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Today, Honourable President Xi
Ladies and gentlemen
Good afternoon.
Today, we are honoured to invite...
the President of People's Republic of China,
His Excellency Xi Jinping to give the theme speech of our summit.
Topic is: Deepen Reform and Opening up to Build a Better Asia-Pacific
China's development has attracted worldwide attention.
While facing a complicated global economic landscape,
the Chinese government persevered in seeking progress amid stability,
implemented a series of effective economic policies and measures.
These have sustained a continuous
stable and healthy development of the Chinese economy, which...
in turn contributed to the Asia-Pacific...
as well as global economic growth.
China participates, gives impetus to Asia-Pacific economic cooperation...
and is a constructive partner in International Cooperation.
Since March, after Mr Xi was elected as the President of PRC,
he has attached great importance to...
the communication and cooperation with every APEC member.
He has successively visited fellow countries and regions,
sparing no effort in promoting economic cooperation...
and development in Asia-Pacific,
enhancing mutual benefits to one another.
President Xi has an impeccable track record...
with comprehensive experiences.
He has deep understanding and knowledge of...
China's national condition and public opinion.
He is insightful and has a strong grasp of...
global economy, financial...
development and reform issues.
With his calm demeanor,, President Xi...
unveils his wisdom.
His solemn outlook brims with resolve and passion.
He pursues the "China Dream" of rejuvenating the great nation.
I believe all of you will be able to draw inspiration from his speech.
Now may I give the floor to President Xi Jiping.
Honourable Chair Wardhana
Ladies and gentlemen, dear friends
Today, we have a full house of...
talents gathered here.
It is my pleasure to spend time with distinguished friends from the...
Asia-Pacific business sectors on this paradise island.
Bali is not only a world-renowned scenic spot for tourists,
but also the birthplace of the Bali Process...
and the Bali Roadmap as well.
The APEC Economic Leaders' informal meeting...
held in Bali carries expectations...
of the Asia-Pacific region and the world.
The current global economy is still struggling for its recovery.
The Asia-Pacific economy has kept a good development system...
yet it is also facing many new challenges at the same time.
The world is hoping this conference can invigorate...
economic growth to this regional and the world as well.
Ladies and gentlemen, dear friends.
The global economy is still in the midst of profound adjustment.
There are signs of recovery but...
it also faces problems of unstable foundation, insufficient momentum...
and uneven speed of growth.
Structural problems of major developed economies...
are yet to be resolved,
thus increasing the emphasis of macroeconomic policies coordination.
The economic growth of emerging economies has slowed down.
There is an increase in external risks and challenges.
The WTO Doha Round of negotiations has faced enormous difficulties...
while trade and investment protectionism emerges in new forms.
It will be a long and winding process in achieving full recovery...
and healthy growth for the global economy.
In the face of new challenges for the world economy,
regardless of developed or developing economies,
they are all seeking new impetus of growth.
Where can we find such new impetus?
In our view, they can only be found through reforms,
readjustment and innovation.
Asia Pacific has always been the centre of world economic growth.
Under such setting of sluggish growth for the world economy,
Asia-Pacific economies should step out courageously to take the lead...
in promoting the establishment and development of open economic model...
based on innovation, intertwined growth and converging interests.
Only by doing so, we can "Seek the way to a new village...
despite natural difficulties".
It will make Asia-Pacific the effective leader...
in the world economic recovery.
This is exactly what China is striving to do.
China's economy grew at 7.6% in the first half of the year.
As compared to the 8% growth in the past,
it has indeed slowed down.
Some friends are worried about the prospects of China's economy.
Some have raised questions like:
Will this be the end of China's economy?
Can China's economic development be healthily sustained?
How will China tackle such an economic situation?
Finally, what impact will this bring upon the Asia-Pacific?
I would like to share some of my opinions with regards to them.
First of all, I would like to emphasise that...
based on our comprehensive analysis,
I have full confidence in the prospect of China's economy.
Firstly,
my confidence is based on the fact that China's economic growth rate...
is within a reasonable and expected range.
China's economic growth rate has decreased from two-digit in the past...
to 9.3% in 2011...
and 7.7% in 2012,
finally to 7.6% in the first half of this year.
