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Xi Jinping Attends and Addresses China-UK Business Summit

2015/10/22

On the afternoon of October 21 local time, President Xi Jinping and Prime Minister David Cameron of the UK together attended the China-UK Business Summit in City of London and delivered a speech respectively.

Xi Jinping pointed out that global economy is now highly volatile. The more uncertain the prospect is, the more confidence we need. Historical experience and economic rules have told us that global economy has never enjoyed smooth development, but growth is after all the general trend and it will not be changed by the temporary ups and downs in data as well as market fluctuations.

Xi Jinping stressed that the overall European economy enjoys a stable future. We believe that Europe will achieve new development and progress with its own wisdom and efforts. Some emerging markets are witnessing slower economic growth and certain countries are facing relatively more difficulties and challenges, however, after decades of rapid development, emerging markets, with bigger economic aggregate, more tenacity and more solid economic foundation, still enjoy sound economic fundamentals and therefore will continue to serve as a powerful propeller for global economic growth.

Xi Jinping noted that as the biggest emerging market in the world, China has entered a new normal in economic development. Global economic development is now facing more difficulties and in such a background, China's economy grew by 6.9 percent in the last three quarters this year, continuing playing a vital role in driving global economic growth. At present, China's economic operation is overall steady, with progress being made in stabilizing growth, promoting reform, adjusting structure, benefiting people's livelihood and preventing risks and its main indicators running within a reasonable range and inline with expected targets. China's economy does face some downward pressure and certain structural contradictions, but it is a normal adjustment the economy has to go through when its growth reaches a certain stage and level. We will continuously stabilize growth, promote reform, adjust structure, benefit people's livelihood and prevent risks to push sustainable and sound economic growth. We will continue upholding an opening-up strategy featuring mutual benefits and win-win results and integrate China's development with world prosperity and growth.

Xi Jinping emphasized that the new era requires the new thinking. The "Belt and Road" construction will bring huge opportunities for common development of China and countries along the ancient routes. "Belt and Road" is open-ended and serves as a large "friend circle" crossing Africa and annularly linking the Eurasian continent, and all countries with interest are welcomed to join it. "Belt and Road" is diversified and covers all cooperation fields and various cooperation approaches."Belt and Road" is characterized by win-win result, and all countries could jointly participate to realize common development and prosperity in principles of co-consultation, co-construction and sharing. "Belt and Road" is not one party's private road but a bright path for all countries to join hands moving forward.

Xi Jinping pointed out that China and the UK enjoy high complementarity in industrial structures, advocate similar concepts of open market and have the common wish to promote free trade and expand two-way investment. Bilateral cooperation within the framework of "Belt and Road" boasts promising prospect and huge potential. Xi Jinping put forward a 4-point proposal to open up a new prospect for bilateral cooperation.

First, put emphasis on "deepening" in boosting mutual trust. Bilateral cooperation is based on political mutual trust, and all cooperation will be groundless without mutual trust. During my visit, the two countries decided to together establish the global comprehensive strategic partnership oriented to the 21st century, which charts the course for bilateral all-round cooperation in the coming 5-10 years and will surely bring bilateral cooperation onto a track of fast development.

Second, seek "integration" in connecting strategies. The two countries should deepen cooperation by better intensifying their development strategies and industrial policies. China welcomes capital, technology and talents from the UK to participate in "Belt and Road" construction, the 13th Five-Year Plan, "Internet Plus" strategy and "Made in China 2025" strategy, and will continue to offer relevant policy information and sound investment environment to UK enterprises. The UK government also proposed the "UK Industry 2050" strategy, which highly accords with China's development strategy and industrial policy and will generate huge opportunities for bilateral cooperation.

Third, pursue "tangible results" in specific cooperation. Only tangible results from bilateral cooperation can benefit the two peoples. The two countries should earnestly advance such major projects as nuclear power, high-speed rail and infrastructure construction and push for early launch of these symbolic cooperation. Both counties should set up a long-term effective mechanism to deepen bilateral local cooperation in economy and trade. China values RMB internationalization process in London and Europe at large and will continually support the development of offshore RMB market in London and enhance cooperation with the UK in multilateral financial institutions including the International Monetary Fund, the World Bank and the Asian Infrastructure Investment Bank. China will push cooperation between bilateral small and medium-sized enterprises and keep encouraging Chinese enterprises to invest overseas, and also welcomes more UK enterprises to invest and develop in China. It is hoped that the UK will continue to provide sound investment environment and more conveniences to Chinese enterprises.

Fourth, highlight "freshness" in ways and means. We should deeply advance bilateral emerging industry cooperation and carry out mutually beneficial cooperation between China's seven major strategic emerging industries and the UK's eight major technological and strategic industries. While carrying out bilateral cooperation, enterprises of both countries could also conduct the third-party cooperation and jointly develop the international market. China will further discuss with the UK on jointly helping the development of countries in Asia, Africa, Latin America and other regions by making use of their respective advantages and on the basis of demand, consent and participation of the third parties. The two countries should, by comprehensively considering all factors, scientifically evaluate different investment, financing and operation modes such as Public-Private-Partnership (PPP) and Build-Operate-Transfer (BOT), so as to optimize the choice, complement each other's advantages, maximize economic and social effectiveness of bilateral cooperation and better benefit the two peoples.

Prime Minister David Cameron of the UK expressed in his speech that the UK government dedicates to developing vigorous bilateral partnership. Bilateral cooperation in economy, trade and other various sectors is in the common interests of the two countries and the international community at large. During President Xi Jinping's visit in the UK, both countries reached a series of new cooperation agreements covering nuclear power, finance and other areas, which will bring more welfare to both peoples. The UK government welcomes China to invest in the country and encourages business circles of the two countries to play a bigger role in facilitating bilateral relations.

Prior to the Summit, Xi Jinping and David Cameron together witnessed the signing of cooperation agreements in nuclear power, energy, finance and other fields.

Wang Huning, Li Zhanshu, Yang Jiechi and others attended above events.

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