Executive Summary

China has made remarkable accomplishments over the past five years under the leadership of President Xi. The 19th Party Congress marked the next five years of President Xi’s leadership and the start of a new era for China, both domestically and internationally. Domestically, China will build a “moderately prosperous society” by eliminating poverty while turning China into a “fully developed nation”. Externally, China aims to be a stronger global power that seeks to influence a range of international issues, such as trade and climate change.

Over the years, Mastercard has actively participated in the China Development Forum and written papers across a number of disciplines. Whether discussing China’s global economic leadership or SME financing or cybersecurity, Mastercard’s goal throughout has been to offer actionable recommendations that can help fuel China’s future growth. 

This paper focuses on two themes that will be central to China’s goals in the new era. Firstly, we want to underscore the significance of a comprehensive and balanced approach to financial inclusion. Driving proper access and usage of financial products, while ensuring education for individuals and capacity-building for small and medium enterprises will help support the inclusive and sustainable economic development China seeks, while containing risks. Secondly, becoming champion for global trade, both through active participation in global organizations and through promoting regulatory parity for global corporations, will help China become a key hub for global innovation and economic activity.

As a global technology network, Mastercard has been supporting China’s engagement with the world for over 30 years, both in facilitating foreign visitors coming to China to get to know China better, and also increasingly in facilitating Chinese people going global to explore the world. This includes the traditional North America and Western European markets, and, increasingly, the “one belt, one road” regions. As China’s decades-long friend, we are excited about China’s continued development and prosperity, the opportunities it would bring, and look forward to a more collaborative, and fruitful relationship .