Deepen Reform and Opening up and Work Together for a Better Asia Pacific
I am deeply convinced that the Chinese economy will sustain its sound growth. At the same time, we are soberly aware of potential problems and challenges from falling demand, overcapacity, local debts and shadow banking, and we are paying close attention to possible impacts coming from the outside. In this connection, we are taking prudent and proper measures to forestall any potential problems.
The Chinese economy has entered a new development stage. It is undergoing profound transformation of growth model and structural readjustment. In this process, there will inevitably come one challenge after another. Efforts to meet the challenges will be accompanied by throes of readjustment and growing pains, which will prove to be worthwhile.
a彩虹往往出现在风雨之后。有句话说得好，没有比人更高的山，没有比脚更长的路。再高的山、再长的路，只要我们锲而不舍前进，就有达到目的的那一天。Rainbow often appears after wind and rain. As someone aptly puts it, “No mountain is too high for a man to scale and no road too long for a man to walk.” However high the mountain may be or daunting the obstacles may seem, we will be able to reach our goal as long as we stay the course and keep moving forward.
If China is to make progress , it must deepen reform and opening-up in all respects. To live up to the new expectations of our people, we must, with firm confidence in reform and opening-up, greater political courage and wisdom, and stronger measures, advance reform and opening-up, further open our mind, unleash and develop social productivity, and unlock and enhance the creative forces of the society.
China is drawing up a master plan for the deepening of reform in all respects. Our general approach is to press ahead with reforms in economic, political, cultural, social and ecological fields in a balanced manner, address the challenges cropping up in the course of development, remove institutional obstacles to sustained and healthy economic growth, and create new impetus to economic development through reform.
We will improve our basic economic system, strengthen the building of market system, advance institutional reform in macro regulation, fiscal and tax systems, financial sectors and investment, deepen the market-oriented reform of interest rates and exchange rate, make the RMB exchange rate more flexible, and achieve, over time, the convertibility of the RMB under capital account. We will continue to reform the administration system, transform the functions of the government, streamline government and delegate powers in order to have a clearly-defined relationship between the government and the market and let the market play its basic role in allocating resources to a greater degree and in a wider scope. We will improve the management system of science and technology, enhance innovation capability, and build a system for technological innovation which is led by enterprises and guided by the market and which integrates the efforts of enterprises, universities and research institutes. We will ensure and improve people’s well-being on a priority basis, promote social equity and justice, achieve higher quality employment, deepen the reform of income distribution system and improve social security and basic public services. We will step up environmental protection and resources conservation to create a good working and living environment for our people and make new contribution to the global response to climate change.
We will follow a more proactive opening-up strategy, improve the open economy which is mutually beneficial, diversified, balanced, secure and efficient, encourage coastal, inland and border areas to draw on each other’s strengths in opening-up, develop open areas that take the lead in global economic cooperation and competition, and form leading areas of opening-up that drive regional development. We will continue to attach equal importance to export and import, and promote balance in foreign trade. We will “bring in” foreign investment and encourage companies to “go global” at the same time, and enhance international investment cooperation. We will deepen investment- and trade-related institutional reforms, and improve relevant legislation to create a legal environment in which foreign companies in China can operate in a level playing field. We will make overall planning for bilateral, multilateral, regional and sub-regional opening-up and cooperation, accelerate the implementation of the FTA strategy, and promote connectivity with our neighboring countries.
We are aware that the reform is a profound revolution that involves adjustment of major interests and improvement of systems and institutions in various fields. China’s reform has entered the deep water zone where tough challenges must be met. The problems we face in the current phase of reform are especially difficult. They are hard nuts to crack, so to speak. It is extremely important that we press ahead without ever letting up. If we hesitate and become indecisive, we will not be able to make breakthroughs and all our previous gains may be lost.