Xinhua News Agency, Beijing, November 19th
Build a new development pattern to achieve mutual benefit and win-win
——Keynote speech at the APEC Business Leaders Dialogue
(November 19, 2020, Beijing)
Xi Jinping, President of the People's Republic of China
Dear friends from the business community,
Ladies and gentlemen, friends:
At this important moment when the world is fighting against the new crown pneumonia epidemic and exploring the road to world economic recovery, I am very happy to meet you through video.
Mankind is in a special historical period.
The global pandemic of the new crown pneumonia epidemic has accelerated the evolution of the world's major changes unseen in a century.
The world economy is in deep recession, the global industrial chain and supply chain have been hit, and governance deficits, trust deficits, development deficits, and peace deficits are still expanding.
Unilateralism, protectionism, and bullying have risen, and economic globalization has encountered a counter-current, which has exacerbated risks and uncertainties in the world economy.
At the same time, the theme of the era of peace and development has not changed, and cooperation to meet challenges is the only choice of the international community.
This epidemic once again shows that the destiny of mankind is in common, the interests of all countries are closely linked, and the world is an indivisible community with a shared future.
Whether it is to win the final victory in the global fight against the epidemic or to promote the recovery of the world economy, the international community must unite and cooperate to jointly respond to the test of the crisis.
All countries should help each other and help each other in the same boat, promote the spirit of partnership, close policy communication and coordination, comprehensively deepen international cooperation in the fight against the epidemic, persist in building an open world economy, strive to overcome the epidemic as soon as possible, and strive to achieve strong, sustainable, balanced and inclusive growth of the world economy.
Since the beginning of this year, in the face of the sudden epidemic, China has insisted that the people are supreme and life is supreme. 1.4 billion people are united in one heart. The nationwide fight against the epidemic has achieved major strategic results.
We coordinated the prevention and control of the epidemic and economic and social development, and stepped up to restore the order of production and life.
In the first three quarters, China's economic growth has turned from negative to positive.
This hard-won achievement has fully demonstrated the resilience and vigorous vitality of the Chinese economy.
The fundamentals of China's economic development is stable and positive, and the long-term improvement remains unchanged. We are fully confident and capable of maintaining stable economic operations and achieving the goal of building a well-off society in all respects and winning the battle against poverty as scheduled.
Not long ago, the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China deliberated and approved the proposal on formulating the Fourteenth Five-Year Plan, proposing that the goal of building a moderately prosperous society in all respects will be achieved as scheduled. Next year, China will embark on a new journey of comprehensively building a modern socialist country. We We will scientifically grasp the new development stage, firmly implement the new development concept, and actively build a new development pattern in which the domestic and international dual cycles are the mainstay and the domestic and international dual cycles promote each other.
We propose to build a new development pattern based on China's own development stage and development conditions, and fully consider the strategic choice made by economic globalization and changes in the external environment.
First, we will twist the strategic basis for expanding domestic demand and unblock the national economic cycle.
In recent years, the development model of China’s market and resources has been quietly changed. The degree of dependence on foreign trade has dropped from 67% in 2006 to nearly 32% in 2019, and the ratio of current account surplus to GDP has dropped from 9.9% in 2007. So far, less than 1%.
Since the onset of the international financial crisis in 2008, the contribution rate of China's domestic demand to economic growth has exceeded 100% in seven years, and domestic consumption has become the main driving force of economic growth.
In the process of promoting the dual economic cycle, China's economic independence and development quality have been significantly improved. The construction of a new development pattern conforms to the inherent needs of China's economic structural adjustment and high-quality development.
We will continue to deepen the supply-side structural reforms, make greater efforts to expand domestic demand, make production, distribution, circulation, and consumption more dependent on the domestic market, enhance the adaptability of the supply system to domestic demand, and form demand-driven supply and supply creation A higher level of dynamic balance of demand.
Second, we will vigorously promote technological innovation and create new momentum for economic development.
