President Xi Jinping reiterated China's commitment to opening-up on Thursday, and said the new development paradigm that the country strives to build for high-quality growth will create more opportunities for it and other countries to seek common development for shared benefits.
In the keynote speech delivered at the Asia-Pacific Economic Cooperation CEO Dialogues via video link in Beijing, Xi also called on the international community to act in the spirit of partnership to beat the COVID-19 pandemic and promote recovery of the global economy.
In today's world where economic globalization has become an irreversible trend, no country can develop itself by keeping its doors closed, he said, adding that China's fundamental policy of opening-up "will not change at any time".
Noting that unlocking China's market potential will create greater demand, he said it will also create vast business opportunities for other countries, as well as a stronger impetus for maintaining the stable growth of the global economy.
"China will further cut tariffs and government instituted transaction costs, and open a number of demonstration zones for the creative promotion of import trade to increase imports of quality goods and services," Xi said.
He stressed the importance of building an open world economy, saying that China will improve its system for foreign investment management based on pre-establishment national treatment and negative lists.
"The lawful rights and interests of foreign investors will be protected," Xi said. "China will open up the service sector in a well-planned way, and foster a market-oriented, world-class business environment underpinned by a sound legal framework."
At the same time, Xi added, the country will continue to firmly support the multilateral trading system, get more actively involved in reforming the system of global economic governance, and play its part to make this system fairer and more equitable.
He stressed China's commitment to pursuing high-quality Belt and Road cooperation with its partners, and vowed to make the Belt and Road "a model of cooperation, health, recovery and growth and deepen cooperation on green development".
In his speech, Xi explained the new development paradigm — with the domestic market as the mainstay and the domestic and international markets reinforcing each other — which will be a strategic priority in China's new development blueprint for the next five years and beyond.
He said the new development paradigm is a strategic decision China has made based on the current stage and conditions of development it enjoys and with full consideration given to economic globalization and changes in the international environment.
Noting that domestic consumption has become the main driver of China's growth, Xi said fostering the new development paradigm will enable China to better adjust its economic structure and achieve high-quality development.
While stressing that China will vigorously make scientific and technological innovations to foster new growth drivers, he also pledged that the country will continue to deepen reform and energize the market.
"We will fully leverage the demand of our super-sized domestic market and the strengths of its complete industrial system and redouble efforts to turn research outcomes into real productivity," he said.
"We will accelerate the building of a modernized economy, strengthen protection of property and intellectual property rights, set up a high-standard market system and improve mechanisms for fair competition."
China's economy resumed positive overall growth in the first three quarters of this year despite the pandemic. Xi said this hard-won achievement speaks volumes about the resilience and vitality of the Chinese economy. "The fundamentals sustaining China's steady and long-term economic growth remain unchanged."
Xi expressed concerns about the current international landscape, in which the pandemic has accelerated changes unseen in a century in the world, the global economy finds itself in deep recession and industrial and supply chains are disrupted.
Mounting unilateralism, protectionism and bullying as well as a backlash against economic globalization have added to risks and uncertainties in the world economy, he said.
"To beat the virus and promote global recovery, we in the international community must close ranks and jointly respond to this crisis and meet the test," Xi said.
He called on the international community to step up policy communication and coordination, intensify all-around global cooperation against COVID-19 and keep the global economy open. "By doing so, we can defeat the virus at an early date and achieve robust, sustainable, balanced and inclusive growth for all," he said.
Xi will take part in the 27th Asia-Pacific Economic Cooperation Economic Leaders' Meeting via video link on Friday.