Premier Li highlights Asian integration: China’s Growth Impetus at Boao
BOAO, Hainan, April 10 (Xinhua) — Chinese Premier Li Keqiang on Thursday said China will forge ahead with other Asian countries, sharing weal and woe, to open up new vistas from Asia’s development.
China’s economy has got off to a stable and good start this year, Li said when delivering a keynote speech at the opening ceremony of the Boao Forum for Asia (BFA) Annual Conference 2014 held in Boao, a coastal town in south China’s Hainan province.
Li’s remarks came as China’s stumbling trade figures weighed on the market confidence over the country’s economic strength.
Exports slumped by 6.6 percent in March from a year ago and imports were down 11.3 percent, the General Administration of Customs said Thursday.
Li assured his audience of over 1,000 Asian political and business leaders that China’s development has strong resilience despite downward pressure and difficulties.
China’s growth impetus
“We have the capabilities and confidence to keep the economy functioning within the proper range,” Li said.
The world’s second largest economy has set its target of economic growth for 2014 at about 7.5 percent.
“As long as there is sufficient employment and no major fluctuations, actual GDP growth will be within the proper range, be it slightly higher or lower than the target,” he said.
China will generate impetuses for growth by deepening reform, adjusting the economic structure and improving people’s livelihoods, the premier said.
Li also emphasized a new stage of quality and performance, after rapid growth over the past three decades and more.
The government will not resort to shortterm stimuli because of temporary economic fluctuations and will pay more attention to sound development in the medium to long run, said Li.
Li is confident that the government has equipped itself with new weapons in the macrocontrol arsenal, and tried to disperse market jitters over future development, said Wang Jun of China Center for International Economic Exchanges, a government think tank.
During his speech, Li enumerated conditions for the economy to achieve sustained and sound growth.
China has a big economy and large foreign exchange reserves. There is still great room and opportunity in the new type of industrialization, IT application, urbanization and agricultural modernization, the premier said.
Narrowing the gap between urban and rural areas and among different regions will also unleash huge potential for growth, he added.
Asian integration
Before elaborating on China’s economy, Li gave time to call for Asian countries to re-energize the region in face of new developments and new challenges.
Asian countries need to build a community of shared interests, common destiny and shared responsibilities, Li said.
“Economic integration is central to development in Asia,” said the premier.
Asian countries need to work together in liberalizing trade and facilitating investment, as well as upgrading regional and sub-regional cooperation, he added.
China will work to advance negotiation on the Regional Comprehensive Economic Partnership (RCEP), and is taking an open position towards the Trans-Pacific Partnership (TPP), Li said.
Wang said RCEP will boost Asian integration by improving policy- making communication, infrastructure connectivity, trade, currency swaps and people-to-people exchanges in the region.
Li also highlighted the importance of a peaceful and stable regional environment, urging Asian countries to build consensus, make active efforts and jointly fulfill their due responsibilities.
Li underscored again China’s commitment to peaceful development and its resolution to defend its territorial sovereignty.
“We will give full support to initiatives that help strengthen maritime cooperation,” Li said, “on the other hand, we will respond firmly to provocations that undermine peace and stability in the South China Sea.”
The premier’s speech made clear that China’s development is based on cooperation with other Asian countries, which will in return benefit Asia’s overall development, said Zhao Qizheng, former minister of the State Council’s information office.
“The speech displays China’s aspiration to realize Asia’s common prosperity, and it also shows the country’s willingness to shoulder its international responsibilities,” Zhao said.
As an international non- governmental and non-profit organization founded in 2001, the BFA works to promote regional economic integration and bring Asian countries closer to their development goals.
The theme for this year’s conference is “Asia’s New Future: Identifying New Growth Drivers”.
Australian Prime Minister Tony Abbott said BFA now rivals Europe’s Davos Forum held in Switzerland, and does so much to showcase the Asia-Pacific region.
“I’m pleased to be the fourth Australian Prime Minister to attend the forum, and will be a regular participant in the future,” he said.
In addition to Abbott, political leaders attending this year’s event included Prime Minister of the Republic of Korea Jung Hongwon, Prime Minister of Laos Thongsing Thammavong, Namibian Prime Minister Hage Geingob, Pakistani Prime Minister Muhammad Nawaz Sharif, Timor-Leste’s Prime Minister Xanana Gusmao, Russian Deputy Prime Minister Arkady Dvorkovich and Vietnamese Deputy Prime Minister Vu Duc Dam.