Business / Opinion

New opportunities for the world

By Wang Yi (China Daily) Updated: 2014-01-27 08:26

China's new comprehensive reforms will give impetus to the development of the global economy in all aspects

China has always been the focus of attention at the World Economic Forum, and more so this year with China unveiling a new round of comprehensive reforms 35 years after the launch of its first reform program. This not only heralds a new era for China's development, but also has an extensive and positive impact on the world.

On Wednesday, Premier Li Keqiang sent a special message to this year's WEF annual meeting which you can find on the WEF website. It gives a comprehensive and authoritative explanation of the current state and prospects of the Chinese economy. In his message, Premier Li pointed out that the sustained and sound development of the Chinese economy will offer new opportunities and give new impetus to the development of the world.

China's new round of reforms will cover the political, economic, cultural, social and ecological dimensions. More than 300 major reform measures have been announced, covering 15 categories in more than 60 fields. The reforms are unprecedented in terms of their scope, depth and difficulty. I guess the questions you want to ask the most are: Will this round of reforms be as great a success as the previous one? What will the reforms bring to the world?

Here, I want to tell you in clear terms that China has every confidence in the success of its new round of reforms.

Our confidence comes from the fine tradition of constant self-improvement and the splendid civilization of the Chinese nation over 5,000 years. The Chinese nation has gone through many hardships and sufferings, but it has always emerged stronger. An important reason is that our nation has the fortitude to reform and improve itself. The Chinese people, at all times, have the courage, will and ability to carry out reform.

Our confidence comes from the right path China has chosen. In the past 65 years since the founding of the People's Republic of China, we have explored tirelessly and eventually found a development path that is suited to China's conditions and supported by the entire Chinese nation. It is a path of socialism with Chinese characteristics. Our practice has proven and will continue to prove that as long as we remain steadfastly committed to this path, China will remain dynamic and acquire the driving force for development.

Our confidence comes from the strong leadership of the Communist Party of China. The fact that the CPC is a ruling party with 86 million members represents our unique strength and most important resource. As long as the 86 million party members work in unison, they will generate an unrivalled force of positive energy that will enable us to surmount whatever difficulties and challenges are encountered in the reform process.

Our confidence comes from the solid foundation China has laid and the rich experience it has gained. Since the start of reform and opening-up, China has progressed from poverty to prosperity. We used to "cross the river by feeling our way from one stone to another". Today, we have the support of a comprehensive system of theories and policies. We know very well where our problems exist, and more importantly, we know how to resolve them.

Our confidence comes from China's huge development space and potential. China is a big country with 1.3 billion people and an area of 9.6 million square kilometers. It thus has broad space for development and there is great potential yet to be tapped.

At present, the gaps between urban and rural areas and between the central and western and the eastern regions in China remain wide. This is a major challenge China faces, but more importantly, it also spells hope for China's future development. As reform deepens in China, waves of enormous demand will be unleashed, propelling China's strong momentum of economic growth.

Our confidence comes from China's win-win strategy of opening-up. The most successful experience of China's reform is that it is always carried out in parallel with China's opening-up. Through reform, we have increased China's openness, which, in turn, has promoted China's reform. Our new reforms will bring more benefits to the world, as China continues to draw impetus to its reform program from the world.

China, a major country with a population of 1.3 billion, is moving rapidly toward modernization. This is an extraordinary historic process unfolding before our eyes and the greatest contribution of the Chinese nation to human progress. We are not just responsible for our own country and people, but also ready to honor our due obligations to the world. The new round of reforms in China serves both the interests of the Chinese people and the needs of the world. We will speed up the shift of the growth model, intensify efforts to upgrade and improve the quality and efficiency of growth, get beyond the "middle income trap" and achieve sustainable development. An increasingly prosperous China that is committed to deepening reform means the following to the world:

China will provide the world's development with more "Chinese opportunities".

First, market opportunities. Despite the lack of effective global demand, the potential of the Chinese market is still growing. Last year, Chinese people bought 21 million cars, more than a quarter of global car sales. China's annual imports are approaching $2 trillion. And China is expected to import over $10 trillion of goods in the next five years.

Second, investment opportunities. Despite the financial constraints facing the real economy around the world, Chinese businesses are becoming a major source of international investment and financing. Last year, China's non-financial outbound direct investment topped $90 billion. In its new round of reforms, China will encourage businesses and individuals to invest abroad and enter a new stage of overseas investment.

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