- Chinese president repeats his country’s commitment to a multilateral trading system and further opening of its economy
Chinese President Xi Jinping has said his country will never pursue hegemony, as global concerns persist over the country’s growing economic influence.
During a speech to mark 40 years of market reforms, Xi repeated China’s commitment to a multilateral trading system and further opening of its economy. However, he did not announce any new initiatives to counter a slowing economy and trade frictions with the United States.
The Chinese leader said China would not develop “at the expense of other countries’ interests.”
China’s expanding footprint worldwide – from Asia-Pacific to Africa and beyond through a broad network of infrastructure projects called the Belt and Road Initiative – has led some nations to raise the alarm over what they call China’s long arm of influence.
While Xi said China is “increasingly approaching the centre of the world stage,” he also noted that the country pursues a defensive national defence policy.
“China’s development does not pose a threat to any country,” Xi said. “No matter how far China develops, it will never seek hegemony.”
Xi chronicled at length the country’s recent achievements, giving special credit to former leader Deng Xiaoping, whose reforms Xi said saved China from the brink of economic collapse following the tumultuous Cultural Revolution.
Throughout, Xi emphasised the absolute rule of the Communist Party and its upholding of Chinese sovereignty.
“No one is in a position to dictate to the Chinese people what should or should not be done,” he said.
“We will resolutely reform what can and needs to be reformed, and we will resolutely uphold what cannot and does not need to be changed.”
The address won’t assuage concerned private entrepreneurs and foreign businesses, who had hoped Xi would use the occasion to announce concrete industry-opening measures to shift dominance away from state corporations.
