President of the People's Republic of China, Xi Jinping.
Addressing leaders of Asia-Pacific's business community, Xi said that China's sound economic recovery has proven the resilience and vitality of the Chinese economy and he is confident that "steady unleashing of the China market potential will create vast business possibilities for other countries" and create stronger impetus for maintaining stable growth of the global economy.
President Donald Trump plans to represent the United States at a virtual Asia-Pacific summit this week in which his Chinese counterpart President Xi Jinping also plans to participate, a US official told Reuters.
Xi said that China has entered a new stage of development with new tasks of reform, emphasizing that the country will be adopting a new "dual circulation" development paradigm with domestic circulation as the mainstay and domestic and worldwide circulations reinforcing each other.
Xi said China would continue its trend of integrating into the world economy.
Last month, a key conclave of the ruling Communist Party of China (CPC) headed by Xi adopted his proposals for the formulation of the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035.
The Apec event is being held virtually this year due to the Covid-19 pandemic, which has hit the United States hardest and which Mr Trump has blamed on China.
The US also recently clamped restrictions on exports to Semiconductor chips to China, deepening the technology conflict between world's top two economies.
For his own part, a week after the signing of RCEP, Xi attempted to underline China's commitment to openness.
"The ratio of foreign trade to GDP dropped from 67 per cent in 2006 to less than 32 per cent in 2019, while the ratio of current account surplus to GDP has come down from 9.9 per cent in 2007 to less than one per cent today", he said.
China's per capita GDP has topped Dollars 10,000 and its middle-income population has exceeded 400 million.
The president would also "like to reiterate his administration's hallmark emphasis on protectionism and in the process forestall China from claiming leadership in the global free trade agenda", he added.
The "dual circulation" strategy envisages that China's next phase of development will depend mainly on "domestic circulation" or an internal cycle of production, distribution and consumption, backed by domestic technological innovation.
"We will fully leverage the demand of our super-sized domestic market and the strengths of its complete industrial system and redouble efforts to turn research outcomes into real productivity", the Chinese president said.
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