The decline in the rate has been stable on the whole.
A growth rate of 7.6%...
ranks China at the top among world economies.
The basic fundamentals of China's economy is good.
China's economic growth...
and other main economic indicators have stayed within expected range.
Everything is within expectations...
and there are no surprises.
The slowdown of China's economy...
is the result of China's initiatives in macro-economic management.
This is because, to achieve our aim of...
doubling the 2010 GDP and income per capita by 2020,
we will only need...
a 7% per annum growth rate.
We did a complete estimation while setting our mid and long term goals.
At the same time we realised that to solve the fundamental problem of...
long term economic development in China,
we must be persistent in pushing for structural reforms.
We would rather lower the growth rate a little...
and all aspects of both short and long term must be well considered.
Be circumspect and farsighted;
"killing the goose that lays the golden eggs" way of...
development will not be long-lasting.
Secondly,
I derive confidence from improvement of quality and efficiency.
In the first half of this year, the performance of China's economy is...
smooth on the whole...
and progressing amid stability.
"Stable" refers to economic growth within a reasonable range.
"Progress" refers to rapid change in the manner of economic development.
China's economic development
is shifting away from over reliance on investment and export...
to more dependence on domestic demands, especially on...
changes due to consumption demand.
Economic data for the first half of this year has shown that...
the effect of structural changes has started to manifest.
Domestic demand pull has effected a total economic growth of 7.5%...
among which 3.4% is contributed by the increase in consumption.
We no longer simply determine the success of a country by its GDP...
but new emphasis put on improving growth's quality and efficiency.
Facts have proven that this is a responsible policy...
not only responsible to China itself but also responsible to the world.
Thirdly,
I derive confidence from the strong rising force within China's economy.
Internal force of China's economic development is strengthening...
and it will continue to increase.
Continuous urbanisation will allow...
hundreds of millions of Chinese...
to progress from rural to urban living...
to enjoy a higher standard of living,
creating a new dimension of living.
The continuous improvement in China's education level...
has helped the new generation of workers to improve in quality...
with broader vision, better skills and to become modern professionals.
China spares no effort in developing innovation-driven growth strategy,
promoting close integration of technology and economy,
promoting technological innovation and developing emerging industries.
Continuous expansion of domestic demand and consumers' market...
will unleash enormous potentials in demand and consumption.
China's "people-oriented" approach...
allows more regions and people to share the fruits of development.
These in turn transform into strong domestic development forces.
Fourth,
my confidence comes from good prospects for the Asia-Pacific.
With concerted efforts of all economies,
Asia-Pacfic region's capital, information...
and labour mobility has reached a very high level.
The division of labour has gradually become clearer...
and the outline of Pan Asia-Pacific market is emerging.
Developing trends of new technology and industrial revolution...
will increase the competitive edge for the Asia-Pacific greatly...
and risk resistance of Asia-Pacific economies will also be strengthened.
The exchange rate regimes are more flexible,
and the level of foreign exchange reserves has increased significantly.
Amid complexity, multilateral and bilateral financial arrangements...
has provided institutional protection.
China is confident in the prospect of Asia-Pacific development.
Benefiting from the Asia-Pacific economic growth and macro context,
China has achieved its own developmental goal.
In return, this has contributed to Asia-Pacific economic growth as well.
I believe such interactive trend will become stronger than ever,
creating more opportunities for Asia-Pacific economic development.
I have strong confidence in the...
sustainable healthy development of China's economy.
Meanwhile, when facing problems and challenges like falling demands,
overcapacity,
local debts,
shadow banking and so on,
we have to keep a clear mind...
and we pay high attention to possible external shocks.
We should take proper and prudent countermeasures...
to prepare for the worst.
Ladies and gentlemen, dear friends,
Chinese economy has entered a new developmental stage and...
going through a deep transformation and structural adjustment.
We need to tackle and overcome all sorts of difficulties...
and challenges one after another.
This will be accompanied by throes of adjustment and growing pains...
but these pains will be all worthwhile.
The rainbow often appears after heavy rain.
