Analysis by He Yin
“Let us work in solidarity and weather the storm together. Let us stay true to openness and cooperation and make development and circulations* at home and overseas reinforce each other. Together, we can surely deliver a brighter future for all of us, both here in the Asia-Pacific and across the world!”, President Xi Jinping said last week.
Xi made the remarks in a keynote speech titled “Fostering a New Development Paradigm and Pursuing Mutual Benefit and Win-win Cooperation” while addressing the Asia-Pacific Economic Cooperation (APEC) CEO Dialogues via video link in Beijing on Thursday.
*Xi has proposed a “dual circulation” model of economic growth to steer the nation’s economy, consisting of “internal circulation” to boost domestic demand and “external circulation” to boost exports
Stressing that humankind shares a common stake, Xi called on all countries to intensify all-round global cooperation against COVID-19 and promote global recovery. He profoundly expounded on the global significance of China’s active actions in fostering a new development paradigm and sent a positive message that China will remain committed to opening-up and continue to work with other countries for win-win results.
At its recently concluded fifth plenary session of the 19th Central Committee, the Communist Party of China (CPC) deliberated on and adopted the recommendations for formulating China’s 14th Five-Year Plan (2021-2025). According to the recommendations, China will complete building a moderately prosperous society in all respects within the set time frame. From next year on, China will embark on a new journey towards fully building a modern socialist country.
The international community has paid close attention to China’s development blueprint and its bright prospects for economic and social development in the new development stage, looking forward to further deepening the mutually beneficial cooperation with China.
Actively responding to the international community’s expectations and concerns, Xi promoted the spirit of the fifth plenary session of the 19th CPC Central Committee and elaborated on China’s important measures for economic development in the new development stage.
“We will expand domestic demand as a strategic priority and ensure smooth flow of economic activity,” Xi said, adding that China will vigorously make scientific and technological innovations to foster new growth drivers, and continue to deepen reform and energize the market.
The international community followed closely Xi’s in-depth explanation and commented that China’s strategic decisions will not only continuously inject important impetus into its economic development and promote high-quality development, but also ensure that China remains a key stabilizer and driver for the world economy.
Globalization is irreversible
In today’s world where economic globalization has become an irreversible trend, no country can develop itself by keeping its doors closed. China is already deeply integrated into the global economy and the international system.
By fostering the new development paradigm, China will forge closer ties with the world. The new development paradigm will enable the country to fully unlock its market potential and create greater demand for other countries. It will also enable China to open up wider and share more opportunities for common development with other countries, and to continue to deepen international cooperation for shared benefits.
China solemnly declared to the world that the new development paradigm is a strategic decision it has made based on its current stage and conditions of development and with full consideration given to economic globalization and changes in the external environment.
New development paradigm
By fostering the new development paradigm, China is not pursuing a closed-door circulation, but open and mutually reinforcing domestic and international circulations. In this way, China will bring more opportunities and broader space for cooperation to the world.
Facts have proved that the fundamentals sustaining China’s steady and long-term economic growth remain unchanged. With stable economic performance, China has played a more prominent role as the engine driving the global economic recovery and growth.
During the first three quarters of this year, trade between China and the Association of Southeast Asian Nations (ASEAN), the European Union, the US, Japan and South Korea has grown despite the pandemic.
Mainland Chinese enterprises’ direct investment in non-financial sectors of the countries along the Belt and Road (B&R) amounted to US$13.02 billion during the period, a year-on-year growth of 29.7 percent.
The China International Fair for Trade in Services held in Beijing this September brought together 22,000 companies from 148 countries and regions to its online and offline events.
This month’s 3rd China International Import Expo (CIIE) in Shanghai succeeded in achieving remarkable results, with the value of intended deals hitting $72.62 billion, a 2.1 percent year-on-year increase.
World’s most promising market
China has a population of 1.4 billion and a middle-income group that exceeds 400 million. The vastly huge Chinese market is the most promising in the world as China’s total imports are forecast to top US$22 trillion in the coming decade.
The steady unleashing of China’s market potential will create vast business possibilities for other countries, and this will create stronger impetus for maintaining stable growth of the global economy.
Last year, Xi proposed building an Asia-Pacific community with a shared future featuring openness, inclusiveness, innovation-driven growth, greater connectivity and mutually beneficial cooperation. Following the development trends in the Asia-Pacific region, the proposal outlined the path toward a community with a shared future for mankind in the region.
This year, thanks to participation of all economies concerned, the APEC Post-2020 Vision has been formulated, which sets out ambitious goals and important guidelines for future Asia-Pacific economic cooperation.
By staying committed to building a community with a shared future and turning their vision into reality step by step, Asia-Pacific countries will become a major engine driving robust, sustainable, balanced and inclusive global economic growth.
Countries can tide over difficulties together by backing each other up and achieve common prosperity by staying true to openness and cooperation and making development and circulations at home and overseas reinforce each other.
The development of the Asia-Pacific region and greater economic cooperation in the region represent an underlying historical trend, and such development and cooperation will continue to be imbued with strong vitality as they respond to the call of the people in the region.
Openness and cooperation in the Asia-Pacific have not only boosted prosperity in the region, but also injected vitality into the vast ocean of the global economy. APEC members should work together to deliver a brighter future for the Asia-Pacific and the world.
– Explanation of “dual circulation” and subheadings by The Macau Post Daily
– Courtesy People’s Daily
President Xi Jinping delivers a keynote speech at the Asia-Pacific Economic Cooperation (APEC) CEO Dialogues via video link, in Beijing on Thursday. – Xinhua
