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Li Wei

Li Wei: China and Japan Should Strengthen Partnership on Economy and Trade in the New Normal

With continued development of economic globalization, world multi-polarization and social informatization, human development is facing both opportunities and challenges. World economy is now still experiencing advanced adjustment after the outbreak of international financial crisis and low speed of economic growth has become new normal. Since the second half of last year, there's a sign of improvement of world economy thanks to cheaper international oil price and quantitative easing policy. In order to make the world economy walk out of the shadow of the global financial crisis, various countries need to intensify structural reform and make further cooperation.

In 2014, China's economic growth stood at 7.4%. With rapid development of domestic consumption and service industry and improved quality and efficiency of economic growth, China's contribution rate to world economy has been further enhanced. China will carry on reform for further progress in 2015.

With several years of high-speed development, China's economic development has entered a state of new normal. In other words, the economic development is shifting from a high growth speed to a medium-high growth speed, from the size- and speed-oriented and extensive growth model to an intensive one that values quality and efficiency, and from being driven by investment in production factors to being driven by innovation. China will adjust itself to the new normal, bring into play the decisive role of the market in allocating resources, reduce government intervention, and make the government create a better environment for the transformation of economic growth mode.

The initiative of One Belt and One Road put forward by Chinese President Xi Jinping has introduced the following connotations including global partnership with advanced openness and inclusiveness, multi-national partnership targeting peace and development and partnership on further optimization of global governance system. The Asia-Pacific region is now the most energetic and potential region in terms of global economy and it is of vital importance for both Asia-Pacific region and world economy to enhance Asia-Pacific regional economic growth and to promote partnership on economic integration and negotiations on free trade zone among China, Japan and South Korea.

China and Japan are important economic partners whereas the economic and trade exchanges between the two countries have decreased in recent years, due to various factors. As a matter of fact, the two countries are mutually complementary in economic structure. China's economy is experiencing transformation and upgrading along with the implementation of the strategy of innovation-driven development, which will broaden the room for mutual corporation of the two countries on economy and trade. To boost official and civil communication between China and Japan means a lot.

If both sides render common efforts and make sincere exchanges, it is believed that the seminar will be crowned with a success.

(Speech made by DRC President Li Wei at the opening ceremony of the 33rd China-Japan Economic Knowledge Exchange Conference)