There is a good saying,
"No mountain is taller than a man,
no roads are longer than his feet"
No matter how tall the mountain is or how far the road stretches,
as long as we persevere and move forward,
we will eventually be able to reach our destiny.
China has to deepen reform and open up if it wants to progress.
Facing new expectations from our own people,
we have to be firm and confident in reform and opening-up.
Using greater political courage and wisdom,
with better measures and means in pushing for reform and opening-up,
so as to further emancipate the minds,
to emancipate and develop social productivity,
and to emancipate and enhance the vibrancy of the society.
China is devising overall strategy for a total reform and opening-up...
so as to coordinate advancement of economic, politics, culture, society...
as well as ecology reform and so on.
We rise up to challenges during development, arduously...
removing institutional obstacles to sustainable and healthy growth,
injecting new impetus to economic development through reform.
We will perfect our basic economic system,
and strengthen the construct of the market system,
boosting institutional reform in the aspect of...
macro-management, tax system finance and investment.
Deepen the reform of interest rate and exchange rate marketisation,
enhance the elasticity of RMB exchange rate,
and gradually enable convertibility of RMB capital account.
We will promulgate administrative institutional reform,
transform functions of government, streamline power structures,
rationalise the relationship between the government and the market...
and allow the market to play its basic role...
in resource allocation to a greater extent and wider scope.
We will improve the technology system,
enhance innovative creativity,
build a system based on enterprises led by market principles...
with integration between production and academia technical innovation.
Our priority will be protecting and improving our people's livelihood.
Promote social equality and justice,
achieve the goal of higher quality employment,
deepen the reform of income redistribution system,
improve the social safety network,
and the basic public service system.
We will strengthen ecological preservation...
through promoting energy-saving,
in a bid to provide a good productive living environment for the people...
as well as tackling and responding to global climatic change.
We will adopt a more proactive opening-up strategy,
which is a mutually beneficial,
diversified, balanced, safe and efficient open economy system.
Getting coastal and inland regions to complement each other's strength,
forming an open zone to lead global economic cooperation and competition
Nurture a highly open ground that could drive regional development,
emphasize on the equal importance of import and export ,
promote the development of balance trade between partners,
attach equal importance to foreign investment and overseas investment,
enhance the level of cooperation in international investment,
deepen institutional reforms on investment and trade system,
improve relevant laws and ordinance...
to provide a level playing field for foreign companies in China.
We will coordinate bilateral, multi-lateral...
regional and sub-regional opening-up and cooperation.
Accelerate the implementation of Free Trade Zone strategy...
and build stronger ties with neighbouring countries.
We are aware that reform is a deep and profound revolution...
that involves realignment of important vested interests...
as well as improvement of various systems and mechanisms.
China has entered the stage of the most difficult fundamental reforms.
This is because at present stage, problems that need to be solved...
are extremely tedious.
They are all hard nuts to crack.
At this instance, we should act decisively.
Hesitance and indecisiveness...
will not only impede progress but may also waste past efforts.
China is a big country.
We can't afford to make any serious error on such fundamental issues.
Once we err, it will result in irreversible...
and irreparable damages.
In our view, we must be brave...
with prudent steps.
Not only must we have guts to explore,
but we must also act cautiously and prudently.
We must be persistent in the right direction of reform and opening-up.
We must be brave in cracking "hard nuts",
and sailing through dangerous rapids.
We must be courageous to take action against deep-rooted problems,
in order to ensure our reform and opening-up are uninterrupted.
Ladies and gentlemen, dear friends,
The Asia-Pacific is a big family.
China is part of the family.
The development of China and...
the Asia-Pacific region is inseparable.
A healthy sustainable economic development in China...
will create more opportunities for the Asia-Pacific region development.
China is determined to uphold peace and stability in the region...
so to lay the solid foundation for Asia-Pacific mutual cooperation.
I have said in Bo'ao Asia Forum this year, as well as other events,
"Peace is like air and sunshine
We will only realise its importance after we have lost it."
Without peace, development will not be sustainable.
A harmonious family prospers.
As a member of the big Asia-Pacific family,
China is willing to live in harmony with all other members,
watching over and helping one another
We hope all parties would cherish the hard earned...
peace and stability.
