China’s Proposal on Promoting Global Growth

Highlights of President Xi Jinping’s Speech at the World Economic Forum Annual Meeting 2017, Davos, 17 January 2017

At present, the most pressing task before us is to steer the global economy out of difficulty.

First, we should develop a dynamic, innovation-driven growth model. Only with the courage to innovate and reform can we remove bottlenecks blocking global growth and development.

Second, we should pursue a well-coordinated and inter-connected approach to develop a model of open and win-win cooperation. All countries enjoy the right to development. At the same time, they should view their own interests in a broader context and refrain from pursuing them at the expense of others.

Third, we should develop a model of fair and equitable governance in keeping with the trend of the times. We should adhere to multilateralism to uphold the authority and efficacy of multilateral institutions. We should honor promises and abide by rules. One should not select or bend rules as he sees fit.

Fourth, we should develop a balanced, equitable and inclusive development model.

In the coming five years, China is expected to import eight trillion US dollars of goods, attract 600 billion US dollars of foreign investment and make 750 billion US dollars of outbound investment. Chinese tourists will make 700 million overseas visits. All this will create a bigger market, more capital, more products and more business opportunities for other countries.

Over three years ago, I put forward the “Belt and Road” initiative. Since then, over 100 countries and international organizations have given warm responses and support to the initiative. More than 40 countries and international organizations have signed cooperation agreements with China. Chinese companies have made over 50 billion US dollars of investment and launched a number of major projects in the countries along the routes, spurring the economic development of these countries and creating many local jobs.

In May this year, China will host in Beijing the Belt and Road Forum for International Cooperation, which aims to discuss ways to boost cooperation, build cooperation platforms and share cooperation outcomes.