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China’s reform and opening-up a great process: President Xi Jinping

HANGZHOU – Delivering a keynote speech on Saturday at the Business 20 (B20) summit in Hangzhou, Chinese President Xi Jinping called China’s reform and opening-up a great process.Firstly, it is a process of exploration. There has been no precedent in human history for a country with a population of over 1.3 billion to realize modernization, he said.Secondly, it is a process of action and hard work. China has been firmly taking economic construction as the center, he said.

Thirdly, it is a process of common prosperity. Development for the people, by the people and to the benefit of the people — is the fundamental purpose of China’s reform and opening-up and its modernization drive.
Lastly, it is a process during which China has been walking towards the world and the world has been walking to China, said the president.
Xi said China is standing at a new starting point for comprehensively deepening reform and injecting new impetus in economic and social development, adapting to the new normal of economic development and transforming economic development mode, as well as deeply interacting with the world.
China is confident and capable of keeping growth at medium-high speed and continuing to provide the world with more development opportunities while realizing its own development, he said.
He said China will work together with all parties to make the G20 Hangzhou summit prescribe remedies for the world economy to achieve robust, sustainable, balanced and inclusive growth.
The world economy should become interconnected and inclusive to join forces and lay the foundation for win-win solutions, Xi said.

The following is the full text of the keynote speech by President Xi.


Ladies and gentlemen, friends:

good afternoon! I am glad to meet in Hangzhou tomorrow, the G20 summit will be opened in Hangzhou. The international community looks forward to the summit of the community, business, think tanks, labor, women, youth, also look forward to the summit everyone target highly consistent, and that is to promote Hangzhou summit fruitful.

Hangzhou is one of China’s historical and cultural city and business center, more than a millennium of history. For thousands of years, from the Po Chu-Su, from the Grand Canal to the West Lake, Hangzhou legendary history and fascinating culture. Hangzhou is the innovation and vitality of the city, e-commerce to flourish, click the mouse in Hangzhou, China Unicom is the whole world. Hangzhou also have ecological civilization, the picturesque, sunny rain odd, imbued with southern charm, condensed generations ingenuity.

I have worked here for six years, where the familiar landscape vegetation, customs, not to mention the water in Hangzhou, Hangzhou mountain I have gone through, participate in and witness the development here in China, cities like Hangzhou many in the past few decades has experienced great development and changes, the average family with many hard-working hands to change their lives. this is a little bit of change, it is a collection of majestic strength, promote the development of China progress, a reflection of China’s reform and opening up great process.

– This is the front line to explore the process of a country of 1.3 billion people realize modernization in the history of mankind no precedent for China’s development is destined to go the way we have one of their own ‘trial and error’… continue to deepen reform and opening up, exploring the way forward, creating and developing socialism with Chinese characteristics.

– This is a solid work process we firmly grasp economic construction does not relax with the times, blaze new trails, relying on sound footing, aggressive, energetic, relying nail spirit, to build China into the world. the second largest economy, the largest goods trading nation, the third largest foreign direct investment in the country, per capita gross domestic product of almost $ 8,000.

– This is the process of development of common prosperity for the people, development depends on the people, the fruits of development shared by the people, which is China’s reform and opening up and socialist modernization drive of the fundamental purpose of reform and opening up, China has more than 700 million people out of poverty,. more than 1.3 billion people’s living standards and quality improved significantly, with a few years to complete the other countries for hundreds of years through the development process.

– This is China to the world, we process the world toward China pursues an independent foreign policy of peace, adhere to the basic state policy of opening up, open the door to engage in construction, from the large-scale introduction to march to go out and actively promote the construction of a more just and reasonable. international order, China to interact with the outside world continued to deepen, Chinese friends all over the world.

Ladies and gentlemen, dear friends!

Over the past 30 years of reform and opening up, pronto. Today, with the Chinese economy and the increase in the amount of deepening cooperation with the world, Chinese economy to the outside world by the attention. A lot of people are concerned about China’s economy can achieve sustained and stable growth ? for example, you and the person in charge of international organizations of us here. China can continue to promote the reform and opening up? China can avoid falling into the ‘middle income trap’?