Together we strive to build a long lasting peaceful,
prosperous and harmonious Asia-Pacific.
China will vigorously promote regional development, prosperity...
to seek more opportunities for mutual benefits.
China is the biggest trading partner, largest export market...
and a major source of FDI...
for many Asia-Pacific economies...
In 2012.
China accounted for over half of Asia's economic growth...
As of end of 2012.
China has approved over 760,000 companies invested by foreigners...
and attracted US$1.3 trillion FDI.
China has signed 12 FTAs with 20 countries or regions...
with six more under negotiations.
Most of the FTA partners are...
APEC members.
In the next five years,
China will import over US$10 trillion of goods...
and invest more than US$500 billion overseas.
Outbound tourists will exceed 400 million.
As the domestic demand, especially in consumption...
and investment, expands,
more opportunities will be created for Sino-foreign cooperation.
China is committed to building a trans-Pacific regional...
cooperation framework.
The Pacific is vast because there is no natural barrier.
We shall not set up any artificial barriers.
APEC shall play the leading and coordination role,
upholding principles of openness, inclusiveness and mutual benefits.
We will strengthen macroeconomic policies and coordination,
promote coordination of regional FTA...
and deepen regional integration,
so as to prevent the Spaghetti Bowl effect.
We will establish closer partnership across the Pacific...
and jointly pursue long-term development for the region.
Ladies and Gentlemen, dear friends,
in the vast ocean, we sail with the wind.
Asia-Pacific is the common space for our development.
We are all sailing through this vast Asia Pacific Ocean.
Every APEC member has a stake in future development of Asia-Pacific.
China has high hopes for this APEC Leaders Non-official Summit.
We hope our partners in Asia-Pacific can work hand in hand.
Together we shall develop Asia Pacific that will lead the world...
in creating prosperity for our future generations.
For this, I would like to share with you four of my visions.
Firstly, the Asia-Pacific region shall progress together.
Asia-Pacific economies are closely integrated with common interests.
We have to maximise our own comparative advantages,
optimise our economic resource allocation,
improve the mix of economic activities...
and build an Asia-Pacific value chain and...
a huge Asia-Pacific market that benefits all parties.
Developed economies should provide more support and assistance...
to developing economies,
which should work harder to catch up.
Only by narrowing the development gap can we all rise to new heights.
Second, the Asia-Pacific should be firm in opening up for development.
After WWII, there are 13 economies...
which have enjoyed rapid economic growth...
for more than 25 years.
All of them have adopted open economic policy.
We should follow the trend to maintain a free and open,
rather than a discriminatory multi-lateral trade regime...
and oppose all forms of protectionism.
We have to build an open economy, a regional cooperation framework...
and work on an Asia-Pacific FTA with an open and inclusive mind.
Third, Asia-Pacific should promote innovative development.
Growth will not be sustainable if it is only driven by...
fiscal incentives and unconventional monetary policies.
We have more to lose if growth is based on exhausting resources...
and polluting the environment.
We have to be innovative in both...
development mindset and tactics.
We should think out of the box and overcome the constraints...
and persist in green, recycling and low-carbon development.
We have to keep on improving our innovation abilities...
to nurture new industries,
explore new growth engines...
and enhance core competitiveness.
Fourthly,
Asia-Pacific region should seek interconnected development.
Economies of the Asia Pacific...
are interdependent on oneanother...
while sharing interests and a common fate.
We are on the same boat. We prosper and wither together...
in this chain of dynamic equilibrium;
the development of any economy will create ripple effect on others.
We have to firmly instil a sense of the Asia-Pacific unity,
by utilising our own development to effect development on others,
tapping our strengths to the fullest via coordination and interconnection,
transmitting positive energy...
to bring about mutually beneficial interaction and...
coordinate development structures among economies.
Presently, Asian emerging markets and developing countries...
have great demand of financing...
for the construction of basic infrastructure.
Particularly in times of rising risks of an economic downturn...
and volatile financial markets,
it is necessary to mobilise more capital for building infrastructure...
so as to maintain sustainable and stable growth, as well as...
promote intra-regional connectivity and economic integration.
