Keynote Speech by H.E. Ambassador Liu Xiaoming at the Global Markets Conference 2019 Held by BNP Paribas: Share the Opportunities of China and Join Hands to Create a Better Future
Mr. Alain Papiasse,
Mrs. Anne Verstraeten,
Ladies and Gentlemen:
It is a real delight to join you at the Global Markets Conference 2019 held by BNP Paribas. This Conference is highly timely as it focuses on the global financial market and explore opportunities for future development.
I was asked by the Conference to talk about China's economy. So I would like to share with you my thoughts about China's economic prospect and how to seize the opportunities that China has to offer.
First, how shall we view China's economic prospect?
The world is now undergoing profound changes unseen in a century. How we choose between openness and isolation, between cooperation and confrontation, between win-win and zero-sum game will determine the direction of world economic development.
Due to surging protectionism, rising uncertainties and disturbing instabilities in the world economy, the IMF forecast for growth this year is only 3%, the lowest since the international financial crisis in 2008.
Against this backdrop, China's economy, the world's second largest, has withstood the test of storms and maintained a steadily growing momentum. In my opinion, there are four highlights in China's economy.
The first highlight is steady growth.
China's economy has enjoyed rapid growth at an average rate of 9.4% for 40 years since the beginning of reform and opening up. In the first three quarters of this year,
China's GDP reached about 10 trillion dollars, increasing by 6.2% year-on-year. That was one of the fastest among major economies in the world.
Close to 11 million jobs were created, and average disposable income increased by 6.1% in real terms. Economic growth has brought tangible benefits and given our people a strong sense of achievement.
Paid-in foreign investment exceeded 100 billion dollars, increasing by 6.5% year-on-year. On average, more than 100 foreign-owned companies are opened in China every day.