Speak louder than words. Practical action China gave an answer to these questions. Earlier this year, China issued a national economic and social development in the thirteenth Five-Year Plan, around the goal of building a moderately prosperous society for the development of unbalanced, coordination, unsustainable outstanding problems, stressed the need to firmly and resolutely implement the innovation, coordination, green, open, shared development concept. this is the essence of our thirteenth five-year plan, which is five development concept.

Today’s China, has been standing at a new historical starting point. The new starting point, China is deepening reform comprehensively, increase economic and social development of the new starting point for new power, is China’s economic development to adapt to the new norm, a new starting point for transformation of economic development, that is, Chinese new starting point with the world the depth of interaction to the world the depth of opening up. we have the confidence and ability to maintain high-speed economic growth, continued to implement its own development for the world to bring more development opportunities.

– In a new starting point, we will unswervingly deepen reform comprehensively, develop a better development prospects of China’s economic development has entered a new normal, which is the Chinese economy to a more advanced form of division of labor more optimized, more rational structure of the phase evolution will. through the process. to maintain the economic growth in the new normal, we must rely on reform. conformism no way out, hang back a lost opportunity. direction of China’s reform has made it clear, will not be shaken, the pace of reform in China will firmly forward, not It will slow down.

China’s reform has entered a crucial stage and the deep water area, we will be ton output capacity of the courage, determination Phoenix Nirvana, the courage to accumulate many years of stubborn chronic miasma surgery, dare to touch the deep-seated contradictions and interests, the reform in the end. We will continue to to promote supply-side structural reforms to solve the economic development of the principal contradiction in the current, by optimizing the configuration and adjustment of industrial structure elements to improve the quality and efficiency of the supply system, stimulate the vitality of the market, promote the coordinated development. we will continue to innovate institutional mechanisms to break the interests of curing barriers, comprehensively promote the rule of law, better market play a decisive role in the allocation of resources, better play the role of government.

– In a new starting point, we will unswervingly implement innovation-driven development strategy, the release of stronger growth momentum to seize the technological innovation to seize the bid to develop our clear understanding that China’s economic development and a large number of areas. not strong, big but not excellent, long time mainly depend on resources, capital, labor and other factor inputs support economic growth and expansion of the already unsustainable way, the development of China is facing power conversion, pattern, and the arduous task of restructuring. construction innovative country and the world technological power, China’s development is an urgent requirement and the only way.


Large institutional mechanisms, business models and other all-round, multi-level and wide-ranging that we are implementing innovation-driven development strategy, to play a dynamic role in the innovation first, and strive to achieve growth from quantity to quality improvement changes. We will promote the development of philosophy, innovation and in promoting the development of endogenous motivation and vitality up a fundamental change. we will strive to major projects, focusing on the direction of the first breakthrough, and actively lead the implementation of international scientific programs and scientific projects. we will further study and resolve economic and industrial urgently needed scientific and technological issues surrounding the promotion of transfer and adjustment of the structure, the construction of modern industrial system, the development of strategic emerging industries, modern service industry development needs to promote the transfer of scientific and technological achievements transformation, to promote the industry and high-end products to the chain jumped more shape rely more on innovation-driven, play more first-mover advantage to lead development.

– In a new starting point, we will unswervingly promote green development, and seeking better quality and efficiency I have said many times, is the gold and silver mines lies to protect the environment is to protect productivity, improve the environment is to develop the productive forces. simple truth is being recognized more and more people. and I am such a judgment and understanding is in Zhejiang initiative.

We will unswervingly implement the strategy of sustainable development, adhere to the green low-carbon development cycle, adhere to the basic national policy of saving resources and protecting the environment. We promote green development, but also to take the initiative to address climate change and overcapacity. The next five years, China Unit GDP water consumption, energy consumption, carbon dioxide emissions will drop by 23%, 15%, 18% and we want to build sky blue, green, clear water of the beautiful China, so that people enjoy life livable environment, truly feel the ecological benefits brought by economic development.

From the beginning of 2016, we are vigorously promoting supply-side structural reforms, the initiative to regulate supply and demand, and then use the five-year period Yajian crude steel production capacity from 100 million to 150 million tons, with 3-5 years time to quit coal production capacity of 500 million ton, reduction restructuring around 500 million tons. this is what we set out from their own long-term development, from to capacity, adjust the structure, steady growth starting action autonomous taken. China in de production capacity, with the largest, the measures most solid, said to be done.

