NEWSLETTER Issue XVII of 2017
2017/11/16

 

 

Remarks by H.E. Xi Jinping

President of the People's Republic of China

At the APEC Economic Leaders' Meeting

 

1, On November 10, 2017, President Xi Jinping on Friday made a keynote address titled "Seizing the Opportunity of a Global Economy in Transition and Accelerating Development of the Asia-Pacific" at the Asia-Pacific Economic Cooperation (APEC) CEO Summit here. The following is the full text of his remarks:

Chairman Vu Tien Loc,

Leaders of the APEC Business Community,

Ladies and Gentlemen,

Dear Friends,

Good afternoon! I am glad to come to Da Nang and meet all of you again.

Our region, the Asia-Pacific, has the biggest share of the global economy; and it is a major engine driving global growth. The business community is a primary contributor to growth, as it keeps exploring new ways of development. That's why during the APEC Economic Leaders' Meeting over the last several years, I have always taken time to meet business leaders and discuss with you approaches and measures to address the challenges we face.

It has been 10 years since the international financial crisis broke out. Over the last decade, the international community have worked in concert to steer the global economy back to the track of recovery. Thanks to our efforts, the global economy is improving. Despite risks and uncertainties, global trade and investment are picking up, people are more optimistic about the outlook of financial markets, and confidence is growing in all sectors.

Development is a journey with no end, but with one new departure point after another. An ancient Chinese philosopher once observed, "We should focus our mind on the future, not the past." We live in a fast changing world, and the global economy is undergoing more profound changes. We must therefore closely follow the trend of the global economy, identify its underlying dynamics, keep to the right direction, and, on that basis, take bold action.

-- We are seeing a profound change in growth drivers. Countries are turning to reform and innovation to meet challenges and achieve growth. The potential of structural reforms is being unlocked and its positive impact of boosting growth of various countries has become more evident. A new round of technological and industrial revolutions is gaining momentum. Digital economy and sharing economy have registered rapid growth. New industries as well as new forms and models of business are flourishing. As a result, new growth drivers are being created.

-- We are seeing a profound change in the model of global growth. As time advances, development has taken on profoundly richer implications. The vision of innovative, coordinated, green and open development for all is gaining increasing public support. To achieve more comprehensive, higher quality and more sustainable development has become the shared goal of the international community. To implement the 2030 Agenda for Sustainable Development and adapt to climate change and other challenges of a global nature has become an important international consensus.

-- We are seeing a profound change in economic globalization. Over the last few decades, economic globalization has contributed greatly to global growth. Indeed, it has become an irreversible historical trend. Against the backdrop of evolving global developments, economic globalization faces new adjustments in both form and substance. In pursuing economic globalization, we should make it more open and inclusive, more balanced, more equitable and beneficial to all.

-- We are seeing a profound change in the system of global economic governance. The evolving global economic environment demands more from the system of global economic governance. We should uphold multilateralism, pursue shared growth through consultation and collaboration, forge closer partnerships, and build a community with a shared future for mankind. This, I believe, is what we should do in conducting global economic governance in a new era.

Ladies and Gentlemen,

Dear Friends,

Faced with the profound changes in the global economy, should we, the Asia-Pacific economies, lead reform and innovation, or just hesitate and proceed haltingly? Should we steer economic globalization, or dither and stall in the face of challenge? Should we jointly advance regional cooperation, or go our separate ways?

This is my answer: We must advance with the trend of times, live up to our responsibility and work together to deliver a bright future of development and prosperity for the Asia-Pacific.

First, we should continue to foster an open economy that benefits all. Openness brings progress, while self-seclusion leaves one behind. We the Asia-Pacific economies know this too well from our own development experience. We should put in place a regional cooperation framework that ensures consultation among equals, wide participation and shared benefits, build an open Asia-Pacific economy and promote trade and investment liberalization and facilitation. We should make economic globalization more open, inclusive and balanced so that it benefits different countries and people of different social groups. We should proactively adapt to the evolving international division of labor and actively reshape the global value chain so as to upgrade our economies and build up new strengths. We should support the multilateral trading regime and practice open regionalism to make developing members benefit more from international trade and investment.

The building of a free trade area of the Asia-Pacific (FTAAP) is the long-cherished dream of the business community in our region. It was in response to the call of the business community that APEC leaders, for the first time, initiated the FTAAP vision in Hanoi in 2006. In 2014, the FTAAP process was launched in Beijing. We should get into action, fully implement the Beijing Roadmap, move toward the FTAAP and provide an institutional underpinning for growing an open economy in the Asia-Pacific.

