China guides global process where "all nations can rise together": Swedish expert

China is taking a leading role in the crucial processes of globalization and multilateral development, ensuring all nations can advance collectively, said a Swedish expert.

Hussein Askary, vice president of the Belt and Road Institute in Sweden, made the comments in an exclusive interview with China Global Television Network (CGTN) after China held the third plenary session of the 20th Communist Party of China (CPC) Central Committee in Beijing from July 15 to 18.

The plenary session emphasized that amid complex international and domestic circumstances, a new round of scientific and technological revolutions, industrial transformations, and evolving public expectations, the CPC must consciously prioritize reform more prominently. This entails comprehensive deepening of reforms closely aligned with advancing Chinese modernization.

To support the achievement of this goal, a communique and a resolution on further deepening reform comprehensively to advance Chinese modernization was adopted at the session. According to Askary, the move indicates that China is willing to bring the recent success of its high-quality development model to the world.

"The communique mentions the fact that China will pursue the high-quality Belt and Road Initiative and cooperation through that. And this means that China's relationship to other countries in the Belt and Road, in the Global South will shift to a higher quality of development. For example, industrialization that China today will be exporting technology, know-how and capital for other nations. I have good examples from Africa, for example from its neighborhood where China is using its own leverage -- scientific, technological and high-quality development -- to other nations," the expert said.

"So, in a way that in this new multipolar world, China is becoming like what is called a 'primus inter pares,' the first among equals where China is leading a process of globalization and multilateral development where all nations can rise together," he added.

China guides global process where "all nations can rise together": Swedish expert

The former president of the European Central Bank (ECB) Jean-Claude Trichet provided insights into the ECB's recent monetary policy and the ongoing economic challenges during an interview with China Global Television Network (CGTN) on the sidelines of the three-day Bund Summit which opened in Shanghai on Thursday.

Trichet praised the ECB's decisive actions in addressing the surge in inflation in the Eurozone that dropped from over 9 percent two years ago to 2.2 percent this August.

"First of all, I think really that the ECB did its own work and job quite well, obviously, because we had a surge of inflation in Europe and as well as in the world, at least in the U.S. and in many, many countries, which was very dramatic. The central banks and the ECB in particular did not practice benign neglect. They took seriously the problem, and after perhaps a small number of months of hesitation, they decided to cope with the situation and they increased rates 10 times, successively 10 times, which of course they had never done before. By the way, at the same time, the U.S. Fed was increasing interest rates 11 times. So in both cases, I would say the central banks have been very responsible," he said.

Despite the reduction in headline inflation, Trichet acknowledged the persistence of core inflation which dropped slightly from 2.9 percent in July to 2.8 percent in August. Looking ahead, he anticipated that the ECB might continue to adjust interest rates cautiously, aligning with market expectations.

"I would say at the present moment, when I look at the situation of the European, they are, as well as other central banks, on their way to have a soft landing. I expect them to continue to diminish rates, probably next time this month, we will see. I don't want to substitute to the governing council. They will take a good decision, I'm sure, but it's largely anticipated by markets," Trichet said.

Former ECB chief provides insights into EU monetary policy