– In a new starting point, we will unswervingly promote the equitable sharing, enhance the welfare of the people but more people foundation, the solid Bunning adhere to the people-centered, we must solidly reflected in all aspects of economic and social development. each link.

We will meet the people yearning for a better life, and constantly improve the quality and the level of people’s lives, improve the public service system, expand the proportion of middle-income people, especially poor people to increase precision support efforts to achieve the current standard in 2020 under more than 5700 million rural poor out of poverty all poverty-stricken counties Uncap all. this is our solemn promise to the Chinese people to do under the reform and opening up, China makes 700 million people out of poverty, more than 70% of the world’s population in poverty reduction , the world made a significant contribution to poverty reduction. China will continue to contribute to global poverty. we will pay more attention to fairness and justice, in the development of the cake bigger points well, while the cake, from the people most concerned about the most direct and practical interests departure, so that people get a sense of accomplishment and more.

– In a new starting point, we will unswervingly expand opening-up, to achieve a win-win strategy of opening up broader mutual benefit, continue to create a more comprehensive, deeper and more diversified pattern of opening up, is China. strategic choice and we will not open stagnation, not turning back.

We will continue to deeply involved in the process of economic globalization, support for the multilateral trading system. We will relax foreign investment to increase access, improve the degree of facilitation, promotion of fair and open competition, to create a good business environment. At the same time, we will accelerate with the countries concerned signing free trade agreements and investment agreements, and promote high standards of domestic free trade pilot area. while the orderly conduct of the RMB exchange rate market-oriented reforms, and gradually open up the domestic capital market, we will continue to push the yuan to go out and improve the international financial industry Level.

China’s development has benefited from the international community, but also the international community is willing to provide more public goods. I made ‘along the way’ initiative, aimed at countries along with China to share development opportunities and common prosperity of the Silk Road Economic Belt series of key projects and economic corridor construction has made important progress in the 21st century maritime Silk Road construction is promoted simultaneously. we advocate create Asian infrastructure investment Bank, have begun to play an active role in regional infrastructure construction.

I would like to point out that the new mechanism for China’s new advocacy initiative, not to reinvent the wheel, but against whom not to, but the existing international mechanisms useful supplement and perfect, the goal is to achieve win-win cooperation and common development. China’s foreign open, not to a solo act, but to welcome to participate, not to seek spheres of influence, but to support countries in the development of common, not to create their own back garden, but to build national share of the garden.

We are determined to implement the reform and development of the above initiative is strong. These initiatives have yielded results. In the first half of this year, China’s economic growth of 6.7%, industrial upgrading and structural adjustment has been accelerated, final consumption expenditure to GDP contribution rate to 73.4 %, the tertiary industry accounted for 54.1% of GDP, the steady growth of income, 717 million new urban jobs. It is believed that China’s development prospects will be getting better and better contribution to the world will be getting bigger!

Ladies and gentlemen, dear friends!

Currently, the world economic recovery twists and turns in the depth adjustment, is in a critical period of growth momentum old converted kinetic energy on a technological and industrial revolution provided facing subsided, a new round of growth momentum in gestation. Now, protectionism, international trade and investment in the doldrums, the multilateral trading system faces bottlenecks, RTAs clusters, leading to rule fragmented. geopolitical factors complex, political and security conflict and instability, refugee crisis, climate change, terrorism and other regional hotspots and global challenges, impact on the world economy can not be ignored.

Faced with a complex situation and the risks and challenges of the current world economy, the international community’s G20 summit in Hangzhou have high expectations. On the last G20 summit in Antalya, I proposed to the world economy the quasi-pulse, a good party. China hopes to work with all parties to push Hangzhou prescribe a peak tackling the problem, comprehensive facilities strategy prescription, to promote the world economy on a strong, sustainable, balanced and inclusive growth path.

First, building an innovative economy in the world, open up sources of growth. Innovation is the growth of the lock to open the fundamental keys. Internet as the core of a new round of technological revolution and industrial ready, artificial intelligence, virtual reality and other new technologies combined with each passing day, the virtual economy and real economy, will bring revolutionary changes in people’s production and life. this change will not happen overnight, it will not be plain sailing, countries need to work together to promote full zoom and accelerate its positive effects at the same time, the possible negative effects to a minimum.

