Ladies and Gentlemen,

Over the past 30 years since reform and opening up, China's economy has enjoyed continuous growth and its GDP has risen to a much higher level. China is now the biggest producer of major agricultural and industrial products and the largest exporter and second largest importer of goods. With these achievements, China has become one of the major emerging markets. At the same time, China, a country with a big population and weak economic foundation, is confronted with some formidable challenges, including development disparities between the urban and rural areas and among different regions, serious resources and environmental constraints and inadequate innovation capabilities. To achieve modernization, we must make persistent and strenuous efforts. And we can only overcome our difficulties through development. We have recently formulated the blueprint for China's economic and social development in the coming five years. We will continue to take development as our top priority, stick to the scientific approach to development, transform the economic development pattern at a faster pace, deepen reform and opening up, and ensure and improve people's well-being. We will focus our effort on expediting the adjustment of income distribution structure, urban and rural development structure, regional development structure and industrial structure, promoting scientific and technological innovation, and strengthening the social security system. We will make every effort to achieve sound and rapid economic and social development.

China will be firmly committed to the path of peaceful development. While pursuing our own development, we will bear in mind the need for shared prosperity of all nations and strive for common development. We will make great effort in the following areas:

First, we will continue to pursue open development. To ensure sustained and fast economic growth, we must adhere to the basic policy of opening up, pursue a win-win strategy of opening up and develop an open economy. This is a conclusion we have drawn from our development. We will stay on the path of open development and further expand the breadth and depth of opening up. We will deepen the level of opening up in the coastal areas, accelerate opening up in the inland areas and upgrade opening up in the border areas. Through opening up, we will push forward reform, spur development and improve people's well-being. We will continue to bring in investment and talent from overseas to support our modernization drive with the necessary capital, advanced technologies, valuable managerial expertise and outstanding human resources. We will continue to build an open and transparent legal environment, an enabling market environment for fair competition and a stable and orderly business environment so as to foster good conditions for investment by various parties.

Second, we will continue to pursue common development. We are committed to promoting world development through our own development and achieving better development through world development. We will actively engage in international cooperation to meet global challenges and promote world economic growth. We will increase input and continue to provide assistance as our capacity permits to other developing countries within the framework of South-South cooperation and help them meet the UN MDGs and enhance their capacity for independent development. China will take part in international rule-making in a responsible way and work for a world economic structure that is more reasonable in the division of labor, more balanced in finance and trade, more rational in resources allocation and more equitable in interest-sharing. This will facilitate sustainable and balanced development of the world economy.

Third, we will continue to pursue balanced growth of domestic and external demand. We will transform our economic development pattern and adjust the economic structure at a faster pace and make great effort to build a long-term mechanism that boosts domestic demand, particularly consumer demand. We will further tap the potential of our domestic market and nurture new sources of domestic demand. The measures we take in this regard include promoting sustainable increase in household income and spending, accelerating the development of the new countryside and implementing the overall strategy for regional development. We will seek a balanced BOP account, an important task in maintaining macroeconomic stability. We will continue to make good use of both domestic and international markets as well as domestic and international resources. We will continue to steadily move forward the reform of the RMB exchange rate regime in a self-initiated, controllable and gradual manner.

Fourth, we will continue to pursue sustainable development. We will stick to the basic state policy of resource conservation and environmental protection. We will better conserve and manage natural resources through improved laws, regulations and standards and make our industrial structure, growth pattern and consumption model more effective in saving energy and resources and protecting the environment. We will vigorously develop circular and green economy through economic restructuring and pursue economic development and eco-conservation in a balanced way. We will develop low-carbon, new energy and renewable energy technologies through scientific and technological innovation and comprehensively enhance our capacity to tackle climate change. We will work with the rest of the international community to counter the climate challenge under the principle of common but differentiated responsibilities.

Ladies and Gentlemen,

Economic globalization has brought the interests of China and those of the world closely together. A more developed China will bring greater opportunities and make bigger contributions to the world. With its huge market, better infrastructure, stronger industrial support capacity and fair market environment, China has attracted more and more multinational companies to invest in the country and offered more and more opportunities to businesses in the Asia-Pacific region. We hope that the Asia-Pacific business community will take an active part in China's reform, opening up and modernization process, and share the opportunities and benefits brought by China's prosperity and progress. China stands ready to work with all parties to shape an even better future for mankind.

Thank you.

Source: www.fmprc.gov.cn