November 22, 2020 | Issue 2020-47 | Click to Subscribe
Key Words: China's New Development Paradigm
"At its recently concluded Fifth Plenary Session of the 19th Central Committee, the Communist Party of China (CPC) deliberated on and adopted the recommendations for formulating China’s 14th Five-Year Plan. According to the recommendations, China will complete building a moderately prosperous society in all respects within the set time frame. From next year on, China will embark on a new journey toward fully building a modern socialist country. We will develop a full understanding of the new development stage, and apply the new development philosophy. We will foster a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other. The new development paradigm is a strategic decision we have made based on the current stage and conditions of development in China and with full consideration given to economic globalization and changes in the external environment."
——From the keynote speech by Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) CEO Dialogues via video link, November 19, 2020

In his speech (Full Text), President Xi expounded on how China's unlocked market potential, wider opening up and deepening international cooperation under the new development paradigm will offer more development opportunities and bring shared prosperity to the world.
Key Words: Asia-Pacific Community with a Shared Future
"One priority on this year's APEC agenda is to unveil the post-2020 vision, a pathway toward our goal of building an Asia-Pacific community. This should be taken as a new starting point for us to begin another phase in Asia-Pacific cooperation, sustain the strong momentum of development in our region, and embrace a future of shared prosperity. Together, we can build an Asia-Pacific community with a shared future featuring openness and inclusiveness, innovation-driven growth, greater connectivity, and mutually beneficial cooperation."
——From the remarks by Chinese President Xi Jinping at the 27th APEC Economic Leaders' Meeting via video link, November 20, 2020

President Xi, in his remarks (Full Text), called for continued efforts to press ahead with regional economic integration for the early realization of a Free Trade Area of the Asia-Pacific (FTAAP), adding that China will favorably consider joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). His appeals followed the signing of the world's largest free trade agreement, the Regional Comprehensive Economic Partnership (RCEP), by 10 member countries of the Association of Southeast Asian Nations and another 5 countries of China, Japan, the Republic of Korea, Australia and New Zealand.