President Xi hails 40 years of reform, opening up

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China began its historic journey of reform and opening-up in 1978, and the Chinese people have added a glorious chapter to the development epic of the country and the nation over the past four decades, President Xi Jinping said on Tuesday.

He made the remarks while delivering a keynote speech at the opening ceremony of the 2018 Boao Forum for Asia (BFA) in the southern province of Hainan.

Chinese President Xi Jinping delivers a keynote speech at the opening ceremony of the 2018 Boao Forum for Asia in China's Hainan Province, April 10, 2018./ Xinhua Photo

Over the past 40 years, China's GDP growth has averaged around 9.5 percent on an annual basis in comparable prices. The country's foreign trade has registered an annual growth of 14.5 percent in US dollar.

"The Chinese people have emerged from a life of shortages and poverty and are now enjoying abundant supply and a moderately prosperous life," Xi noted.

Cold War mentality out of trend

A Cold War state of mind and zero-sum mentality look out of place in today’s world. Putting oneself on a pedestal will lead nowhere, only peaceful development and cooperation can truly bring win-win or all-win results, Xi said.

Development, change and readjustment underway

The world is undergoing a new round of major development, great change and profound readjustment. A new round of technological and industrial revolution brings fresh opportunities and represents unprecedented challenges.

New opening-up measures to be adopted

- To further widen market access

China will continue to expand market access for foreign investors, making it a more convenient destination for investment, said Xi.

- To create an attractive investment environment

In the past, China mainly relied on preferential policies to attract foreign investment, and now it must rely more on improving its investment environment.

Xi noted that we will strengthen the interface with international economic and trade rules, increase transparency, strengthen the protection of property rights, persist in handling affairs according to law, encourage competition, and oppose monopoly.

- To further strengthen IPR protection

China will further strengthen the protection of intellectual property rights as part of wider efforts to create a more innovative economy.

This is the most important content of improving the property rights protection system, and it is also the biggest incentive to increase China's economic competitiveness.

- To lower import tariffs

China will significantly lower the import tariffs for vehicles and reduce import tariffs for some other products this year. It will also work hard to import more products that are competitive and needed by the Chinese people, Xi said.

This year's annual conference, held with the theme of "An Open and Innovative Asia for a World of Greater Prosperity", began on April 8 and will run through April 11 in Boao, Hainan Province.

(With input from Xinhua)

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