China is the innovation growth mode is set to Hangzhou summit priority issues, and promote the development of innovation and growth in the Group of Twenty << >> blueprint, the purpose is to power innovation would like to reform and enhance the vitality, innovation and grasp the new technological revolution and industrial revolution, historic opportunity for the digital economy, enhance long-term growth potential of the world economy. this is the first time the Group of Twenty focus on innovation action, we want to force countries to implement innovation policies in one place, so that there is consensus on the concept of action have plan, secure the mechanism. we want to highlight the issue of global economic growth for the downturn appears on macroeconomic policy innovation, fiscal and monetary policies and structural reforms effectively combined.

Second, the construction of an open world economy, and expand development history of world economic development has proved that progress in opening up the closure lead to backwardness. Return to the old expense of others, not only can not get rid of their own crisis and recession, and the world economy will be narrowed down common space, resulting in ‘lose-lose’ situation.

‘Light Guan Yi Road, wide agricultural trade.’ This is the construction of an open world economy proper meaning. Chinese trade and investment in the Group of Twenty put on the important agenda. Our G20 to strengthen trade and investment in the construction of mechanisms developed global trade growth strategies and global investment guidelines, consolidation of the multilateral trading system and reaffirmed the commitment against protectionism. we hope that through these initiatives, the national development and to create greater market space to revive trade and investment, the two engines.

Third, the construction of linkage type in the world economy, the combination of interaction forces in age of economic globalization, countries to develop a chain, a prosperity, a loss for both sides. No country can be spared, coordination and cooperation is the inevitable choice. We want the world economic resonance to achieve joint development.

We should strengthen the linkage policy rules on the one hand through macroeconomic policy coordination enlarged front spillover effects, reducing the negative externalities, on the other hand promote exchanges and mutual learning, to solve the systems, policies, standards asymmetry problem. We should reinforce the linkage of infrastructure China is to launch a global infrastructure interconnection Union initiative to promote multilateral development banks issued a joint vision statement, increase capital investment and intellectual support for infrastructure projects in order to accelerate global infrastructure interconnection process. we should promote the interests of a win-win collaboration to promote the building and optimizing the global value chain, expanding involvement of all parties to create a win-win global growth chain.

Fourth, build an inclusive model of the world economy, strengthening the win-win basis to eliminate poverty and hunger, promote inclusive and sustainable development, is not only a moral obligation of the international community, but also the release of effective demand immeasurable. According to statistics, the world now Gini coefficient has reached about 0.7, more than the proven 0.6 ‘danger line’, must draw our attention. At the same time, the global industrial structure adjustment to different industry groups and has had an impact. we must face up to and properly handle this issue, trying to make globalization more inclusive economy.

To achieve these goals, the first time this year the Group of Twenty development issues at the heart of global macro policy framework, for the first time in 2030 on the implementation of the sustainable development agenda to develop action plans for the first time to support African countries and the least developed countries industrial cooperation pathbreaking The parties reaffirmed their commitment to promote climate change << >> Paris agreements enter into force as soon as possible. we are also on energy availability, energy efficiency, renewable energy, joint venture to develop an action plan to strengthen food security and agricultural cooperation. we care different sectors and groups, particularly the needs of poor people, promoting various countries to discuss public administration and redistribution policy adjustments.

We want to send a signal to the international community: not only belong to the Group of Twenty twenty Member States, also belongs to the world our goal is to make growth and development for all countries and peoples, people of the world especially those of developing countries the days are getting better every day!

Ladies and gentlemen, dear friends!

An action than a dozen programs. G20 members should work with the international community in the firm belief immediate action to make efforts in the following aspects.

First, jointly safeguard peace and stable international environment. History has repeatedly proved that without peace there can be no development without stability there is no prosperity is closely related to the security of States, no country can be spared, and no country can conquer the world. Discard outdated Cold War mentality, establish a common, comprehensive, cooperative and sustainable new security concept is a priority. we call upon all peace and tranquility valuable treasure for maintaining global and regional stability and play a constructive role. States should adhere to the purposes and principles of the UN Charter, uphold multilateralism to resolve differences and disputes through dialogue and consultation, to seek consensus rather than destroy, rather than create conflicts to resolve, make the international order more just and rational direction.

