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Xi Jinping Highlights AIIB’s Role in Promoting Shared Development

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Chinese President Xi Jinping on Tuesday called for making the Asian Infrastructure Investment Bank (AIIB) a new platform that promotes development for all its members and facilitates the building of a community with a shared future for mankind.

Xi made the remarks when addressing via video link the opening ceremony of the fifth annual meeting of the multilateral development bank.

Full text: Xi Jinping’s address at opening ceremony of fifth annual meeting of AIIB

He called on efforts to make the AIIB a new type of multilateral development bank that promotes development across the world, a new type of development platform progressing with the times, a new type of high-performance institution for international cooperation and a new paradigm of multilateral cooperation.

The AIIB, proposed by Xi in late 2013, was officially launched in January 2016.

“The initiative is designed to develop infrastructure and connectivity in Asia and deepen regional cooperation for shared development,” Xi said.

From the 57 founding members to today’s membership of 102 spanning the six continents of Asia, Europe, Africa, North America, South America and Oceania, the AIIB has grown from strength to strength and provided nearly 20 billion U.S. dollars in infrastructure investment to its members.

Read more:

AIIB and Asia’s thirst for infrastructure

How would AIIB members cooperate and put the differences aside?

The sign of the Asian Infrastructure Investment Bank is pictured at its headquarters in Beijing, July 27, 2020. /Reuters

Xi: Make globalization more inclusive, balanced

Xi noted that the AIIB set up a COVID-19 Crisis Recovery Facility this year to support its members in tackling the pandemic and reviving their economies, hailing it a “typical example of the AIIB’s power of action.”

“The global response to COVID-19 has made it clear that mankind rises and falls together in a community with a shared future,” he said. “Mutual support and cooperation in solidarity are the only way for mankind to overcome crises.”

The Chinese president called for efforts to “pursue more inclusive global governance, more effective multilateral institutions, and more robust regional cooperation” to address issues emerging in the course of economic globalization.

The AIIB should “stay open and inclusive” and “engage more development partners in cooperation,” Xi said, calling on the bank to promote regional economic integration and “help make economic globalization more open, inclusive, balanced and beneficial for all.”

Underscoring the importance of innovation, he said the AIIB should strive to enhance connectivity, promote green development, and boost technological advance.

“China will continue working with other members to support the AIIB and make it a success, and contribute more to the global response to risks and challenges and the pursuit of shared development,” Xi said.

(With input from Xinhua)

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Highlights: 19th CPC Central Committee holds press conference on fifth plenary session

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The 19th Central Committee of the Communist Party of China (CPC) held a press conference on Friday to introduce the guiding principles of its fifth plenary session. The four-day session concluded on Thursday with the release of a communique.

Here are some highlights of the press conference:

The agenda of the session has all been completed, said Wang Xiaohui, executive deputy head of the Publicity Department of the CPC Central Committee.

The proposals for formulating the 14th Five-Year Plan for National Social and Economic Development (2021-2025) and Long-Range Objectives for 2035 were adopted during the session, said Wang, calling it the most important outcome of the session.

This is the first time that China has set long-term objectives for the country to achieve socialist modernization by 2035, according to the official.

The drafting of the proposals, which consists of three parts and 15 chapters in total, has followed five principles, said Han Wenxiu, deputy director of the Office of the Central Economic and Financial Affairs Commission.

The principles include balancing the relationship between inheritance and innovation, government and market, opening-up and independence, development and security, as well as between strategy-making and operational tactics, according to Han.

Double development dynamic

The concept of double development dynamic emphasizes both domestic and international circulations, Han said.

It takes the domestic market as the mainstay and allows domestic and foreign markets to boost each other.

Focusing on the internal market is by no means a downgrade of opening-up, instead, the pattern aims to promote a higher level of opening-up by using two resources and two markets, said Han.

China-U.S. ties

“As the two largest economies in the world, the economic ties between China and the United States are determined by the complementary of their economic structures and the openness of the global economy,” Han said.

A complete decoupling between the two countries is unrealistic and will not benefit either nation as well as the world, said Han.

China will promote high-level opening-up to provide more opportunities for the rest of the world, Han told reporters.

Technological innovation

Talking about technological innovation, the Minister of Science and Technology Wang Zhigang told reporters that China has not and will never close its doors.

China is willing to hold international dialogues on sci-tech innovation with other countries.

The country will focus on climate change, energy resources, and public health and other global issues, strengthening intellectual property protection and providing better conditions for overseas talent.

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Xi Jinping highlights innovation in message to 3rd World Laureates Forum

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Chinese President Xi Jinping on Friday addressed the third World Laureates Forum via video. In his message, Xi hailed the great contribution scientists had made in conducting international cooperation on vaccines, medicines development against the COVID-19 pandemic.

He also called on scientists to focus on everyday issues, such as climate change and public health, and step up efforts to advance the well-being of humankind.

Stressing that China is focused on scientific innovation, Xi said the country is committed to making innovation a driving force for development.

China is ready to work with top scientists around the world and international science and technology organizations to implement a more open, inclusive, and mutual beneficial international scientific strategy, Xi said, pledging greater efforts in scientific research and technology breakthrough.

Xi said he welcomes exchanges of thoughts, hoping that the scientists could work jointly to enhance cooperation and advance the cause of science.

The third World Laureates Forum, held in Shanghai from October 30 to November 1, will feature about 140 world-class award winners, including 61 Nobel Prize laureates, according to the organizing committee.

The forum, which was initiated in 2018 by the World Laureates Association (WLA), was organized by the Shanghai municipal government and has been held every October in Shanghai for the past two years, according to Wang Hou, secretary-general of the WLA.

