China's Xi: international effort needed for global economic recovery

Chinese President Xi Jinping calls for joint efforts of the international community in responding to the coronavirus pandemic and promoting the global recovery.

In a speech delivered via videolink to the Asia-Pacific Economic Cooperation CEO Dialogues, Xi said the pandemic showed "that the interest of all the countries are interwoven and that humankind shares a common stake."

"To beat the virus and promote the global recovery, the international community must close ranks and jointly respond to the crisis and meet the tests," Xi said in his remarks

Xi also vowed that China would open up wider to the world under the new development paradigm, which emphasises more on self-reliance on market and technologies.

He said China's huge market potential and commitment to international cooperation will offer more opportunities and share prosperity with the world.

Boost imports of high-quality goods and services

He said China will continue to cut its tariffs and expand imports of high-quality goods and services, while vowing to push reforms and promote an innovation-driven growth model.

"We will further reduce tariffs and institutional costs..., and expand imports of high-quality products and services from all countries," Xi said ahead of APEC leaders' virtual summit on the future of international cooperation on Friday.

China will pursue higher quality growth through its "dual circulation" development model, driven by technological innovation, Xi said.

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Stronger coordination

Xi also called for stronger policy coordination among international communities and said globalisation is "irreversible" and that China will not engage in "de-coupling".

"Our new development pattern is not a closed domestic single circulation, but an open and mutually promoting domestic and international dual circulation," Xi said.

The "dual circulation" strategy envisages that China's next phase of development will depend mainly on "domestic circulation" or an internal cycle of production, distribution and consumption, backed by domestic technological innovation.

Xi also said China will sign free trade pacts with more countries and will promote a high-quality Belt and Road initiative.

At a key meeting last month, Xi and other leaders laid out a blueprint for China's five-year plan and key objectives for the next 15 years. They include a goal to turn China into a "high income" nation by 2025 and advance to a "moderately developed" nation by 2035.

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