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Wang Yi: The Vast Ocean of China's Economy Presents its Openness and Inclusiveness
2018-11-13

On November 13, 2018, State Councilor and Foreign Minister Wang Yi met the press together with Foreign Minister Heiko Maas of Germany after holding the fourth round of China-Germany Diplomatic and Security Strategic Dialogue. He expressed that President Xi Jinping likened China's economy to the ocean in his keynote speech at the first China International Import Expo (CIIE), meaning that the vast ocean of China's economy will always present its openness and inclusiveness.

Wang Yi expressed that the CIIE is the world's first import expo held at a national level. With the vigorous support and active participation of all parties, it has achieved remarkable success beyond expectations. Wang Yi said that holding the CIIE is a major initiative decided and advanced by President Xi Jinping. It has set a new benchmark in the history of international trade and has become a milestone in China's new round of opening up. It is also a great move to promote the construction of a community with a shared future for mankind. Its significance is considerable and profound.

The CIIE enables countries around the world to share the opportunities presented by China's development. More than 3,600 foreign companies from a total of 172 countries, regions and international organizations participated in the CIIE with the turnover reached nearly 60 billion US dollars. Many exhibitors are amazed at the huge purchasing power of the Chinese market. Just the day before yesterday, Chinese e-commerce traders held an online shopping festival called "Double 11", which has also been participated in by tens of thousands of overseas companies. In less than 24 hours, the transaction amount exceeded 200 billion RMB. Behind these astonishing numbers is the resilience and potential of the Chinese economy and the huge and still burgeoning market formed by nearly 1.4 billion people. According to the prediction of international authorities, in terms of goods and commodities, China will soon become the world's largest market with services demand rapidly rising. And with the expansion of the Chinese market, while meeting the increasingly diverse needs of Chinese consumers, countries around the world will also gain new development momentum, thus achieving mutual benefit and win-win results for both China and the world.

The CIIE declared China's established policy of expanding its opening up. For a country with a huge market, what matters more is its willingness to open up and share its market with the world. China has made vigorous efforts in this regard with practical actions. In the past 40 years of reform and opening up, we have always adhered to the opening up strategy for mutual benefit and win-win results, which will remain unchanged in the future. President Xi Jinping also announced five important opening up measures and three measures to support the opening up of Shanghai and other regions. This fully shows that China's door will never be closed, and it will only open still wider.

The CIIE demonstrates China's firm determination to maintain global free trade. Supporting free trade and promoting economic globalization is the consensus of most countries in the world, but this consensus is being affected and challenged. In this context, as a country with a big volume of global trade and the second largest economy, China rejects unilateralism and protectionism with practical actions and leads the correct direction of building an open world economy, which is highly recognized by the international community.

Wang Yi pointed out that President Xi Jinping compared the Chinese economy to the ocean in his keynote speech at the CIIE. This magnificent metaphor has impressed the world. As a famous Chinese saying goes, "The ocean is vast because it admits hundreds of rivers." This ocean of China's economy is vast enough to cope with all kinds of storms and waves. China is always willing to share its opportunities with openness and inclusiveness so as to jointly open up more promising development prospects.

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