At present, the new round of scientific and technological revolution and industrial transformation are accelerating, and the contribution of science and technology to improving social productivity has become more prominent.
China insists on taking innovation as the first driving force to lead development, promotes the innovation-driven development strategy, and has made remarkable achievements.
As China enters a new stage of development, the factors and conditions that support development have undergone profound changes, and it is necessary to achieve intrinsic growth driven by innovation.
We will rely on our super-large-scale market advantages and a complete industrial system to accelerate the transformation of scientific and technological achievements into actual productivity, create an innovative system that integrates technology, education, industry, and finance, and continuously improve the level of the industrial chain to provide strong support for the long-term economic development of China.
Third, we will continue to deepen reforms to fully stimulate market vitality.
The practice of China's reform and opening for more than 40 years has shown that reform is the key to liberating and developing social productive forces.
As China enters a new stage of development, reform is also facing new tasks. We will show greater courage and more measures to break down deep-seated institutional barriers and advance the modernization of the national governance system and governance capabilities.
We will continue to improve the ability and level to implement innovative, coordinated, green, open, and shared new development concepts, transform development methods, promote quality changes, efficiency changes, and power changes, accelerate the construction of a modern economic system, and strengthen the protection of property rights and intellectual property rights. High-standard market system, perfect fair competition system, so that the vitality of various market entities can flow fully.
Ladies, gentlemen, friends!
Openness is a prerequisite for national progress, and closure will inevitably lead to backwardness.
In today's world, the trend of economic globalization is irreversible. No country can engage in construction behind closed doors. China has long been deeply integrated with the world economy and international system.
We will never go back in history, and we will not seek to "decouple" or engage in closed and exclusive "small circles."
Our new development pattern is not a closed domestic single cycle, but an open and mutually reinforcing domestic and international double cycle.
——Under the new development pattern, China's market potential will be fully stimulated, creating more demand for countries around the world.
China's per capita GDP has exceeded 10,000 U.S. dollars, and there are more than 400 million middle-income people. Many international organizations predict that China's retail market will reach 6 trillion U.S. dollars this year.
The continuous development of China's economy and the pursuit of a better life by the Chinese people will create more demand for more diverse and high-quality products, technologies, and services from all over the world.
Despite the impact of the epidemic, the scale of China's trade in goods has basically returned to the level of the same period last year.
In September this year, the China International Trade in Services Fair was held in Beijing, attracting 22,000 companies and institutions from 148 countries and regions to participate online and offline.
Not long ago, the 3rd China International Import Expo was successfully held in Shanghai. Enterprises from 124 countries and regions participated in the exhibition. The exhibition area was further expanded and the transaction volume further increased, reaching 72.62 billion US dollars.
We will further reduce tariffs and institutional costs, cultivate a number of import trade promotion innovation demonstration zones, and expand imports of high-quality products and services from various countries.
It is believed that as the potential of the Chinese market continues to be stimulated, it will provide countries with broader market opportunities and provide a stronger impetus for the stable development of the world economy.
——Under the new development pattern, China will further open its door to opening up and share development opportunities with other countries in the world.
Opening to the outside world is China's basic national policy, and it will not waver at any time.
Since the beginning of this year, in the face of the marked increase in the uncertainty of world economic instability and the spread of unilateralism and protectionism, China has not only continued to open up to the outside world, but it has also introduced a series of policy measures to expand opening up, including full implementation of the Foreign Investment Law and Implement regulations, further reduce the negative list of foreign investment access, steadily promote financial market access, introduce the overall plan for the construction of the Hainan Free Trade Port, strengthen the reform and opening up measures in Shenzhen and Pudong, and deepen the pilot service trade innovation development.
I would like to reiterate that China's determination to open to the outside world is unwavering, and the door to the outside world will open wider and wider.
We will continue to promote trade and investment liberalization and facilitation, negotiate and sign high-standard free trade agreements with more countries, actively participate in multilateral and bilateral regional investment and trade cooperation mechanisms, and create a higher level of open economy.
