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China calls for building an open world economy to create a better post-COVID society

To promote steady and solid progress in global economic recovery, Xi said countries should explore new drivers of economic growth, new forms of social life and new ways of people-to-people exchanges.

“We should remove barriers, not build walls. We should open up, not shut down. We should strive for integration, not decoupling. This is the path to building an open world economy,” he said.

Major economies should see the world as one community and increase political transparency, major industrialized countries should pursue responsible economic policies and manage policy spillovers, and international economic and financial institutions should play their constructive role to prevent systemic risks, he added added.

Xi also stressed establishing universally acceptable and effective rules for artificial intelligence and the digital economy, and creating an open, fair and non-discriminatory environment for scientific and technological innovation.

Referring to China’s role and efforts during the process, he said the country will continue to pursue high-quality development, remain committed to reform and opening-up, and welcome all kinds of capital to operate in China to play a positive role to play the development of the country .

“We have full confidence in the future of the Chinese economy,” he said, highlighting the strong resilience, huge potential and long-term sustainability of the Chinese economy.

Meanwhile, he stressed that China will not grow its economy at the expense of resource depletion and environmental degradation, and will keep its word to achieve carbon peak and carbon neutrality.

“Strong trust and cooperation is the only right way to defeat the pandemic,” he outlined the solution.

Countries must cooperate in drug research and development and “make full use of vaccines as a powerful weapon,” he said, emphasizing ensuring equitable distribution of vaccines, accelerating vaccination and closing the global vaccination gap.

China will ship another 1 billion cans to African countries, including 600 million cans as donations, and donate 150 million cans to members of the Association of Southeast Asian Nations, he announced.

The Global Development Initiative is a public good open to the whole world, and China stands ready to work with other countries to translate the initiative into concrete actions together, Xi said, calling for efforts to bridge the development gap and revitalize global development.

He proposed the initiative – which emphasizes guiding global development towards a new phase of balanced, coordinated and inclusive growth in the face of the severe shocks of the COVID-19 pandemic – in September 2021.

Protectionism, unilateralism and the practices of hegemony and bullying “are going against the tide of history,” he warned.

“The right path for mankind is peaceful development and win-win cooperation,” he said.

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