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Xi Jinping delivers keynote address during dialogues with APEC CEOs

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On November 19, 2020, President Xi Jinping attended dialogues with APEC CEOs in Beijing via video link and gave an opening speech titled “Promoting a New Development Paradigm and Seeking Mutual Benefits and Cooperation win-win “. He stressed that our world is an indivisible community with a shared future. We must step up comprehensive global cooperation against COVID-19 and promote global recovery. China is striving to promote a new development paradigm, maintain greater openness and deepen international cooperation for shared benefits, to create a better future in Asia-Pacific and the world.

Xi Jinping stressed that COVID-19 shows once again that the interests of all countries are closely linked and that humanity shares a common issue. Our world is an indivisible community with a shared future. All countries must act in a spirit of partnership and get through this difficult period together. We must step up communication and policy coordination, step up comprehensive 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.

Xi Jinping stressed that the fundamentals that support China’s steady and long-term economic growth remain unchanged. We will develop a complete understanding of the new stage of development, apply the new development philosophy, and promote a new development paradigm.

First, we will expand domestic demand as a strategic priority and ensure the fluidity of economic activity. China will continue to deepen structural reforms on the supply side and usher in a higher phase of well-adjusted equilibrium where demand stimulates supply and supply, in turn, creates demand.

Second, we will vigorously make scientific and technological innovations to foster new engines of growth. We will implement a development strategy focused on innovation and modernize industrial chains.

Third, we will continue to deepen reforms and energize the market. We will take more action and remove with greater resolve the deep-rooted systemic and institutional obstacles to modernize China’s governance system and capacity.

Xi Jinping pointed out that China is already deeply integrated into the world economy and the international system. By promoting a new development paradigm, we are not pursuing a movement behind closed doors, but national and international movements that are open and mutually reinforcing.

The new development paradigm will allow China to fully unleash its market potential and create greater demand for other countries. China will further reduce government-instituted tariffs and transaction costs, and open a number of demonstration zones for creative promotion of import trade to increase the import of quality goods and services .

The new development paradigm will allow China to open up more widely and share more opportunities for common development with other countries. China will continue to advance trade and investment liberalization and facilitation and improve its foreign investment management system on the basis of pre-establishment national treatment and negative list. The rights and legitimate interests of foreign investors will be protected. China will open up the services sector in a well-planned manner and foster a world-class market-oriented business environment underpinned by a strong legal framework. China will give more power to its pilot free trade zones. At the same time, China will continue to firmly support the multilateral trading system and engage more actively in reforming the global economic governance system.

The new development paradigm will allow China to continue to deepen international cooperation for shared benefits. We will take a more active part in the international division of labor, we will integrate more effectively into global industrial, supply and value chains. We welcome cooperation with any other regions, countries or companies who wish to do so. China will adhere to multilateralism and the principle of comprehensive consultations, joint contribution and shared benefits. China will work to continue high-quality Belt and Road cooperation with its partners and deepen green development cooperation.

Xi Jinping said Asia-Pacific is our common home. Last year, I proposed to build an Asia-Pacific community with a common future characterized by openness, inclusion, innovation-driven growth, greater connectivity and mutually beneficial cooperation. We will not forget that we are a community with a common stake, but rather we are moving towards closer regional economic integration, so that we can turn our vision into reality and provide a better life for the people of the region.

Xi Jinping concluded by pointing out that the day will come when we will finally beat COVID-19 and achieve victory in this fight. Let us work together and weather the storm together. Let us remain faithful to openness and cooperation and let development and movement at home and abroad be mutually reinforcing. Together, we can certainly deliver a better future for all of us here in Asia Pacific and around the world!

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