PR86453

BEIJING, Nov. 5, 2020 /PRNewswire=KYODO JBN/ --

The COVID-19 pandemic has spread at an alarming pace, infecting millions and

bringing economic activity to a near-standstill, as countries impose tight

restrictions on movement to contain the spread of the virus.

How can the global economy recover from this unprecedented blow?

In his keynote speech via video link (https://news.cgtn.com/news/2020-11-02/Live-Xi-Jinping-delivers-keynote-speech-at-3rd-CIIE-opening-ceremony-V4kasKFGrS/index.html )

at the opening ceremony of the third China International Import Expo (CIIE) on

Wednesday, Chinese President Xi Jinping offered the answer from China:

upholding the principles of mutually beneficial cooperation and mutual opening-up.

Mutually beneficial cooperation

COVID-19 is a stark reminder that all countries are bound together as a

community with a shared future, Xi said, adding that no one can stay immune in

a major crisis and countries must work together as partners, with each

shouldering its due responsibility.

Solidarity and cooperation are the right choices to make in meeting challenges.

"We must uphold the principle of mutually beneficial cooperation," he said.

The CIIE is now an international public good for the world to share, acting as

a major platform for international procurement, investment promotion, cultural

exchange and cooperation, he stressed.

The first CIIE in 2018 saw deals for prospective one-year purchase of goods and

services reach $57.83 billion, while deals from the Belt and Road countries reached

$4.7 billion. At the second CIIE, the figure rose by 23 percent to $71.13 billion.

Flocking to this year's CIIE are returnees from past expos as well as new

faces, including nearly 50 Fortune-500 and industry-leading companies.

Undoubtedly, with the cooperation through this year's CIIE, fresh impetus can

be injected into the global economy.

Mutual opening-up featuring shared benefits, responsibilities and governance

Mutual opening-up is another keyword mentioned by the Chinese president at the CIIE.

Xi said that the hosting of the third CIIE demonstrates the country's sincere

desire to share its market opportunities with the world and contribute to

global economic recovery.

Noting that the opening-up measures he announced at last year's CIIE have been

fully implemented, Xi pledged more open domestic and international circulations

for not only China's own development needs but also the greater benefit of

people in all countries.

According to official data, China has made the swiftest recovery from the

pandemic among major economies. In the first three quarters, its economy

expanded by 0.7 percent from a year earlier, while the rest of the world is

still largely mired in recession. The country's total imports and exports also

recorded positive year-on-year growth in the same period.

China, the world's second-largest economy, has been promoting a "dual

circulation" development pattern since May. The strategy indicates an economic

development pattern that takes domestic development as the mainstay, with

domestic and international development reinforcing each other.

Read more:

China's dual circulation an active choice and long-term strategy: official

(https://news.cgtn.com/news/2020-10-30/China-s-dual-circulation-an-active-choice-and-long-term-strategy-V0kW26SOu4/index.html )

Stepping up the building of the new development pattern of "dual circulation"

in the next five years was also stressed at the fifth plenary session of the

19th CPC Central Committee (https://news.cgtn.com/news/2020-11-03/CPC-s-proposals-for-14th-Five-year-Plan-released--V72UkZo5dS/index.html ), which closed on October 29.

The Chinese president also announced new measures for furthering opening-up in

his keynote speech.

China will introduce a negative list for cross-border services trade and open

still wider in areas like the digital economy and the internet, and China will

pursue creative ways to grow foreign trade, Xi said.

China stands ready to sign high-standard free trade agreements with more

countries in the world and China will work for the early signing of the

Regional Comprehensive Economic Partnership and speed up negotiations on a

China-EU investment treaty and a China-Japan-ROK free trade agreement, he added.

Read the original article: here (https://news.cgtn.com/news/2020-11-04/CIIE-2020-China-offers-solutions-to-pandemic-hit-global-economy-V9gIvvNlxC/index.html ).

source: CGTN

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   Caption: China's solutions to pandemic-hit global economy - cooperation and opening-up

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   Caption: China's foreign trade dependency ratio narrowed