Improve the national treatment plus negative list management system for foreign investment, protect the legal rights and interests of foreign-funded enterprises in accordance with the law, expand the opening of the service industry in an orderly manner, and continue to create a market-oriented, legalized, and international business environment.
Give the free trade pilot zone greater reform autonomy and build a new highland for opening up.
At the same time, we will continue to firmly support the multilateral trading system, participate more actively in the reform of the global economic governance system, and promote the establishment of a fairer and more reasonable international economic governance system.
——Under the new development pattern, China's foreign cooperation will continue to deepen and achieve mutual benefit and win-win results with other countries in the world.
We will participate more actively in the international division of labor, integrate into the global industrial chain, supply chain, and value chain more effectively, and expand foreign exchanges and cooperation more actively.
We will actively cooperate with all countries, regions and enterprises willing to cooperate with China.
We will continue to hold high the banner of openness and cooperation, adhere to the principles of multilateralism and extensive consultation, joint contribution and shared benefits, promote high-quality co-construction of the "Belt and Road", promote the integration of development strategies and interconnection plans with countries and regions, and strengthen policies, rules, and standards Rongtong, continue to deepen practical cooperation with other countries in the fields of infrastructure construction, industry, economy and trade, technological innovation, public health, and humanities, and build the "Belt and Road" into a road of cooperation, health, recovery, and growth, and strengthen Green development cooperation contributes to promoting the common development of the world and building a community with a shared future for mankind.
Ladies, gentlemen, friends!
The Asia-Pacific is our common home. It is in our common interests to maintain peace and stability in the Asia-Pacific and promote development and prosperity.
The Asia-Pacific countries not only benefit from close personnel exchanges, but also have the convenience of cross-oceanic meeting.
We follow the laws of the market, seize the opportunities of economic globalization and regional economic integration, lead the way, and walk in the forefront of world economic growth.
The development of the Asia-Pacific region and the deepening of regional economic cooperation have their profound historical inevitability. They are in line with the aspirations of the people of Asia-Pacific countries and will continue to show strong vitality.
Last year, I proposed to build an Asia-Pacific community with a shared future that is open and inclusive, innovative growth, interconnection, and win-win cooperation.
This year, with the joint participation of all parties, APEC has formulated a grand vision after 2020, which provides important guidance for Asia-Pacific economic cooperation in the future.
We must deepen our sense of community of destiny, continue to promote regional economic integration, accelerate the pace of innovation and development, promote regional connectivity, achieve inclusive and sustainable development, and turn our vision into reality step by step to benefit the people of Asia Pacific.
The Asia-Pacific business community is an important force leading and promoting economic growth. You are the contributors and witnesses of the development and cooperation of the Asia-Pacific, and the builders and beneficiaries of the future development of the Asia-Pacific.
The world today is facing more complex and diverse challenges, and Asia-Pacific cooperation has also entered a new historical stage.
The business community needs a broader pattern and a more resilient entrepreneurial spirit.
I believe this will bring you a broader space for development.
I hope that everyone will be the promoters of open development, promote trade and investment liberalization and facilitation, maintain the security and stability of the Asia-Pacific industrial chain and supply chain, and promote the Asia-Pacific economy to take the lead in recovery and prosperity.
I hope everyone will be the explorers of innovative growth, boldly promote organizational innovation, technological innovation, and market innovation, so that the Asia-Pacific will become a “fertile ground” for science and technology and a “highland” for innovation.
I hope that everyone will be mutually beneficial and win-win partners, tap the potential of cooperation, expand the cake of cooperation, and benefit the people of all countries.
I hope that everyone will become practitioners of social responsibility, actively participate in international anti-epidemic cooperation, pay attention to and help disadvantaged groups, and inject more positive energy into global development.
Ladies, gentlemen, friends!
The epidemic will eventually pass, and victory will come.
Let us join hands, stay in the same boat through the storm, keep watch and help each other, adhere to open cooperation, smooth internal and external circulation, and create a better future for the Asia-Pacific and the world!