Nation's policy of opening-up 'will not change at any time', president tells APEC event
President Xi Jinping reiterated China's commitment to opening-up on
Thursday, and said the new development paradigm that the country strives
to build for high-quality growth will create more opportunities for it
and other countries to seek common development for shared benefits.
In the keynote speech delivered at the Asia-Pacific Economic
Cooperation CEO Dialogues via video link in Beijing, Xi also called on
the international community to act in the spirit of partnership to beat
the COVID-19 pandemic and promote recovery of the global economy.
In today's world where economic globalization has become an
irreversible trend, no country can develop itself by keeping its doors
closed, he said, adding that China's fundamental policy of opening-up
"will not change at any time".
Noting that unlocking China's market potential will create greater
demand, he said it will also create vast business opportunities for
other countries, as well as a stronger impetus for maintaining the
stable growth of the global economy.
"China will further cut tariffs and government instituted transaction
costs, and open a number of demonstration zones for the creative
promotion of import trade to increase imports of quality goods and
services," Xi said.
He stressed the importance of building an open world economy, saying
that China will improve its system for foreign investment management
based on pre-establishment national treatment and negative lists.
"The lawful rights and interests of foreign investors will be
protected," Xi said. "China will open up the service sector in a
well-planned way, and foster a market-oriented, world-class business
environment underpinned by a sound legal framework."
At the same time, Xi added, the country will continue to firmly
support the multilateral trading system, get more actively involved in
reforming the system of global economic governance, and play its part to
make this system fairer and more equitable.
He stressed China's commitment to pursuing high-quality Belt and Road
cooperation with its partners, and vowed to make the Belt and Road "a
model of cooperation, health, recovery and growth and deepen cooperation
on green development".
In his speech, Xi explained the new development paradigm－with the
domestic market as the mainstay and the domestic and international
markets reinforcing each other－which will be a strategic priority in
China's new development blueprint for the next five years and beyond.
He said the new development paradigm is a strategic decision China
has made based on the current stage and conditions of development it
enjoys and with full consideration given to economic globalization and
changes in the international environment.
Noting that domestic consumption has become the main driver of
China's growth, Xi said fostering the new development paradigm will
enable China to better adjust its economic structure and achieve
While stressing that China will vigorously make scientific and
technological innovations to foster new growth drivers, he also pledged
that the country will continue to deepen reform and energize the market.
"We will fully leverage the demand of our super-sized domestic market
and the strengths of its complete industrial system and redouble
efforts to turn research outcomes into real productivity," he said.
"We will accelerate the building of a modernized economy, strengthen
protection of property and intellectual property rights, set up a
high-standard market system and improve mechanisms for fair
China's economy resumed positive overall growth in the first three
quarters of this year despite the pandemic. Xi said this hard-won
achievement speaks volumes about the resilience and vitality of the
Chinese economy. "The fundamentals sustaining China's steady and
long-term economic growth remain unchanged."
Xi expressed concerns about the current international landscape, in
which the pandemic has accelerated changes unseen in a century in the
world, the global economy finds itself in deep recession and industrial
and supply chains are disrupted.
Mounting unilateralism, protectionism and bullying as well as a
backlash against economic globalization have added to risks and
uncertainties in the world economy, he said.
"To beat the virus and promote global recovery, we in the
international community must close ranks and jointly respond to this
crisis and meet the test," Xi said.
He called on the international community to step up policy
communication and coordination, intensify all-around global cooperation
against COVID-19 and keep the global economy open. "By doing so, we can
defeat the virus at an early date and achieve robust, sustainable,
balanced and inclusive growth for all," he said.
Xi will take part in the 27th Asia-Pacific Economic Cooperation Economic Leaders' Meeting via video link on Friday.