To this end, China proposes to...
set up the Asian Infrastructure Investment Bank...
to provide financial support for infrastructure construction...
in the region's developing countries including ASEAN countries.
The new Asian Infrastructure Investment Bank will cooperate...
and complement existing multi-lateral development banks...
within and beyond the Asia-Pacific...
to promote sustainable and stable development of the Asian economy.
Ladies and gentlemen, dear friends,
the business sector is a major force in economic and trade development,
as well as an integral part in enhancing APEC cooperation.
China attaches great importance to the business sector...
and would like to hear its views and suggestions,
to pave the way for the sector, especially SMEs, to participate...
in economic development and regional cooperation.
In August this year,
the business sector in China set up an APEC China Business Council...
to ensure we have the means to get involved in the process of...
setting the rules for trade in Asia Pacific.
This reflects their willingness to assume international responsibility.
More opportunities will come along with more friends.
Many friends from the business sector here...
are participants of China's reforms...
and old friends of Chinese people.
We will never forget our old friends...
and are glad to make new friends.
China welcomes and encourages companies from all economies,
especially those from APEC members to invest in China, and...
actively take part in the reform and opening-up of China.
The more friends we have, the more prosperous and thriving...
our reform will be.
I hope friends from business sectors can make full use of APEC platform...
to voice out on how to improve trade and investment in Asia-Pacific,
leverage on your edge in market information,
technology incubation, innovation ability and so on...
in making strategic and insightful suggestions,
raise proposals to promote trade and investment liberalisation,
deepen regional economic integration...
and give suggestions for APEC's future development.
Ladies and gentlemen, dear friends,
In 2014, China will host...
the APEC Leaders Non-official Summit and other relevant events.
We will take this as an opportunity...
to establish a closer partnership with member economies in future,
to deepen cooperation...
and facilitate APEC in taking a leadership role...
to shape the long-term development vision for the Asia-Pacific.
I hope friends from the business sector here...
can join us in Beijing then.
Together we shall create another milestone for Asia Pacific.
This is the end of my speech. Thank you.
Honourable Chair Wardhana,
Distinguished guests from the business sector in Asia-Pacific,
Ladies and gentlemen, good evening.
First, on behalf of guests from the business sector in Asia-Pacific,
I wish to congratulate the successful conclusion of the summit...
and express our heartfelt gratitude to...
Chair Wardhana and his team for their dedicated organisation.
There are a lot of in depth discussions this year...
in which we have all benefited.
The outstanding performance of our Indonesian host...
has set a role model for us.
I am honoured in receiving the APEC souvenir.
Just like Indonesia,
China will be holding APEC summit for the second time.
APEC Business Summit was held
in Shanghai in 2001,
the first year after China joined WTO.
As a new member of the global economic family then,
China was prepared to face the challenges due to globalisation,
eager to kickstart exchanges and cooperation with the world.
Today we have built ties closest ever...
with other APEC economies.
China and APEC members have achieved...
a win-win relationship with mutual benefits.
APEC is the highest level, most influential and...
established economic cooperation organisation in the Asia-Pacific.
The Chinese business sector has been actively engaging in APEC's progress,
and in August, it has established the APEC China Business Council...
to facilitate China's involvement in devising trade rules for the region...
through an institutional setup.
It also shows the Chinese business sector's commitment in sharing...
responsibility in global economic development.
In 2014,
APEC Business Leaders Summit...
will be held in Beijing in October.
The Summit will discuss issues like
how to invigorate the Asia-Pacific economy...
through opening-up, cooperation and innovation...
and shaping the blueprint for long- term development of Asia-Pacific.
The summit will also be the best platform to know the China economy,
and the best time for APEC members to get together again,
to seek business opportunities and foster relationships.
As the Chair of the 2014 APEC Business Advisory Council Meeting,
I hereby cordially invite friends from Asia-Pacific's business sector...
to join us in Beijing next October.
Lastly please enjoy the promotional clip of...
APEC 2014 in China. Thank you very much!
The interconnection and...
interdependence among countries has grown deeper.
People are still facing numerous problems and challenges.
We hope the world can improve...