Work together, symbiotic harmony genetic history of the Chinese nation, but also the essence of Oriental civilization. China unswervingly take the road of peaceful development. Guoqiang bound to seek hegemony does not apply logic, militaristic road to nowhere. China is a permanent member of the UN Security Council to send most national peacekeeping personnel, not long ago in Mali and South Sudan, UN peacekeepers have sacrificed the outstanding son of the Chinese people. we will continue to fulfill its international obligations, always make world peace builders and defenders.

Second, work together to build a global partnership for win-win cooperation in the economic globalization today, there is no isolated island. Residents of the same global village, we have to establish a common destiny of human consciousness is the spirit of partnership the Group of Twenty’s most valuable wealth, but also all countries to jointly cope with global challenges choice.

We should seek common ground, poly assimilation, work together to build new international relations, cooperation and win-win. Regardless of the size of the country, strong or weak, rich or poor, should be equal treatment, not only to develop their own good, but also to help other countries develop good Everyone is good can the world a better place.

We should strengthen communication and coordination on major global issues, for the realization of world peace, stability and prosperity to provide more public goods. We should establish a sound macroeconomic policy coordination mechanisms, considering the linkage effects of domestic policies and transduction, promote positive rather than negative spillovers. we should rely on partnerships, uphold the concept of win-win situation, strengthen pragmatic cooperation in various fields, and continuously expand the connotation and extension of cooperation, and promote cooperation achievements in line with people’s expectations. we should promote different countries, different cultures and people historical background depth exchanges, enhance mutual understanding, work together to build a common destiny of mankind.

Third, jointly improve global economic governance. The saying goes, little wisdom Zhi Shi, Dazhi governance system. Faced with the evolution of the world economic situation, global economic governance need to advance with the times, time change global economic governance should be based on equality to better reflect the new realities of the world economy, and emerging market countries to increase the representation and voice of developing countries, to ensure equal rights of nations in international economic cooperation, equal opportunities and equal rules.

Global economic governance should be open-oriented, adhere to the concept, policy and open mechanism to adapt to the changing situation, recruit good words, to fully listen to suggestions and demands of the community, to encourage the parties to actively participate and integrate, not to engage in exclusive arrangements, governance mechanism to prevent closure and rules fragmented global economic governance should be based on cooperation driven, global challenges require global response, cooperation is the inevitable choice, countries should strengthen communication and coordination, take care of each other interests and concerns, and discuss the rules and build a mechanism, meet challenges of global economic governance should be based on a shared goal, to promote participation of all people, the benefit of all, not to engage in a dominant or winner takes all, but seeking shared interests, to achieve win-win goal.

Under the current situation, global economic governance to seize the following priorities: work together to build a fair, efficient global financial governance pattern, maintaining the overall stability of the world economy, work together to build an open and transparent governance of global trade and investment patterns, consolidating multilateral trading system, the release of global trade and investment potential for cooperation, work together to build global governance pattern of green low-carbon energy, and jointly promote the development of green cooperation, work together to build an inclusive global governance development pattern linked to the implementation of the sustainable development agenda of the United Nations in 2030 as the goal, jointly promote the well-being of all mankind!

G20 summit has been held 10 sessions, we are at a critical node. China Hangzhou hosted one of the goals of the summit is the G20 to achieve the transformation from short-term and long-term policy to policy, from a long-term response to the crisis governance restructuring, consolidating its position as an important platform for global economic governance.

Ladies and gentlemen, dear friends!

The business sector to promote growth force. China Business Summit scheduled to be held on the eve of the summit is to bring together the business community full of ideas and wisdom. I am pleased to see that the Group of Twenty meeting of business people actively involved in the process throughout the year with other walks of life to work together for the Group of Twenty focus, comments and suggestions about the financial promote growth, trade and investment, infrastructure development, SME development, employment, anti-corruption and other issues, policy development for the Group of Twenty It provides an important reference for Hangzhou summit made a positive contribution.

Ladies and gentlemen, dear friends!

These days, a time when the tide of the Qiantang River, China has a poem called ‘beach-goers to Li Tao, head, red flag does not handle wet.’ I’m with you, like, looking forward to the Group of Twenty courage to do beach-goers of the world economy. I believe in an effort to lower the parties, Hangzhou summit will be a success!

Finally, I wish this Business Summit a complete success!

thank you all.

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