We will continue to advance along path of socialism, says Xi Jinping

As a line of a classical Chinese poem goes, “Spring and autumn are lovely seasons in which friends get together to climb up mountains and write poems.” On this beautiful spring day, it gives me great pleasure to have you with us here at the Second Belt and Road Forum for International Cooperation (BRF). On behalf of the Chinese government and people and in my own name, I extend a very warm welcome to you all.
 
Two years ago, it was here that we met for the First Belt and Road Forum for International Cooperation, where we drew a blueprint of cooperation to enhance policy, infrastructure, trade, financial and people-to-people connectivity. Today, we are once again meeting here with you, friends from across the world. I look forward to scaling new heights with you and enhancing our partnership. Together, we will create an even brighter future for Belt and Road cooperation.

 
Over the past seven decades, we in China have, based on its realities, constantly explored the way forward through practices, and have succeeded in following the path of socialism with Chinese characteristics. Today, China has reached a new historical starting point. However, we are keenly aware that with all we have achieved, there are still many mountains to scale and many shoals to navigate. We will continue to advance along the path of socialism with Chinese characteristics, deepen sweeping reforms, pursue quality development, and expand opening-up. We remain committed to peaceful development and will endeavour to build a community with a shared future for mankind.

 

Going forward, China will take a series of major reform and opening-up measures and make stronger institutional and structural moves to boost higher quality opening-up.
 
First, we will expand market access for foreign investment in more areas. Fair competition boosts business performance and creates prosperity. China has already adopted a management model based on pre-establishment national treatment and negative list, and will continue to significantly shorten the negative list. We will work for the all-round opening-up of modern services, manufacturing and agriculture, and will allow the operation of foreign-controlled or wholly foreign-owned businesses in more sectors. We will accelerate the adoption of supporting regulations to ensure full implementation of the Foreign Investment Law. We will promote supply-side structural reform through fair competition and open cooperation, and will phase out backward and excessive production capacity in an effective way to improve the quality and efficiency of supply.

 
Second, we will intensify efforts to enhance international cooperation in intellectual property protection. Without innovation, there will be no progress. Full intellectual property protection will not only ensure the lawful rights and interests of Chinese and foreign companies; it is also crucial to promoting China’s innovation-driven and quality development. China will spare no effort to foster a business environment that respects the value of knowledge. China will strengthen cooperation with other countries in intellectual property protection, create an enabling environment for innovation and promote technological exchanges and cooperation with other countries on the basis of market principles and the rule of law.

 
Third, we will increase the import of goods and services on an even larger scale. China is both a global factory and a global market. With the world’s largest and fastest growing middle-income population, China has a vast potential for increasing consumption. To meet our people’s ever-growing material and cultural needs and give our consumers more choices and benefits, we will further lower tariffs and remove various non-tariff barriers. We will steadily open China’s market wider to quality products from across the world. China does not seek trade surplus; we want to import more competitive quality agricultural products, manufactured goods and services to promote balanced trade.

 
Fourth, we will more effectively engage in international macro-economic policy coordination. A globalised economy calls for global governance. China will strengthen macro policy coordination with other major economies to generate a positive spillover and jointly contribute to robust, sustainable, balanced and inclusive global growth. China will not resort to the beggar-thy-neighbour practice of RMB devaluation. On the contrary, we will continue to improve the exchange rate regime, see that the market plays a decisive role in resource allocation and keep the RMB exchange rate basically stable at an adaptive and equilibrium level. China is an active supporter and participant of WTO reform and will work with others to develop international economic and trade rules of higher standards.

Fifth, we will work harder to ensure the implementation of opening-up related policies. We Chinese have a saying that honouring a promise carries the weight of gold. We are committed to implementing multilateral and bilateral economic and trade agreements reached with other countries. We will strengthen the building of a government based on the rule of law and good faith. A binding mechanism for honouring international agreements will be put in place. Laws and regulations will be revised and improved in keeping with the need to expand opening-up. We will see that governments at all levels operate in a well-regulated way when it comes to issuing administrative licences and conducting market oversight. .

 
These measures to expand opening-up are a choice China has made by itself to advance its reform and development. It will promote high-quality economic development, meet the people’s desire for a better life, and contribute to world peace, stability and development. We are convinced that a more open China will further integrate itself into the world and deliver greater progress and prosperity for both China and the world at large.
 

Edited excerpts from the speech of Chinese premier, Xi Jinping at the opening ceremony of the Second Belt and Road Forum for International Cooperation in Beijing, April 26