On November 19, 2020, President Xi Jinping attended the APEC CEO Dialogues in Beijing via video link and delivered a keynote speech entitled “Fostering a New Development Paradigm and Pursuing Mutual Benefit and Win-win Cooperation”. He highlighted that our world is an indivisible community with a shared future. We need to intensify all-round global cooperation against COVID-19 and promote global recovery. China strives to foster a new development paradigm, maintain further opening-up, and deepen international cooperation for shared benefits, in order to deliver a brighter future in the Asia-Pacific and across the world.
Xi Jinping pointed out COVID-19 once again shows that the interests of all countries are closely interwoven and that humankind shares a common stake. Our world is an indivisible community with a shared future. All countries should act in the spirit of partnership and get through this tough time together. We need to step up policy communication and coordination, intensify all-round global cooperation against COVID-19 and keep 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.
Xi Jinping stressed that the fundamentals sustaining China’s steady and long-term economic growth remain unchanged. We will develop a full understanding of the new development stage, apply the new development philosophy, and foster a new development paradigm.
First, we will expand domestic demand as a strategic priority and ensure smooth flow of economic activity. China will continue to deepen supply-side structural reforms and usher in a higher stage of well-adjusted balance where demand drives supply and supply, in turn, creates demand.
Second, we will vigorously make scientific and technological innovations to foster new growth drivers. We will implement an innovation-driven development strategy and upgrade industrial chains.
Third, we will continue to deepen reform and energize the market. We will take more steps and remove with greater resolve deep-seated systemic and institutional barriers to modernize China’s governance system and capacity.
Xi Jinping emphasized that China is already deeply integrated into the global economy and the international system. By fostering a new development paradigm, we are not pursuing a closed-door circulation, but open and mutually reinforcing domestic and international circulations.
The new development paradigm will enable China to fully unlock its market potential and create greater demand for other countries. China will further cut tariffs and government instituted transaction costs, and open a number of demonstration zones for creative promotion of import trade to increase import of quality goods and services.
The new development paradigm will enable China to open up wider and share more opportunities for common development with other countries. China will continue to advance trade and investment liberalization and facilitation, and improve its system for foreign investment management based on pre-establishment national treatment and negative list. The lawful rights and interests of foreign investors will be protected. 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. China will give its pilot free trade zones greater power. At the same time, China will continue to firmly support the multilateral trading system, and get more actively involved in reforming the system of global economic governance.
The new development paradigm will enable China to continue to deepen international cooperation for shared benefits. We will take a more active part in the international division of labor, get more effectively integrated into global industrial, supply and value chains. We welcome cooperation with every other region, country, or company that wants to do so. China will adhere to multilateralism and the principle of extensive consultation, joint contribution and shared benefits. China will work to pursue high-quality Belt and Road cooperation with its partners, and deepen cooperation on green development.
Xi Jinping stated that the Asia-Pacific is our shared home. Last year, I proposed building an Asia-Pacific community with a shared future featuring openness, inclusiveness, innovation-driven growth, greater connectivity and mutually beneficial cooperation. We shall not forget that we are a community with a common stake, but move toward closer regional economic integration instead, so that we can turn our vision into reality and deliver a better life for people in the region.
Xi Jinping concluded by stressing that the day will come when we finally beat COVID-19 and win victory in this fight. Let us work in solidarity and weather the storm together. Let us stay true to openness and cooperation and make development and circulations at home and overseas reinforce each other. Together, we can surely deliver a brighter future for all of us, both here in the Asia-Pacific and across the world!