Second, we should continue to pursue innovation-driven development and create new drivers of growth. The current global economic recovery is, to a large extent, the result of cyclical factors, while the lack of self-generating driving forces remains a nagging problem. To avoid the risk of the global economy entering a "new mediocre", we must sustain growth through innovation.

The new round of technological and industrial revolutions is unfolding before us. Digital economy and sharing economy are surging worldwide, and breakthroughs have been made in new technologies such as artificial intelligence and quantum science. We in the Asia-Pacific cannot afford to be just onlookers. What we should do is to seize the opportunity, increase input in innovation, change the model of development and nurture new growth areas. We should promote structural reform, remove all institutional and systemic barriers to innovation and energize the market. We should implement the APEC Accord on Innovative Development, Economic Reform and Growth adopted in Beijing, deepen cooperation on the internet and digital economy and strive to be a global leader of innovative growth.

Third, we should continue to enhance connectivity and achieve interconnected development. Interconnected development is the best way to achieve mutual benefit and win-win outcome. We the Asia-Pacific economies are closely connected, and our interests are interlocked. Such an interconnected development will both open up new horizon for our own development, and create driving force for us all to achieve common development as partners. In 2014, the APEC Connectivity Blueprint was formulated. This Blueprint should guide our efforts to build a comprehensive, all-round and multi-tiered Asia-Pacific connectivity network. We should boost the real economy through the building of connectivity, break bottlenecks to development and unlock potentials. With these efforts, we can achieve coordinated and interconnected development.

In May this year, the Belt and Road Forum for International Cooperation was successfully held in Beijing. The Belt and Road Initiative calls for joint contribution and it has a clear focus, which is to promote infrastructure construction and connectivity, strengthen coordination on economic policies, enhance complementarity of development strategies and boost interconnected development to achieve common prosperity. This initiative is from China, but it belongs to the world. It is rooted in history, but it is oriented toward the future. It focuses on the Asian, European and African continents, but it is open to all partners. I am confident that the launch of the Belt and Road Initiative will create a broader and more dynamic platform for Asia-Pacific cooperation.

Fourth, we should continue to make economic development more inclusive and deliver its benefits to our people. The current headwinds confronting economic globalization is mostly generated by the lack of inclusiveness in development. Hard work is still needed if we are to bring the benefits of development to countries across the globe and people across our society, and thus turn our vision into reality.

Over the past few years, we have actively explored ways to promote inclusive development and have built strong consensus about it. We should deepen regional economic integration, develop an open and inclusive market and strengthen the bond of shared interests. We should make inclusiveness and sharing a part of our development strategies, improve systems and institutions to uphold efficiency and fairness, and safeguard social equity and justice. We should invest more in education, medical care, employment and other areas that are important to people's livelihood, and address poverty and the widening gap between the rich and the poor. We should reach out to disadvantaged groups, improve business environment for micro, small and medium-sized enterprises, and enable the workforce to better adapt to industrial transformation, so that everyone will have his fair share of opportunity and benefits.

Ladies and Gentlemen,

Friends,

As an old Chinese saying goes, a commitment, once made, should be delivered. Boosting development in the Asia-Pacific requires real actions by all of us members. As the world's second largest economy, China knows fully well its responsibility. Over the past five years, we have taken proactive steps to adapt to, manage and steer the new normal of China's economy and deepened supply-side structural reform. As a result, China's economy has maintained steady performance, and we are pursuing better-quality, more efficient, fairer and more sustainable development. Over the past four years, China's economy has grown by 7.2% on the average annually, contributing over 30% of global growth. China is now a main driver powering global growth.

We have worked hard to remove systematical institutional barriers that impede development through comprehensive reform. As many as 360 major reform initiatives and more than 1,500 reform measures have been taken. Breakthroughs have been made in key areas, and general frameworks for reform have been put in place in major sectors. We have sped up efforts to build new institutions of the open economy and transform models of foreign trade and outbound investment to continue the shift from quantitative to qualitative improvement in trade.

We have advanced theoretical, practical, institutional, cultural and other explorations to unleash new impetus for growth. China has become a huge platform where all factors and players of innovation converge to make a real difference. From infrastructure to various economic sectors, from business models to ways of consumption, innovation is leading the way.

