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Wang Yi: We Get Markets Not by Snatching, but by Exploring
2018/01/24

On January 23, 2018 local time, Foreign Minister Wang Yi expressed at the opening ceremony of the China-Latin America and the Caribbean (LAC) Economic and Trade Cooperation Forum and China-LAC Business Council Annual Meeting 2018 in Santiago that China's economic structure is continuously optimizing and upgrading. In 2017, domestic consumption has contributed more than 65 percent to China's economy. Recently, an international authoritative institution estimated that the total scale of domestic consumption of China will overtake that of the US in 2018 for the first time. It means that after 2018, China will become the world's largest market. Regardless of whether this estimation is accurate or not, the scale of China's potential market is four to five times larger than that of the US. It is also a foreseeable future prospect since it is constantly changing from potential to reality. It is because the power of market exists here. We get markets not by snatching with force, but by diligently exploring.

As time goes by, the trade structure between China and the US as well as that between China and other countries will fundamentally change sooner or later. Exports to China by many countries including the US will exceed their imports from China. The trade structure among China and foreign countries will be reversed and it is China who is likely to face deficit. By that time, we will neither threaten anyone with the "Section 301" nor politicize trade issues. We will as always deal with new situations brought by the rules of market from a positive perspective, and promote the greater development of our economic and trade relations with various countries around the world by means of making the cake much bigger.

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