Build new global economic prospect of openness, inclusiveness, equilibrium and universal benefits

Chinese President Xi Jinping delivered a keynote speech at the Opening Session of the World Economic Forum Annual Meeting 2017 at Davos on 17 January 2017. During the speech, President Xi Jinping presented Chinese approaches, contributed Chinese wisdom and exhibited Chinese responsibility on coping with the world economic downturn, boosting global economic growth and striving for the common development. President Xi’s speech was warmly received and highly appreciated by the participating countries and the international community at large, which has brought fresh hope and momentum to the global economic prospect. 

The speech delivered the following important messages:

First, it put forward Chinese proposals to further promote the economic globalization. Currently, the trend of conservatism and isolationism globally is emerging and the international community is confused about the future path of globalization. In his speech, President Xi made a clear judgment that economic globalization resulted from growing social productivity and is a natural outcome of scientific and technological progress. Economic globalization has powered global growth, but it is also a double-edged sword. To overcome the adverse effects, we should act pro-actively and manage economic globalization as appropriate so as to release its positive impact. We should follow the general trend, proceed from our respective national conditions and embark on the right pathway of integrating into economic globalization with the right pace. We should strike a balance between efficiency and equity to ensure different groups of people all share in the benefits of economic globalization. President Xi’s speech has enhanced the confidence in the prospect of globalization and leads the correct direction of future globalization.

Second, it shared the Chinese approaches to the problems of the world economy. President Xi analyzed the three critical issues in the current global economy, which are lack of robust driving forces, inadequate global economic governance and uneven global development. Accordingly, we should develop an innovation-driven growth model, an open and win-win cooperation model, a fair and equitable governance model as well as a balanced and universally-beneficial development model, to address the three critical issues and steer the global economy out of difficulty. President Xi called on the members of international community to promote trade liberalization and global connectivity, innovate a new development philosophy, adopt new policy instruments and develop new growth models. He also maintained that emerging markets and developing countries deserve greater representation. Multilateralism should be upheld and social equity and justice should be promoted. President Xi’s speech has contributed Chinese approaches to the promotion of global economy, and uplifted the Chinese proposals to international consensus.

Third, it clearly pointed out that China’s development is an opportunity for the world. President Xi emphatically introduced China’s development path with its own characteristics. China has based on its realities, followed a people-oriented development philosophy, tackled difficulties and met challenges on its way forward through reform, pursued a win-win opening-up strategy and made outstanding development achievements. President Xi emphasized that China has not only benefited from economic globalization but also contributed to it. China welcomes the people of the other countries aboard the express train of China’s development. He stated that China holds the vision of innovation, coordination, green, opening-up and sharing in development, strive to enhance the performance of economic growth, boost market vitality to add new impetus to growth, foster an enabling and orderly environment for investment and vigorously build an external environment of opening-up for common prosperity. President Xi’s profound exposition provides a comprehensive perspective for the world to better understand China’s development model and philosophy and boosts the confidence of the international community in the way taken by China.

Fourth, it further introduced the propositions and concepts of the Belt and Road Initiative. President Xi summarized the significant progress and positive results achieved in construction of the Belt and Road Initiative. He pointed out that over 100 countries and international organizations have extended warm responses and support to the Initiative. More than 40 countries and international organizations have signed cooperation agreements with China. Thus, the friends community of the Initiative is increasingly growing by size. The Belt and Road Initiative was presented by China, but it has delivered benefits well beyond its borders. President Xi also announced that in May this year, China will host in Beijing the Belt and Road Summit Forum for International Cooperation. By amassing the wisdom and efforts from all the relevant parties, we will advance the Belt and Road Initiative further with wider fields and higher level.

At present, China-Pakistan relationship has been lifted to the all weather strategic cooperative partnership and is faced with new important opportunity. As a major and pilot project of the Belt and Road Initiative, China-Pakistan Economic Corridor (CPEC) has entered into the stage of full implementation with remarkable progress. CPEC holds the principles of mutual benefits, win-win cooperation and common development. It is facing Pakistan as a whole and bringing benefits to the Pakistani people. It has already begun to generate positive effects on Pakistan’s economic development, improvement of people’s livelihood and regional connectivity. It will also inject new impetus to the regional and global economic growth.

Looking into the future, China will stick to the path of peaceful development and pursue an open strategy of mutual benefits and win-win cooperation. We look forward to seizing the development opportunities and sharing cooperation dividends with the rest of the world. We are ready to work together with the international community to build a new global economic prospect of openness, inclusiveness, equilibrium and universal benefits.      

 The writer is Chinese Ambassador to Pakistan.