We have pursued a people-centered philosophy of development to make our development more inclusive and beneficial to all. Individual income has registered sustained growth, outpacingGDPgrowth for many years. Income gaps between urban and rural areas and between different regions have been narrowing, middle-income group expanding, and Gini coefficient dropping. More than 13 million new urban jobs have been created every year for four consecutive years. Significant advances have been made in pursuing green development, resulting in considerable reduction in the intensity of energy and resource consumption and marked improvement in the ecological environment.

To lift all the remaining poor people out of poverty is a solemn commitment made by the Chinese government to the people. It is uppermost in my mind, and I have spent more energy on poverty alleviation than anything else. Over the past five years, I have been to many poor areas in China to pin down the causes of poverty and address them in a targeted way. As a result, decisive progress has been made in the fight against poverty. Over the past five years, we have lifted more than 60 million people out of poverty. The poverty headcount ratio has declined, and per capita rural income in poor areas has maintained double-digit growth. This has not come easily, and we are proud of what we have achieved in poverty alleviation.

Ladies and Gentlemen,

Friends,

China's development is an evolving historical process. Last month, the 19th National Congress of the Communist Party of China was successfully convened in Beijing. Responding to our people's desire for a better life, the Congress formulated a guide to action and a development blueprint for China in the new era. It is envisaged that by 2020, China will turn itself into a moderately prosperous society in all respects, and by 2035, China will basically realize socialist modernization. By the middle of this century, China will become a great modern socialist country that is prosperous, strong, democratic, culturally-advanced, harmonious and beautiful. Under the leadership of the Communist Party of China, the Chinese people will embark on a new journey.

First, this is a new journey of deepening reform across the board and unleashing dynamism for development. To resolve difficulties and problems on the way forward, we must deepen all-round reform. We will focus more on solving problems, get rid of all outdated thinking and ideas and all institutional ailments and break through the blockades of vested interests to inspire creativity and vitality throughout society. We will develop a set of institutions that are well conceived, fully built, procedure based, and efficiently functioning and achieve modernization of China's system and capacity for governance. Next year, we will celebrate the 40th anniversary of China's launching of the reform and opening-up initiative. China's reform will cover more areas; and more and stronger steps will be taken in pursuing this endeavor.

Second, this is a new journey of moving with the times and exploring new model of development. China's economy is in a transition from a phase of rapid growth to a stage of high-quality development. We will be guided by a new development philosophy, put quality first, give priority to performance and develop a modernized economy. We will pursue supply-side structural reform as our main task, work hard to achieve better quality and higher efficiency performance, and create more robust growth through reform. We will raise total factor productivity and accelerate the building of an industrial system that promotes coordinated development of the real economy with technological innovation, modern finance, and a talent pool. We will endeavor to develop an economy with more effective market mechanisms, dynamic micro-entities, and sound macro-regulation. All these efforts will make China's economy more innovative and competitive. We will promote further integration of the internet, big data, and artificial intelligence with the real economy, and cultivate new drivers of growth in digital economy, sharing economy, clean energy and other areas. We will continue to explore new mechanisms and pathways for achieving coordinated development among regions, promote coordinated development of the Beijing-Tianjin-Hebei region, Yangtze Economic Belt, Xiongan New Area, and Guangdong-Hong Kong-Macao Greater Bay Area, build world-class city clusters and foster new source of growth.

As China works hard to pursue innovation and higher quality of growth, new forms of business will keep emerging, more innovations will be used, and development of various regions in China will become more balanced. All this will create a more powerful and extensive impact, present more opportunities of cooperation and enable more countries to board the express train of China's development.

Third, this is a new journey toward greater integration with the world and an open economy of higher standards. China will not slow its steps in opening up itself. We will work together with other countries to create new drivers of common development through the launching of the Belt and Road Initiative. We will adopt policies to promote high-standard liberalization and facilitation of trade and investment. We will implement the system of pre-establishment national treatment plus a negative list across the board, significantly ease market access, further open the service sector, and protect the legitimate rights and interests of foreign investors. All businesses registered in China will be treated as equals. We will grant more powers to pilot free trade zones to conduct reform, and explore the opening of free trade ports. We will speed up negotiations with partner countries on the concluding of free trade agreements and investment treaties, advance the building of FTAAP, work for the speedy conclusion of RCEP negotiations, and endeavor to establish a global network of free trade areas.

