Editor’s Note: The first China International Import Expo (CIIE) kicked off in Shanghai on November 5, 2018. Chinese President Xi Jinping delivered a keynote speech at the inauguration, Work Together for an Open Global Economy That Is Innovative and Inclusive. An edited excerpt of the speech follows:

The China International Import Expo (CIIE) is the first-ever import-themed national-level expo, which is a trail-blazing move in the history of international trade development. The CIIE is a major policy for China to push for a new round of high-level opening up and a major measure for China to take the initiative to open its market to the world.

Economic globalization is an irreversible historical trend that provides strong momentum for the world economic development.

Common development

All countries should open up their markets to create opportunities for mutually beneficial cooperation.

All countries should uphold the principle of inclusive development and shared benefits to achieve common development that benefits all stakeholders involved.

All countries should also promote innovation, especially in new areas of industry and growth, replacing traditional growth drivers with newer, more economically viable ones.

To be more open

China will not close its door to the world and will only become more and more open.

First, China will stimulate the potential for increased imports. China's initiative to expand imports is not a makeshift, but long-term consideration of embracing the world and future while promoting common development.

Moreover, China remains firm in its commitment to broaden market access. Having implemented relaxed market access since announcing such measures in April, China has also simplified the negative list of foreign investment, reduced investment limits and increased the level of free investment.

China is taking solid steps to expand financial opening up, continue to advance opening up in the service sector, deepen opening up in agriculture, mining and manufacturing, and accelerate the opening-up process of sectors including telecommunications, education, medical treatment and culture. China's imported goods and services were estimated to exceed $30 trillion and $10 trillion, respectively, in the next 15 years.

Third, China will foster a world-class business environment. Every country should strive to improve their own business environment and solve their own problems.

Fourth, China will explore new horizons of opening up. China will speed up the exploration of the building of free trade ports with Chinese characteristics.

Fifth, China will push forward multilateral and bilateral cooperation in pursuit of development. China believes that the rules of the WTO should be exercised firmly, but we also believe that necessary reforms should be supported and the multilateral trading system should be defended.

Future of the Chinese economy

There is every reason to be confident in the future of the Chinese economy. The fundamentals for sound and stable economic growth remain unchanged, the necessary production factors for high-quality development remain unchanged, and the overall momentum of long-term economic stability and progress also remains unchanged. China's capacity of macroeconomic regulation is growing, and efforts to deepen reform across the board have unleashed new drivers of growth. With the Belt and Road Initiative being further implemented, two-way investment and trade between China and other participating countries have continued to gather pace. The favorable conditions are in place for the long-term, healthy and steady growth of the Chinese economy.

The Chinese economy is a sea, not a pond. Storms can overturn a pond, but never a sea.

To capitalize on the important role of Shanghai and other areas in China’s opening up

First, China endeavors to expand the China (Shanghai) Pilot Free Trade Zone to include a new section, and will encourage and support bold and creative steps by Shanghai to advance investment and trade liberalization and facilitation. Successful steps can also be replicated in other parts of China.

Second, China will also launch a science and technology innovation board at the Shanghai Stock Exchange and experiment with a registration system for listed companies, whilst improving the fundamental institutions of its capital market.

Third, the country will also support integrated development of the Yangtze River Delta region, and make it a national strategy.