Chinese President Xi delivers keynote speech at Boao Forum

Chinese President Xi Jinping delivers a keynote speech at the opening ceremony of the Boao Forum for Asia Annual Conference 2018 on Tuesday.

The conference runs from April 8 to 11 in Boao, a town in South China's island province of Hainan, and is themed "An Open and Innovative Asia for a World of Greater Prosperity."

Here are the highlights of the speech.

Tariffs and imports

Xi said China will significantly lower the import tariffs for vehicles and reduce import tariffs for some other products this year.

"We will take the initiative to expand imports," Xi said.

IPR protection

Xi said China will strengthen protection of intellectual property rights.

Market access

China will launch a number of landmark measures this year to significantly broaden its market access, Xi said.

Late last year, China announced that measures would be taken to raise foreign equity caps in the banking, securities and insurance industries.

"We will ensure that these measures are materialized," Xi said.

China will accelerate the opening-up of the insurance industry, ease restrictions on the establishment of foreign financial institutions in China and expand their business scope, and open up more areas of cooperation between Chinese and foreign financial markets, he said.

On manufacturing, he said China has basically opened up this sector with a small number of exceptions on automobiles, ships and aircraft.X "These industries are now in a position to open up. Going forward, we will reduce as soon as possible limits on foreign investment in these industries, automobiles in particular," Xi said.

Chinese nation's missions in new era

Xi outlined missions the Chinese people need to undertake in the new era.

"Each age and generation have their own challenges and missions. China has come a long way, but it has to overcome new challenges on its way ahead," Xi said.

According to Xi, the nation's missions in the new era are as follows:

• Continue to improve itself through reform;

• Take bold steps in innovation to boost development;

• Continue to increase openness and expand cooperation;

• Work together with the rest of the world and make greater contribution to humanity.

Free trade ports with Chinese characteristics

China will adopt policies to promote high-standard liberalization and facilitation of trade and investment, and explore the opening of free trade ports with Chinese characteristics,Xi said.

"We will pay equal attention to 'bringing in' and 'going global', and break new ground in opening China further through links running eastward and westward, across land and over sea," he said in a keynote speech at the ongoing Boao Forum for Asia annual conference.

A shared future for mankind

Xi called for people around the world to work together toward a community with a shared future for mankind and make Asia and the world peaceful, tranquil, prosperous, open and beautiful.

"With the future in mind, we need to treat each other with respect and as equals," said Xi.

With the future in mind, Xi said, we also need to promote dialogue and share responsibility, engage in cooperation for win-win results, uphold inclusiveness and seek harmony without uniformity, as well as treat nature with respect and treasure our planet.

Reform and opening-up

Remarkable achievements

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, Xi said.

Over the last four decades, the Chinese people have significantly unleashed and enhanced productivity in China through hard work with an unyielding spirit, Xi said.

Over the last four decades, the Chinese people have blazed a path of socialism with Chinese characteristics through determined exploration with a pioneering spirit, according to Xi.

Over the last four decades, the Chinese people have kept forging ahead and demonstrated the strength of the nation through keeping pace with the progress of the times, he noted.

"Over the last four decades, the Chinese people have embraced the world with open arms and actively contributed our share to the world," Xi said.

"Today, the Chinese people can say with great pride that reform and opening-up, China's second revolution if you like, has not only profoundly changed the country but also greatly influenced the whole world," the president said.

Meeting global trend

Four decades of reform and opening-up has provided many valuable inspirations, Xi said.

"The most important one is that for any country or nation to achieve rejuvenation, they must follow the logic of history and the trend of the times in their pursuit of progress and development," Xi said.

"China's reform and opening-up meets its people's aspiration for development, innovation and a better life. It also meets the global trend toward development, cooperation and peace," Xi said.

Reform and opening up will definitely succeed

Xi said China's reform and opening up will definitely succeed and that a Cold War mentality, zero-sum thinking, and isolationism would hit walls.

Xi said that opening brings progress, while closure would lead to backwardness.

Xi said that in a world aspiring for peace and development, the cold-war and zero-sum mentality look even more out of place.

"Putting oneself on a pedestal or trying to immune oneself from adverse developments will get nowhere," said Xi.

Xi said humanity has a major choice to make between openness and isolation, and between progress and retrogression.

"We must dispel the clouds to see the sun, as we say in Chinese, so as to have a keen grasp of the law of history and the trend of the world," said Xi.

Xi said we live at a time with an overwhelming trend toward peace and cooperation as well as openness and connectivity.

Xi said we also live at a time with an overwhelming trend toward reform and innovation, adding that those who reject them will be left behind and assigned to the dustbin of history.

GDP growth

Over the past 40 years, China's GDP has averaged an annual growth rate of around 9.5 percent in comparable prices, Xi said.

The country's foreign trade has registered an annual growth of 14.5 percent in US dollar, Xi said.

Poverty relief

"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.

According to current UN standards, more than 700 million Chinese people have been lifted out of poverty, accounting for more than 70 percent of the global total over the same period, he said.

Valuable 'Boao proposals'

With a focus on Asia and a global perspective, the Boao Forum for Asia has hosted active discussions and produced many valuable "Boao proposals" since its inception, Xi said.

The "Boao proposals" have helped build consensus in Asia, encourage cooperation, promote economic globalization and advance the building of a community with a shared future for mankind, said Xi.

(CHINA DAILY)