The Chinese Market is Such A Big One that You should all Come and See--the Second China International Import Expo Opened on November 5

President Xi Jinping attended the opening ceremony of the second China International Import Expo and delivered a keynote speech in Shanghai on November 5. What are the important announcements in the keynote speech? And what are the important statements? Let's take a look.

Implementation of initiatives at the first expo

For last year’s Expo, during his bilateral events with foreign leaders, 98 initiatives were agreed upon, of which 23 have now been completed, 47 are making good progress, and 28 are on track of steady implementation.

Three proposals for promoting economic globalization

First, let us work together to build an open world economy through cooperation. 

As global value and supply chains continue to develop, countries are inter-connected with each other, and integration of their economy is the order of the day. Distances between countries are getting shorter, and interactions among countries are growing, hence the probability of differences and frictions. The right solution lies in consultation and cooperation. All problems could be settled in the spirit of equality, mutual understanding and accommodation. We need to promote development through opening-up and deepen exchanges and cooperation among us. We need to “join hands” with each other instead of “letting go” of each other’s hands. We need to “tear down walls”, not to “erect walls”. We need to stand firm against protectionism and unilateralism. We need to continually bring down trade barriers, optimize global value and supply chains, and jointly foster market demand.

Second, let us work together to build an open world economy with innovation.

 Innovation-driven development is essential to sustained growth of the world economy. What we are seeing is a new round of scientific and technological revolution and industrial transformation. It has reached a historic juncture when major breakthroughs are within sight. Countries need to step up cooperation in innovation. We need to facilitate integration of science and technology with economic growth, and increase the sharing of innovation results. We need to remove barriers that hamper the flow of knowledge, technology, talents and other factors of innovation, and support our businesses in technical exchanges and cooperation on their own accord. This is a way to unleash the potential for innovation. And, to benefit mankind with the better use of knowledge, we need to tighten the protection of intellectual property. The least desirable is for us to stifle the flow of knowledge, or to create or even widen the technology divide among us.

Third, let us work together to build an open world economy for mutual benefits.

We need to work toward the vision of inclusive and mutually beneficial development. We need to work together to safeguard the international order underpinned by the purposes and principles of the UN Charter, uphold the core values and basic principles of the multilateral trading system, promote trade and investment liberalization and facilitation, and make economic globalization more open, inclusive, balanced and beneficial to all. We need to work in real earnest to implement the UN 2030 Agenda for Sustainable Development and increase support for the Least Developed Countries so that the benefits of development will reach more countries and peoples.

Five measures to continuously promote opening-up

First, China will continue to open up its market. China has a population of 1.4 billion. Its middle-income population is the biggest in the world. The huge Chinese market points to a potential that is simply unlimited. China will better leverage the fundamental role of domestic consumption in economic development and foster a more robust domestic market to boost growth at home and create more room for global growth. 

China will give greater importance to import. We will continue to lower tariffs and institutional transaction costs, develop demonstration zones to promote import trade by creative means, and import more high-quality goods and services from around the world. We will take steps to promote balanced development of both imports and exports, of trade in goods and services, of two-way trade and investment, and of trade and industry. This way, we will ensure a free yet orderly flow of both international and domestic factors of production, improve the efficient allocation of resources, and deepen integration of markets.

Second, China will continue to optimize its opening-up structure.

China’s opening-up is all-dimensional and all-sectoral. A new structure of all-out opening-up is quick in the making. 

Third, China will continue to improve the business environment.

Proper business environment provides the necessary condition for enterprises to survive and thrive. Going forward, China will continue to remove major constraints on economic development, gear up reforms regarding key links and areas, and modernize the system and capacity for governance as an institutional support for high-standard opening-up and high-quality development. China will continue to foster an enabling business environment that is based on market principles, governed by law, and up to international standards. We will give foreign investments greater market access to more sectors, shorten the negative list further, and improve institutions for investment promotion and protection and for information reporting. With regard to IP protection, we will cultivate an environment that appreciates the value of knowledge, improve the legal framework, step up law enforcement, and enhance protection through both civil and criminal justice systems.

Fourth, China will continue to deepen multilateral and bilateral cooperation.

China is a champion for international cooperation and a supporter of multilateralism. China supports necessary reforms to the WTO so that the organization can play a bigger role in promoting openness and development and the multilateral trading regime can be more authoritative and effective. 

Fifth, China will continue to advance Belt and Road cooperation.

To date, China has signed 197 documents on Belt and Road cooperation with 137 countries and 30 international organizations. China will follow the principle of extensive consultation, joint contribution and shared benefits, the philosophy of open, green and clean cooperation, and a high-standard, people-centered and sustainable approach to promote high-quality Belt and Road cooperation.

I have faith in the bright prospects of China’s economic development. China’s development, viewed through the lens of history, is an integral part of the lofty cause of human progress. China will reach out its arms and offer countries in the world more opportunities of market, investment and growth. Together, we can achieve development for all.