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An Excerpt From President Xi Jinping's Speech at the Opening Ceremony of the B20 Summit
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A JOINT TRANSLATION PROJECT

BY BEIJING REVIEW & KING'S COLLEGE, LONDON

Editor's Note

The 2016 Business 20 Summit (B20) was held in Hangzhou, Zhejiang Province, from September 3 to 4. Chinese President Xi Jinping delivered the keynote speech at the summit's opening ceremony. The following is an edited excerpt:

 

China's Progress 

The great achievements of China's reform and opening up have been a result of a process of exploration. We have been "crossing the river by feeling for stones." We have deepened reform and opening up, broken new ground, and forged ahead. We have established and developed socialism with Chinese characteristics.

This has been a result of action and hard work. We have succeeded in turning China into the world's second largest economy, the largest trader of goods, and the third largest foreign direct investor. China's per-capita GDP has also risen to almost $8,000.

This has been a process aimed at ensuring common prosperity. Thanks to reform, China has lifted over 700 million people out of poverty, and has significantly made life better for its more than 1.3 billion people. In pursuing development, we have accomplished, in just a few decades, what has taken other countries several hundred years to achieve.

This has been a process of China moving toward the world—and the world moving closer to China. We have pursued an independent foreign policy of peace and a fundamental policy of opening up. We have developed in an open environment. We have also introduced large-scale foreign investment and implemented the "going out" policy to invest overseas. We have been actively involved in building a fairer and more equitable international order.

China's Contribution 

We will steadfastly deepen reform in an all-around way and open up better prospects for development. China's economy has entered a "new normal" period, which is a stage that China must endure if it is to upgrade and optimize its economy.

We will pursue an innovation-driven development strategy to create stronger growth. China now faces the challenging task of changing the drivers of its growth and its growth model as well as adjusting its economic structure. In order to ensure further development China must build an innovative country and become a leader in science and technology.

We will promote green development and seek better quality and efficiency. We will unwaveringly pursue sustainable development and stay committed to green, low-carbon energy. China will adhere to a fundamental policy of conservation and environmental protection. Starting in early 2016, we have vigorously advanced supply-side structural reform and have taken the initiative to adjust the relationship between supply and demand.

We will promote equality and share our development outcomes to deliver more benefits to the people. We will work to continuously raise the people's living standards and quality of their life. We will improve our public service system and create a larger middle class. In particular, we will provide stronger and targeted support to those living in difficulty. By 2020, more than 57 million poor rural residents will be lifted out of poverty, and poverty will be eliminated in all poor counties.

We will open up further to achieve greater mutual benefit and win-win outcomes. We will continue to be fully involved in economic globalization and support the multilateral trading system. China's development has benefited from the international community and China is ready to provide more public goods to the international community. The Belt and Road Initiative is designed to share China's development opportunities with countries along the routes and achieve common prosperity.

China's Remedy 

We need to build an innovative world economy to generate new drivers of growth. The next stage of science and technology revolves around the Internet, and will be a new industrial revolution. New technologies such as artificial intelligence and virtual reality are developing by leaps and bounds. The combination of the virtual economy with the real economy will bring revolutionary changes to our way of work and life. All countries need to work together to jointly promote these changes.

We need to build an open world economy to expand the scope of development. The history of the world's economic development shows that openness brings progress, and isolation leads to backwardness. To repeat the "beggar-thy-neighbor" approach will not help any country get out of a crisis or recession. It will only narrow the space of common development in the global economy and lead to a lose-lose scenario.

We need to build an interconnected world economy to forge interactive synergy. In the era of economic globalization, countries are closely linked in their development and they all rise and fall together. No country can seek development on its own. The only sure path is through coordination and cooperation. We need to realize interconnected development through promoting common development of the global economy.

We need to build an inclusive world economy to strengthen the foundation for win-win outcomes. We need to eradicate poverty and hunger and advance inclusive and sustainable development. This is not just a moral responsibility of the international community but will also help unleash immeasurable effective demand.

China's Proposals 

We must work together to build a peaceful and stable international environment. It is imperative that we reject the obsolete Cold War mentality and build a new concept of common, comprehensive, cooperative and sustainable security. We call on all countries to cherish the hard-won peace and tranquility and play a constructive role in maintaining global and regional stability.

We will work together to build a global partnership for win-win cooperation. In the era of economic globalization, there's no island completely cut off from the rest of the world. As members of the global village, we need to cultivate an awareness of mankind's shared future. The spirit of partnership is the most valuable asset of the G20 and the choice of all countries as they rise up to face global challenges.

We must work together to improve global economic governance. As the world economic situation changes, it is necessary that global economic governance remains relevant and adapts to the changing times. Global economic governance should be based on equality, better reflect the new realities of the world economy, increase the representation and voice of emerging markets and developing countries, and ensure that all countries have equal rights, equal opportunities and equal rules to follow in international economic cooperation.

Comments to yanwei@bjreview.com 

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