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Wang Yi: China Will Bring More Development Opportunities to the World
2020/09/12

On September 11, 2020 local time, State Councilor and Foreign Minister Wang Yi made the remarks about the current economic situation in China and China-Russia economic cooperation at a joint press conference with Russian Foreign Minister Sergey Lavrov in Moscow.

Wang Yi noted, under the strong leadership of the Central Committee of the Communist Party of China with Comrade Xi Jinping at its core, China in the first half of the year has achieved significant outcomes in the COVID-19 pandemic prevention and control, and experienced steady economic and social recovery. In particular, China recorded a 3.2 percent growth year-on-year in the second quarter, making it the first major economy across the world that has returned to growth since the outbreak of the COVID-19, which highlighted the great resilience and vitality of the Chinese economy. The Chinese economy has seen sustained growth since the third quarter, and China is confident and capable of achieving the established economic and social development goals.

Wang Yi stressed, China had put forward to establish a new development pattern in which domestic and foreign markets can boost each other with the domestic market as the mainstay. This new pattern is both an inevitable choice as China's economic and social development run into a new stage and an important measure for China to deal with the new changes in the world economy. With a population of 1.4 billion people and a middle-income group of over 400 million people, China is now developing into the world's largest market. It is an important feature for a major country to drive its economic growth mainly on domestic demand. As the Chinese market grows bigger and more mature, immeasurable purchasing power will be created, providing wider markets for both China and the world. The new development pattern also requires China to build a more open economic structure, which will bring about more development opportunities to the world. The three proposals put forward by President Xi Jinping at the Global Trade in Services Summit of the 2020 China International Fair of Trade in Services, namely jointly fostering an open and inclusive environment for cooperation, working together to invigorate momentum for cooperation driven by innovation and making joint efforts to break new ground in win-win cooperation, have shown China's willingness to achieve mutual benefit and win-win results with countries across the world.

Wang Yi said, China and Russia are natural partners of cooperation, complementing each other's advantages. The two countries have established complete and dynamic mechanisms in economic cooperation. Despite the disturbance of the COVID-19 pandemic, the two sides have never stopped cooperation – the resumption of work and production in various fields is accelerated, and the cooperation projects of the Year of Scientific and Technological Innovation from 2020 to 2021 have been launched in phased manner. The further advance of the China-Russia practical cooperation will bring about more tangible benefits to the two countries and the two peoples.

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