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Li Keqiang Attends Opening Ceremony of Boao Forum for Asia Annual Conference 2014 and Delivers Keynote Speech


In the morning of April 10, 2014, Premier Li Keqiang attended the opening ceremony of the Boao Forum for Asia Annual Conference 2014 and delivered a keynote speech entitled “Jointly Open up New Vistas for Asia's Development”. The guests from the political, industrial and business circles, as well as experts and scholars from 52 countries in Asia and Africa were present at the opening ceremony.

In his speech, Li Keqiang pointed out, the world today is undergoing profound changes, and the global economic recovery has been a slow and difficult process. As one of the most dynamic regions in the world, Asia is at a crucial stage of development. With most countries being developing nations, Asia is still faced with the huge challenge of growing the economy and improving people's livelihood.

Li Keqiang made three proposals on how to tap the development potential of Asia under new circumstances.

First, to stick to the overarching goal of common development and build an Asian community of shared interests. Countries in Asia should continue to act in the spirit of solidarity in face of difficulties, turn the strong economic complementarity into mutual support for each other's development and continuously expand convergence of interests. Second, to foster a general environment for integrated development and form an Asian community of common destiny. To actively promote the infrastructure connectivity and push forward industrial in-depth cooperation and build an industrial network that draws on respective comparative strengths. Third, to maintain the general environment of peaceful development, build an Asian community of shared responsibilities and actively explore the establishment of a regional security cooperation framework in Asia.

Li Keqiang emphasized, China is committed to peaceful development. We pursue a neighborhood policy of building amity and friendship, and we are firm in our resolve to uphold China's territorial sovereignty. We also follow a clear-cut policy of seeking peaceful solutions to disputes. We will give full support to initiatives that help strengthen maritime cooperation. We will not accept acts that undermine stability in the South China Sea. China loves peace, and is willing to work with other countries in the region to maintain regional prosperity and stability.

Li Keqiang stated, at present, the Chinese economy has got off to a stable and good start. On the other hand, the upturn of the Chinese economy is not yet on a solid footing, downward pressure still exists, and difficulties in some fields must not be underestimated. Faced with this complex situation, we need to calmly assess the current developments, stay focused, and take initiatives as called for. In exercising macro-control, we will endeavor to strike a balance between aggregate supply and demand, focus on improving the economic structure, ensure proper policy intensity of macro-control in the light of changing situation and take targeted and differentiated measures as appropriate. We will not resort to short-term massive stimulus policies just because of temporary economic fluctuations and we will pay more attention to sound development in the medium to long run. With all the principles established and policy options at our disposal, we can handle all possible risks and challenges. We have introduced a series of policies to advance reform, adjust structure and benefit the people, and more such measures are under consideration. All these will help ensure such steady growth. We have the capabilities and confidence to keep the economy functioning within the proper range.

Li Keqiang stressed, there are conditions in place for the Chinese economy to achieve sustained sound growth, and the Chinese economy has the basis for steady growth. It not only enjoys good conditions for maintaining medium to high speed growth in the time to come, but also inexhaustible impetus for sustained development. First, we will create impetus by deepening reform. We will work harder to streamline administration and delegate more power to lower level governments, consider the adoption of a management model based on a negative list approach, introduce a system of listing government powers, and carry out a new round of opening-up at a high level. We will actively create conditions to establish a Shanghai-Hong Kong stock exchanges connectivity mechanism, and further promote two-way opening-up and healthy development of the capital markets on the mainland and Hong Kong. Second, we will create impetus by adjusting economic structure. We will push forward structural adjustment through structural reform, and speed up efforts to improve the services sector, which is our weak link. We will implement a new type of people-centered urbanization, rebuild more rundown areas, expand development from the coastal areas to the inland regions in a phased way and nurture new economic support belts along the Yangtze River waterway and important land transportation trunks. Third, we will create impetus by improving people's livelihood. The 1.3 billion Chinese represent the largest consumer market and source of demand in the world. We will implement a more energetic policy for employment and entrepreneurship. We will also introduce more tax breaks to encourage eligible small and micro companies, individually-owned businesses and enterprises to hire more. We want to steadily raise people's incomes by creating more jobs and start-ups. We will improve the social safety net and make consumption provide greater support for economic development.

Li Keqiang said, the Chinese economy has entered a new stage of improving quality and performance. We need to overcome stumbling blocks on the way forward and make steady progress towards achieving our long-term goals. We will write a new chapter in the "China story" and endeavor to realize the great Chinese dream of national renewal.

At the opening ceremony, Fukuda Yasuo, Chairman of the Board of Directors of Boao Forum for Asia, delivered the welcoming remarks. Prime Minister Tony Abbott of Australia, Prime Minister Chung Hong-won of the Republic of Korea (ROK), Prime Minister Thongsing Thammavong of Laos, Prime Minister Hage Geingob of Namibia, Prime Minister Nawaz Sharif of Pakistan, Prime Minister Xanana Gusmao of Timor-Leste, Deputy Prime Minister Arkady Dvorkovich of Russia and Deputy Prime Minister Vu Duc Dam of Vietnam respectively delivered speeches.

State Councilors Yang Jing and Yang Jiechi were in company at the opening ceremony.

Boao Forum for Asia Annual Conference 2014 is held from April 8 to 11 in Boao, Hainan Province. The theme for this year is "Asia's New Future: Identifying New Growth Drivers".

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