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How will China shape its new journey for the coming five years?

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China is holding the widely-anticipated fifth plenary session of the 19th Central Committee of the Communist Party of China (CPC) in Beijing starting from Monday, with a focus on the blueprint for the country’s future.

Undoubtedly, China will keep upholding the centralized and unified leadership of the CPC and staying on the path of socialism with Chinese characteristics, but on the future prospects of the world’s second-largest economy as it prepares economic and social development plans for the next five years, questions remain.

How will China navigate this new stage of development? What will China’s economic and social roadmap be in the post-epidemic era? The following is a comprehensive guide for you to catch the pulse of the meeting.

Why does the meeting matter?

The highest decision-making bodies of the CPC, China’s ruling party, are composed of two parts: the CPC National Congress, and the CPC Central Committee elected by its national congress.

Here is a review of all such plenary sessions since late 2012:

The fourth plenary session last year reviewed and adopted the CPC Central Committee’s decision on some major issues concerning how to uphold and improve the system of socialism with Chinese characteristics and advance the modernization of China’s system and capacity for governance.

According to the agenda of this year’s session, the proposals for formulating the country’s 14th Five-Year (2021-2025) Plan for Economic and Social Development and future targets for 2035 will be assessed.

Drawn up every five years since 1953, the FYP is a major feature of China’s governance system, setting growth targets and defining economic and social development policies to ensure national strategies keep pace with the times.

Since 1953, China has formulated and implemented 13 FYPs. This year, for the first time, a 15-year “long-term vision” is mentioned along with the 14th version of the FYP, aiming for 2035 when the country’s socialist modernization is expected to be basically achieved.

Eyes on China’s plan for coming years

Development goals set for the 13th FYP period (2016-2020) are about to be accomplished, which will mark a new and major step forward in China’s economic and scientific power, as well as national strength.

Analysts said that given growing uncertainties, the 14th FYP has attracted great attention, as it will be the first FYP after China accomplishes building a moderately prosperous society in all respects and realizing its first centennial goal in 2020, as well as making all-out efforts to achieve its second centennial goal – to build a great modern socialist country around 2049.

“The 14th Five-Year Plan will be a critical plan, drawn up at a critical time,” said Wang Changlin, president of the Academy of Macroeconomic Research of the National Development and Reform Commission.

The Political Bureau of the CPC Central Committee has said that the FYP is a “vivid practice of China’s socialist democracy.” But how?

China has solicited public opinions online on compiling the 14th FYP since August 15, and by convening and presiding over a number of symposiums, Chinese President Xi Jinping has directly listened to opinions and advice on the country’s economic and social development in the 2021-2025 plan period from all walks of society.

After gathering suggestions widely, how will the blueprint be drawn up?

Clues can be found from the Political Bureau’s meetings, during which the following principles are stressed in making the 14th FYP – upholding the overall leadership of the CPC, maintaining and improving the system of socialism with Chinese characteristics, putting people first, building a new development pattern, deepening reform and opening up and forestalling and defusing major risks and challenges.

Adhering to these key points, three aspects may be highlighted in the plan.

– Dual circulation

First introduced in May, the new development pattern known as “dual circulation,” which takes the domestic market as the mainstay while letting domestic and foreign markets boost each other, has been placed high on the authorities’ agenda.

In pursuing the new development pattern, scientific and technological innovation, especially making breakthroughs in core technologies, is widely regarded as the key to shaping domestic circulation.

When talking about what to expect for the next five-year plan, Bert Hofman, former World Bank Country Director for China, told CGTN during an interview that the dual circulation is a vital strategy in China’s economic blueprint.

“Two elements of more domestic demand and more domestic capability and innovation are, I think, an important part of the dual circulation. It does not mean that China is going to close down,” he said, and added that the domestic circulation is going to be more important than the international circulation when rebalancing towards more domestic capabilities.

“Over the past decade, China has increased household consumption in GDP a little bit, from 35 percent to about 40 percent but it has a long way to go,” he said.

– High-quality development in economy

While chairing a meeting on the new plan in November last year, Chinese Premier Li Keqiang stressed several principles of making the new plan, including to keep the economy running within a reasonable range, to promote high-quality development, to emphasize the vision of people-centered development and to highlight the role of reform and innovation in tackling difficulties.

Following the principle of pursuing progress while ensuring stability, all regions and departments have deepened the all-round reform, taken the initiative to further open up and maintained medium-high economic growth within a reasonable range, he said.

Wang Tao, the chief China economist at UBS Investment Bank, predicted in his article that the 14th FYP will emphasize fostering structural changes domestically and improve the quality of growth.

“This means that the 14th FYP will likely set ambitious targets for urbanization (likely another 5-point increase in hukou urbanization rate), new urban employment growth (possibly another $50 million in 2021-25), increase in shares of consumption and services, improvement in the social safety net, and an increase in education and research and development spending,” said the economist.

– People’s sense of fulfillment, happiness and security

Aside from providing the general direction, the 14th FYP is more like “a super policy package” – setting quantitative indexes on many fields, including economic growth and environmental protection, and listing major programs and infrastructure projects affecting people’s livelihood, Yan Yilong, a research fellow with the Center for China Studies at Tsinghua University, told the Global Times.

Meeting people’s ever-growing needs for a better life has always been an important issue in China, and Xi Jinping has called for efforts in promoting the development of China’s education, culture, health and sports sectors to reach the goal.

In this regard, policies concerning these areas will undoubtedly be covered in the 14th FYP.

Managing editor: Duan Fengyuan

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