Work together to advance economic globalization

Ladies and Gentlemen, Friends,

The Chinese economy is now on a steady course. It has entered a new normal, with major changes in its growth speed, model, structure and driving forces. Yet the fundamentals supporting long-term and positive growth have remained unchanged.

In 2016, despite a sluggish world economy, China recorded a 6.7 percent growth in GDP, which was among the fastest in the world, and contributed to more than 30 percent of global growth. Growth in jobs, totaling 13.14 million in urban sectors, also exceeded projections. Initial progress was achieved in supply-side structural reform. Over the year, steel production capacity was cut by more than 65 million metric tons and coal by over 290 million metric tons. With accelerated pace of economic restructuring, consumption played a major role in economic growth, and the value added created by the service sector rose to 51.6 percent of GDP. Stronger measures were taken against pollution in air, water and soil, and the process of ecological conservation was accelerated. The general framework for carrying out reform in various sectors, like the beams and pillars of a house, has been put into place, injecting new and strong impetus to economic and social progress. The people are living better lives. The rural population in poverty was reduced by 12.4 million. The economy has registered a slower but stable performance with good momentum for growth. It has stayed within the proper range, with marked improvement in quality and efficiency. New progress has been made in social security and social programs. All this has put the implementation of the 13th Five-Year Plan off to a good start.

This year, the Communist Party of China (CPC) will hold its 19th National Congress. It is also a crucial year for the implementation of the 13th Five-Year Plan and for deepening supply-side structural reform. The just-concluded "NPC & CPPCC Sessions" have made specific plans for the government's work this year. In the report on the work of the government delivered by Premier Li Keqiang, the following targets have been set for this year: GDP growth of around 6.5 percent, or higher if possible in practice; CPI increase at around 3 percent; over 11 million new urban jobs and a steady rise in import and export volumes. Under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, we will strive for balanced economic, political, cultural, social, and ecological progress and coordinated implementation of the Four-Pronged Comprehensive Strategy, seek progress while keeping performance stable, follow the new vision of development, adapt to, understand and steer the new normal in economic development. With the focus on improving the quality and efficiency of development, we will strive to deliver a good performance in maintaining stable growth, advancing reform, promoting structural adjustment, improving people's well-being, and guarding against risks so as to keep the economy on the track of sound and steady development and uphold social harmony and stability.

China remains committed to the strategy of opening-up. China will not shut its door to the outside world, but only open even wider. We will vigorously improve the environment for foreign investment, give greater access to foreign investment in the service, manufacturing and mining industries, support foreign-invested companies in seeking listing opportunities and issuing bonds in China and ensure that foreign companies will be treated the same as domestic companies in license application, regulatory standards, government procurement and access to policy incentives under the Made in China 2025 initiative. We will put in place a nation-wide list-based management system, deepen reform to streamline administration, delegate powers and improve regulation and services, and further reduce taxes and fees to lower the burden on enterprises and protect the legitimate rights and interests of investors. We will build the 11 pilot free trade zones, including the one in Shanghai, with high standards, and promote the good practices across the country. We will enhance IPR protection and encourage fair competition to make the Chinese market more transparent, standardized and attractive. In the coming five years, China is expected to import US$8 trillion of goods, attract US$600 billion of foreign investment and make a total of US$750 billion of outbound investment, and Chinese tourists will make 700 million overseas trips. During this year's Spring Festival alone, 6.15 million Chinese tourists travelled overseas, leaving their footprints in 1,254 cities in 85 countries and regions and spending RMB100 billion yuan during these trips. The steady and sound development of the Chinese economy will provide an even stronger driving force for the stability and growth of the world economy. The interconnected development of China and a large group of countries will bring about greater balance in global economic growth.