncertainties brought about by the trade dispute have dragged down global growth. He called countries to solve problems through dialogues, to reduce challenges to the current multilateral trading system.
"The trade tensions create uncertainty. Uncertainty is the greatest enemy of growth. Protectionism is bad for growth. Protectionism is bad for development. The benefit of liberalization is even higher than the damage of protectionism. So the world has a lot to gain by opening up, by continuing to liberalize trade. I agree that liberalization is a better way, and I agree that multilateralism is a better way," said Gurria.
Boone also echoed the need for multi-party negotiations and a renewed commitment to multilaterism to tackle global issues.
"Because the production chains are very integrated, so it would be much better if everybody was sitting around the table to negotiate. There are issues to discuss. It's much better to do it in a multilateral way, because everybody is concerned," said Boone.
France-Chinese Economy
Dateline : May 21, 2019/File
Location : France
Duration : 2'46
Paris, France - May 21, 2019 (CCTV - No access Chinese mainland)
1. Various of Organization for Economic Co-operation and Development (OECD) forum in progress
2. Various of OECD chief economist Laurence Boone speaking
3. SOUNDBITE (English) Laurence Boone,chief economist, OECD (partially overlaid with shot 4):
"The more an economy develops then catches up with advanced economies, the less it relies on export-driven growth and manufacturing, and the more it will rely increasingly on services and consumption. So we're moving away from an export-driven development model to a consumption-driven model. It's good because that way China will depend less on its export market, and it's also a sign that China's population is becoming richer and feeling better."
++SHOTS OVERLAYING SOUNDBITE++
FILE: China - Exact Location and Date Unknown (CCTV - No access Chinese mainland)
4. Various of customers shopping in supermarket
++SHOTS OVERLAYING SOUNDBITE++
Paris, France - May 21, 2019 (CCTV - No access Chinese mainland)
5. Boone speaking at OECD forum
6. Attendees
7. SOUNDBITE (English) Laurence Boone, chief economist, OECD:
"We are seeing the global uncertainty derive from trade having an impact on the U.S., and I'll give you an example. If you look at the first quarter, GDP growth looked good, but there was a lot of stock building when we look at the strength of internal demand, so private consumption and private investment, you can see that this is waning already."
8. Various of Angel Gurria, OECD secretary general, speaking at forum
9. SOUNDBITE (English) Angel Gurria, secretary general, OECD (partially overlaid with shots 10-11):
"The trade tensions create uncertainty. Uncertainty is the greatest enemy of growth. Protectionism is bad for growth. Protectionism is bad for development. The benefit of liberalization is even higher than the damage of protectionism. So the world has a lot to gain by opening up, by continuing to liberalize trade. I agree that liberalization is a better way, and I agree that multilateralism is a better way."
++SHOTS OVERLAYING SOUNDBITE++
10. Gurria speaking at forum
FILE: Ningbo City, Zhejiang Province, east China - Date Unknown (CGTN - No access Chinese mainland)
11. Various of cargo ships, containers at Ningbo-Zhoushan Port
++SHOTS OVERLAYING SOUNDBITE++
Paris, France - May 21, 2019 (CCTV - No access Chinese mainland)
12. Various of OECD forum in progress
13. SOUNDBITE (English) Laurence Boone, chief economist, OECD (ending with shot 14):
"Because the production chains are very integrated, so it would be much better if everybody was sitting around the table to negotiate. There are issues to discuss. It's much better to do it in a multilateral way, because everybody is concerned."
FILE: China - Exact Date and Location Unknown (CCTV - No access Chinese mainland)
14. Aerial shots of cargo ship, port
Officials from the Organization for Economic Co-operation and Development (OECD) expressed confidence in China's economic development amid U.S.-China trade tensions.
On Tuesday, the organization delivered its Economic Outlook report, which expects China's economy to grow by 6.2 percent in 2019 and 6.0 percent in 2020.
The OECD forecasts the U.S. economy to grow by 2.8 percent in 2019, down slightly from 2.9 percent in 2018. It also predicts that the U.S.'s economic growth rate will drop further to 2.3 percent in 2020.
OECD chief economist Laurence Boone said that while China's economy is slowing down, it's also re-balancing.
"The more an economy develops then catches up with advanced economies, the less it relies on export-driven growth and manufacturing, and the more it will rely increasingly on services and consumption. So we're moving away from an export-driven development model to a consumption-driven model. It's good because that way China will depend less on its export market, and it's also a sign that China's population is becoming richer and feeling better," said Boone.
According to the OECD report, the U.S.-China trade dispute will not only hurt the Chinese economy, but it will also directly damage the U.S. economy.
The OECD also said that under the current situation, U.S. consumer prices will rise by 0.3 percent in 2020, which will impact the real economy in the U.S.
"We are seeing the global uncertainty derive from trade having an impact on the U.S., and I'll give you an example. If you look at the first quarter, GDP growth looked good, but there was a lot of stock building when we look at the strength of internal demand, so private consumption and private investment, you can see that this is waning already," said Boone.
OECD secretary general Angel Gurria said that the uncertainties brought about by the trade dispute have dragged down global growth. He called countries to solve problems through dialogues, to reduce challenges to the current multilateral trading system.
"The trade tensions create uncertainty. Uncertainty is the greatest enemy of growth. Protectionism is bad for growth. Protectionism is bad for development. The benefit of liberalization is even higher than the damage of protectionism. So the world has a lot to gain by opening up, by continuing to liberalize trade. I agree that liberalization is a better way, and I agree that multilateralism is a better way," said Gurria.
Boone also echoed the need for multi-party negotiations and a renewed commitment to multilaterism to tackle global issues.
"Because the production chains are very integrated, so it would be much better if everybody was sitting around the table to negotiate. There are issues to discuss. It's much better to do it in a multilateral way, because everybody is concerned," said Boone.
ID : 8111319
Published : 2019-05-22 10:10
Last Modified : 2019-05-23 15:05:00
Source : China Central Television (CCTV)
Restrictions : No access Chinese mainland
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