New opportunities for the world

At present, the gaps between urban and rural areas and between the central and western and the eastern regions in China remain wide. This is a major challenge China faces, but more importantly, it also spells hope for China's future development. As reform deepens in China, waves of enormous demand will be unleashed, propelling China's strong momentum of economic growth.

Our confidence comes from China's win-win strategy of opening-up. The most successful experience of China's reform is that it is always carried out in parallel with China's opening-up. Through reform, we have increased China's openness, which, in turn, has promoted China's reform. Our new reforms will bring more benefits to the world, as China continues to draw impetus to its reform program from the world.

China, a major country with a population of 1.3 billion, is moving rapidly toward modernization. This is an extraordinary historic process unfolding before our eyes and the greatest contribution of the Chinese nation to human progress. We are not just responsible for our own country and people, but also ready to honor our due obligations to the world. The new round of reforms in China serves both the interests of the Chinese people and the needs of the world. We will speed up the shift of the growth model, intensify efforts to upgrade and improve the quality and efficiency of growth, get beyond the "middle income trap" and achieve sustainable development. An increasingly prosperous China that is committed to deepening reform means the following to the world:

China will provide the world's development with more "Chinese opportunities".

First, market opportunities. Despite the lack of effective global demand, the potential of the Chinese market is still growing. Last year, Chinese people bought 21 million cars, more than a quarter of global car sales. China's annual imports are approaching $2 trillion. And China is expected to import over $10 trillion of goods in the next five years.

Second, investment opportunities. Despite the financial constraints facing the real economy around the world, Chinese businesses are becoming a major source of international investment and financing. Last year, China's non-financial outbound direct investment topped $90 billion. In its new round of reforms, China will encourage businesses and individuals to invest abroad and enter a new stage of overseas investment.

Third, growth opportunities. Despite the sluggish world economy, the Chinese economy, with a size of over $9 trillion, remained one of the fastest-growing economies among the G20 last year with a growth rate of 7.7 percent. Moreover, the growth was achieved in the course of accelerated structural adjustment and therefore it was growth in real terms. Estimates show that as long as China continues to grow at 7 percent, it will contribute one percentage point each year to the growth of the global economy. This is certainly great news for the global economy, given that the new round of reforms will maintain China's mid-to-high growth rate for a fairly long time to come.

Fourth, cooperation opportunities. Against the backdrop of tortuous global governance reform, the new round of reforms in China will serve to safeguard an open world economy and the free trade regime. It will facilitate the healthy development of economic globalization and economic policy coordination among different countries.

China will contribute more of the"Chinese power" to world peace.

First, China remains committed to the path of peaceful development, and will encourage other countries to jointly uphold peaceful development. Peaceful development is the only choice we can make in an era of globalization, and it represents the direction of development and progress of mankind.

Second, China will undertake more international obligations. China will seek and uphold justice and equality in international and regional affairs, and play an even more active and productive role in resolving hotspot issues. China will develop itself through upholding world peace and will promote world peace through its own development.

Third, China will continue to handle disagreements and differences through equal-footed consultations. Under the prerequisite that the nation's fundamental interests are safeguarded, we are ready to show our utmost sincerity and patience and remain committed to resolving differences through dialogue.

Fourth, China will work with other countries to safeguard human conscience and international justice. Past aggressors must never be allowed to reverse the history of aggression; past powers must never be allowed to once again embark on the evil path of expansion; and fascist and militarist ideas in whatever form must never be allowed to be revived.

Last year, Chinese President Xi Jinping outlined the vision of the Chinese Dream, which is to achieve the great renewal of the Chinese nation. The new round of reforms launched in China serves as the right path that will lead us to this goal. The steady process of attaining the Chinese Dream will not only benefit China; it will benefit the world at large. As President Xi Jinping pointed out, the Chinese Dream of national renewal is about the pursuit of happiness by every Chinese, and it has much in common with the dream of the people in other countries. China is an important member of the international community. While striving to realize its own dream, China will work with other countries in the world and make its due contribution to the development and progress of mankind.

This is a speech China's Foreign Minister Wang Yi delivered at the World Economic Forum Annual Meeting 2014 on Jan 24 at Davos, Switzerland.