Full text of Chinese VP Zhang Gaoli's address at opening dinner of 2013 Fortune Global Forum

Second, we will accelerate change to the development model and vigorously improve and optimize the economic structure. Both at the current stage and in the future, an extensive development model is neither feasible nor sustainable, and we must therefore pursue long-term development through economic transformation. We will endeavor to accomplish this important mission of adjusting the structure, shifting the development model and facilitating economic transition. We will speed up China's agricultural modernization, and guarantee national food security and effective supply of major farm produce. We will implement innovation- based development strategies and promote the growth of high-tech companies and emerging industries of strategic importance. We will work hard to curb excess capacity, strengthen incremental management, firmly forbid new projects in industries with excess capacity, terminate projects under construction that are in violation of government regulations, contain the blind expansion of highly-polluting enterprises with high energy consumption, and strive to formulate well-targeted plans to readjust and optimize inventory stocks. We will support the speedy development of the service sector, especially modern service businesses, increase the proportion of the service industry in the national economy, and set up a new system for growth of modern industries.

Third, we will further enforce the comprehensive strategy for regional development, and accelerate the development and opening up of the central and western regions. One of the major problems China faces today is regional income disparity and imbalanced development. Blessed with a vast territory, abundant resources and huge potential for development, China's central and western regions provide important strategic space for development, convenient leeway as well as new points of economic growth. During the past decade or so, China has made remarkable achievements in developing these regions through its strategy for the development of the western region. We will make even greater efforts to press ahead the development and opening up of the central and western regions, particularly the western region, draw up layout plans for regional development, and work out more effective policies and measures to speed up the construction of major transportation networks between the regions. We will develop local industries with competitive edge, and push forward the development of green, recyclable and low-carbon industries, so that the resources advantages the central and western regions now enjoy will add to their economic strength. We will also support the transfer of some industries in the more developed eastern regions to the western regions, make overall plans on coordinated national and regional development, advance urbanization actively yet steadily, and well exploit the potentials of the process to boost domestic demand, promote economic growth and improve people's livelihood. I believe that a new wave of western region development and opening up will add greater vitality to the Chinese economy, and help resolve the problem of imbalanced, uncoordinated and unsustainable development in due course.