As the world's second largest economy and the top trading partner of the United States, China's current reform undertaken by President Xi Jinping will have a direct bearing on the bilateral relationship with the United States and is also beneficial to optimizing the global governance system, said Cui Yuying, Vice Minister of China's State Council Information Office (SCIO), in New York on May 4.
Cui made her keynote speech during a luncheon for the Asia Society. The luncheon was held for the American Symposium of the World Forum on China Studies, which is co-organized by the Carter Center and the Shanghai Academy of Social Sciences. Another luncheon will be held in Atlanta on May 6-7.
According to the Carter Center website, the symposium will focus on the new phase of reform in China that began with Xi's assumption of senior Party and state leadership positions only two and a half years ago. The new leadership's emerging reform programs follow earlier phases of reforms started by Deng Xiaoping and far-reaching shifts in global economic and political affairs.
China's Reform and Opening-up era, over the past thirty five years, has ignited seismic changes in China's relationships with the global community.
"As its comprehensive power has grown, China has attracted greater attention from the world, and its reform's influence on the world is increasing. The world has paid so much attention to the development of China's reform because its reform has affected not only China but also the world," Cui said.
Since 2008, about 20 percent to 30 percent of the world's economic growth has come from China, making the country the top contributor to the global economy. Since 2010, foreign investment in China and Chinese investment overseas have both increased, but in 2014, the latter outstripped the former.
"The steady growth of the Chinese economy today has become an early indicator of the steady growth of the world economy," she said.
Cui told the forum that China's market will be further opened to provide more opportunities. An IMF prediction shows that, in the next five years, China will import more than $10 trillion worth of goods, invest more than $500 billion overseas and send more than 500 million tourists to other countries.
The Belt and Road Initiative, the Asia Infrastructure Investment Bank and the Silk Road Foundation proposed by China and the BRICS bank will adhere to the principle of inclusiveness in order to allow more countries to ride the "express train" of China's economy for mutual interest and mutually beneficial cooperation, she added.
Cui's speech was followed by remarks from Asia Society Policy Institute President Kevin Rudd, whose new report U.S.-China 21: The Future of U.S.-China Relations Under Xi Jinping presents his analysis of the China-U.S. relationship and a strategic framework for its development over the coming decade.
(Reporting from New York City)