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Xi delivers keynote speech at APEC CEO Dialogues
2020-11-19 
A billboard promoting the Asia-Pacific Economic Cooperation (APEC) meeting is seen in Kuala Lumpur, Malaysia, on Nov 18, 2020. The APEC Economic Leaders' Meeting will be virtually held on Nov 20. [Photo/Xinhua]

 

BEIJING -- President Xi Jinping began to deliver a keynote speech at the APEC CEO Dialogues via video link.

Xi said that to beat the COVID-19 virus and promote global recovery, the international community must close ranks and jointly respond to the crisis and meet the test.

China has full confidence and ability to maintain stable economic performance and achieve the goals of finishing the building of a moderately prosperous society in all respects and eradicating poverty within the set time frame, said Xi.

A billboard promoting the Asia-Pacific Economic Cooperation (APEC) meeting is seen in Kuala Lumpur, Malaysia, on Nov 18, 2020. The APEC Economic Leaders' Meeting will be virtually held on Nov 20. [Photo/Xinhua]

The new development paradigm is a strategic decision made by China based on its current stage and conditions of development, and with full consideration given to economic globalization and changes in the external environment, he said.

China will expand domestic demand as a strategic priority and ensure smooth flow of economic activity, Xi said.

A billboard promoting the Asia-Pacific Economic Cooperation (APEC) meeting is seen in Kuala Lumpur, Malaysia, on Nov 18, 2020. The APEC Economic Leaders' Meeting will be virtually held on Nov 20. [Photo/Xinhua]

China's ratio of foreign trade to GDP dropped from 67 percent in 2006 to less than 32 percent in 2019, Xi said.

In seven years since the 2008 global financial crisis, the contribution of China's domestic demand to GDP growth exceeded 100 percent, he said.

Xi said that China will vigorously make scientific and technological innovations to foster new growth drivers.

A billboard promoting the Asia-Pacific Economic Cooperation (APEC) meeting is seen in Kuala Lumpur, Malaysia, on Nov 18, 2020. The APEC Economic Leaders' Meeting will be virtually held on Nov 20. [Photo/Xinhua]

China must pursue innovation to achieve high-quality growth driven by domestic demand, as the country enters a new stage of development and factors of production underpinning its development have gone through profound changes, he said.

Xi said innovation has always been the primary driver of development to China, and the country will endeavor to build an innovation system that integrates science and technology, education, industries and the financial sector, and upgrade the industrial chains.

Xi said China will continue to deepen reform and energize the market.

He said that China will take more steps and remove with greater resolve deep-seated systemic and institutional barriers to modernize its governance system and capacity.

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