In the next 15 years, China will have an even larger market and more comprehensive development. It is estimated that China will import US$24 trillion worth of goods, attract US$2 trillion inbound direct investment and make US$2 trillion of outbound investment. In November next year, China will hold the first China International Import Expo in Shanghai, which will provide a new platform for expanding cooperation in China's market among all parties.

Fourth, this is a new journey toward a better life for the people. To secure a better life for our people is what we aim to achieve in everything we do. We will ensure and improve living standards through development and meet people's ever-growing needs for a better life. We will continue to promote social fairness and justice to see that our people will always have a strong sense of gains, happiness, and security. We will continue to implement targeted poverty reduction and alleviation measures and ensure that by the year 2020, all rural residents living below the current poverty line are lifted out of poverty. Each and every one of the over 1.3 billion Chinese people should lead decent lives. No one will be left behind!

We will speed up institutional reform for ecological conservation, pursue green, low-carbon and sustainable development, and implement the strictest possible system for environmental protection. By 2035, there will be a fundamental improvement in the environment; the goal of building a Beautiful China will be basically attained. We will actively tackle climate change, and protect our common home for the sake of human survival. China's carbon dioxide emission is expected to peak around 2030, and we will make every effort for such emissions to reach the peak ahead of time. We will increase the share of non-fossil fuels in primary energy consumption to around 20% by 2030. Once we set a target, we will not stop our efforts until it is met!

Fifth, this is a new journey toward a new type of international relations and a community with a shared future for mankind. The dream of us Chinese is closely connected with the dreams of people of other countries. Our world is full of challenges and the road ahead will not be smooth. But we will not give up on our dream. We will double our efforts and work with all others to build an open, inclusive, clean, and beautiful world that enjoys durable peace, universal security, and common prosperity.

We Chinese believe that peace is most precious and that there should be harmony among all nations. We are committed to peaceful development and we will remain an anchor for peace and stability in the Asia-Pacific region and beyond. China will, guided by the principle of upholding justice while pursuing shared interests, actively develop global partnerships, expand the convergence of interests with other countries, and work to foster a new type of international relations featuring mutual respect, fairness, justice, and win-win cooperation. Acting on the principle of achieving shared growth through consultation and collaboration, we will get actively involved in reforming and developing the global governance system to make the international political and economic order more just and equitable.

Ladies and Gentlemen,

Dear Friends,

All of our people in the Asia-Pacific deserve peace, stability and prosperity; and all of us in the region should jointly deliver a bright future for the Asia-Pacific. Partnerships based on mutual trust, inclusiveness, cooperation and mutual benefit: This is what keeps our big Asia-Pacific family together and ensures the success of Asia-Pacific cooperation. Let us take solid steps to promote cooperation and usher in an even brighter future for the Asia-Pacific.

Thank you.

 

2, On November 11, 2017, President Xi Jinping delivered a speech titled "Working Together for a New Chapter of Win-Win Cooperation in the Asia-Pacific" here Saturday at the first session of the 25th Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting. The following is the full text of his remarks:

President Tran Dai Quang,

Dear Colleagues,

I wish to thank President Tran Dai Quang and the Vietnamese government for their thoughtful arrangements. Vietnam was hit by Typhoon Damrey a few days ago, resulting in heavy casualties and economic losses. On behalf of the Chinese government and people, let me express my deep sympathy to those affected by the typhoon.

Three years ago on this day, we discussed in Beijing the blueprint for Asia-Pacific cooperation. The Chinese people believe that three years is a good time to take stock of what one has achieved. In the past three years, the world economy has gradually rebounded, showing strong momentum of recovery since the outbreak of the international financial crisis. People in all sectors are gaining more confidence.

Those who recognize the trend are wise and those who ride the trend will win. We need to take note of the profound changes taking place in the world economy. At yesterday's CEO Summit, I shared my thoughts on this subject. If Asia-Pacific economies seize the trend and take action, we can usher in a new round of development and prosperity for the world.

First, we need to promote innovation as a strong growth driver. Innovation is the most powerful lever for development. As new technologies emerge and the new industrial revolution gains momentum, we face a rare historic opportunity for innovation-driven development. We need to strive for both scientific and technological innovation and institutional innovation, build synergy between market and technology, and help bring to fruition new technologies, new business forms and models to fully unlock our development potential. This is why, in the context of APEC, we need to implement in real earnest the Roadmap on the Internet and Digital Economy we have drawn this year.

