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China offers equitable, open economy
China Daily USA | Updated: 2017-06-29 07:20
Premier Li Keqiang delivers the keynote address at the opening ceremony of the Annual Meeting of the New Champions 2017, also known as the Summer Davos, in Dalian, on Tuesday. The following is the full text of his speech:
Professor Klaus Schwab,
Your Excellencies Heads of Government,
Distinguished Guests,
Ladies and Gentlemen,
It’s a great pleasure to meet you again in this beautiful city of Dalian. On behalf of the Chinese government, let me offer our warm congratulations on the opening of the Eleventh Annual Meeting of the New Champions, and extend a sincere welcome to all guests coming from afar and to members of the media.
Yesterday evening after my meeting with Professor Schwab and some of the delegates, we went to a viewing deck and enjoyed the sceneries around us. We saw green hills in the distance shrouded in a thin mist, which sometimes hid them from view.
But it was only temporary. The mist eventually cleared away, and the mountain is always there. This scenery reminded me of the current state of the global economy. On the one hand, signs of world economic and trade recovery have begun to emerge and the new round of industrial revolution has given people new hope. Economic globalization has become an irreversible trend. On the other hand, global economic recovery remains weighed down by lack of growth drivers and structural imbalances that are yet to be fundamentally addressed.
Backlash against globalization has worsened, compounded by rising geopolitical risks. If the hills represent stability of the global economy and the mist uncertainty, then stability will prevail over uncertainty as long as we harden our resolve and make relentless efforts.
In his keynote speech at the Annual Meeting of the World Economic Forum early this year, President Xi Jinping elaborated on China’s firm commitment to economic globalization and free trade, which has been widely acclaimed by the international community. The theme of this annual meeting, “Achieving Inclusive Growth in the Fourth Industrial Revolution”, is highly relevant to our times.
A review of world history shows that each of the industrial revolutions has brought about leapfrogging expansion of productivity and huge progress of civilizations in general. This round of industrial revolution, fostered in the era of economic globalization, is changing our world in a way unseen before in terms of speed, scope and depth of transformation, giving a strong boost to economic growth of all countries.
However, if not managed properly, this round of change may also lead to lack of inclusiveness in growth. Some people may benefit more than others, traditional industries and jobs may take a hit, and returns on capital and labor may diverge further.
Addressing these issues well is of both social and economic importance. Lack of inclusiveness will render part of the workforce and resources idle, and deepen the divide within society and between regions. This would hinder the tapping of market potential, aggravate the social divide, and make growth unsustainable.
In contrast, inclusive growth makes societies fairer and development more widely beneficial. Realizing inclusiveness and achieving sustainable development are therefore two sides of the same coin.
Compared with the previous times, the new industrial revolution offers greater promise in fostering inclusive growth. Driven by internet, digital and intelligent technologies, it has created new supply and demand, greatly expanded development space and brought unprecedented opportunities for equal participation.
Now, it is much easier for anyone to log on the internet to start a business, pursue innovation and create wealth. small and medium-size enterprises can get on the same starting point as big companies and foster new champions through integrated innovation. Developing countries can better leverage their comparative strengths and latecomer advantage. The key is to take vigorous and effective steps to turn these possibilities into reality and help more people, businesses and nations achieve greater progress in the new industrial revolution.
Promoting inclusive growth in our times calls for upholding economic globalization, which has greatly facilitated the flow of goods, capital and people, and provided bigger markets for producers and more choices for consumers than ever before.
All countries are beneficiaries in this process. At the same time, countries, both developing and developed, have encountered chall
Post time: Jul-02-2017