Innovation has proven to be essential to the emergence of new drivers for the Chinese economy in recent years. Thirty years ago, China's first email was sent from Beijing. Today, China has 750 million Internet users, our on-line retail sales are growing by 30 percent a year, our "sharing economy" has reached 3.5 trillion yuan in size, and China's mobile payment transactions have exceeded 158 trillion yuan. This example shows that as long as we keep exploring, we will see more opportunities and successes of innovation-driven development.

Second, we need to open up our economies to create more space for development. History has taught us that closed-door development will get nowhere, while open development is the only right choice. We need to remain true to APEC's founding purpose: advance trade and investment liberalization and facilitation, build an open economy, uphold and strengthen the multilateral trading regime, and help rebalance economic globalization. We need to take determined steps toward a Free Trade Area of the Asia-Pacific in line with the agreed roadmap, and herald a new round of development in the Asia-Pacific in the course of opening up.

Next year will mark the 40th anniversary of China's reform and opening-up. In nearly four decades, China has opened its arms to embrace the world and achieved "leapfrog development" of itself in this process. Looking ahead, China will open still wider and its development will deliver even greater benefits to the rest of the world. Starting from next year, China will hold an International Import Expo. I am sure this new platform of mutually beneficial cooperation will help all parties to better share the opportunities of China's development.

Third, we need to pursue inclusive development to enhance our people's sense of fulfillment. Lack of inclusiveness in development is a problem facing many economies. We should redouble efforts to address this problem. To enable more people to share the benefits of development, efforts must be made to strike a better balance between fairness and efficiency, capital and labor, technology and employment. Greater attention must be paid to the impact of artificial intelligence and other technological advances on jobs. APEC members need to do a good job of implementing the Action Agenda on Inclusion formulated this year, and deepen cooperation on poverty reduction, micro, small and medium-sized enterprises (MSMEs), education, fighting corruption, urbanization and women's empowerment. All this will contribute to the well-being of the 2.8 billion people in the Asia-Pacific region.

China gives high priority to employment. We have worked to ensure that economic development is pursued in a way that supports job creation, encouraged business start-ups as a means to create more jobs, and paid particular attention to the employment of college graduates and other key groups. We have also provided the labor force with better education and training to tackle structural unemployment. In each of the past few years, we have created over 13 million new jobs in cities and towns. An important thing we have learnt from all this is that with better coordination and the right measures, economic restructuring does not have to come at the expense of employment. On the contrary, stable employment would allow greater leeway for reform and development.

Fourth, we need to enrich our partnerships and deliver benefits to all involved. As APEC economies, we have a stake in each other's success and our future is closely connected. With a shared future in mind, we need to develop a stronger sense of community, harmonize our policies and create synergy. We need to foster a spirit of harmony in diversity, draw on each other's strength, pursue mutually beneficial cooperation and draw on each other's best practice in development. We should consider the interests of others while pursuing those of our own, and reduce the adverse spillovers of our domestic policies. As we have agreed on the direction and framework of an Asia-Pacific partnership, it is time to take solid steps toward this goal.

China has put forward the Belt and Road Initiative and is pursuing it in a spirit of extensive consultation, joint contribution and shared benefits. This initiative is well received and supported by various parties. The successful and fruitful Belt and Road Forum for International Cooperation held in Beijing in May marked a new stage of full implementation. Going forward, China will deepen policy, infrastructure, trade, financial and people-to-people connectivity with our Asia-Pacific partners, seek interconnected development and move toward a community of shared future.

Dear Colleagues,

You may all have an interest in China's future development. Last month's 19th National Congress of the Communist Party of China was a great success. We laid out our development strategy and blueprint for the coming decades, keeping in mind that socialism with Chinese characteristics has entered a new era whose overriding goal is socialist modernization and national rejuvenation. We will continue to be guided by a philosophy of people-oriented development, resolve the issue of unbalanced and inadequate development and raise the quality and efficiency of growth to better meet our people's ever-growing needs for economic, political, cultural, social and ecological progress, promote all-round development of our people and facilitate social progress across the board. We will act on the new vision of development, comprehensively deepen reform, turn China into an innovation-driven country at a faster pace, break new ground in pursuing opening-up on all fronts and build a modern economic system.

I am convinced that a China that enjoys stronger growth and interacts more with the world and whose people have a greater sense of fulfillment will surely bring more opportunities and make greater contributions to the Asia-Pacific and the world at large.

Thank you.

 

Embassy of the People's Republic of China

3505, International Place, NW Washington DC, 20008

chineseembassyspokesperson@gmail.com

 

Your comments are welcome.

 

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