Ladies and Gentlemen,

Dear Friends,

Right now, the Chinese people are working in unison under the strategic plans to complete the building of a moderately prosperous society in all respects, and to comprehensively deepen reform, advance law-based governance, and enforce strict Party conduct. Our objective is to realize the "two centenary" goals for China's development and for realizing the Chinese dream of great national rejuvenation. I wish to use this opportunity to reaffirm China's commitment to the path of peaceful development, and to promoting cooperation and common development in the Asia-Pacific. China will be firm in its determination and resolve and all its policies will be designed to achieve such a purpose.

Now, the Chinese economy has entered a state of new normal. It is shifting gear from high speed to medium-to-high speed growth, from an extensive model that emphasized scale and speed to a more intensive one emphasizing quality and efficiency, and from being driven by investment in production factors to being driven by innovation. China's economy grew by 7.4% in 2014, with 7% increase in labor productivity and 4.8% decrease in energy intensity. The share of domestic consumption in GDP rose, the services sector expanded at a faster pace, and the economy's efficiency and quality continued to improve. When looking at China's economy, one should not focus on growth rate only. As the economy continues to grow in size, around 7% growth would be quite impressive, and the momentum it generates would be larger than growth at double digits in previous years. It is fair to say that the Chinese economy is highly resilient and has much potential, which gives us enough room to leverage a host of policy tools. Having said that, China will continue to be responsive to the new trend and take initiatives to shape the new normal in our favor. We will focus on improving quality and efficiency, and give even greater priority to shifting the growth model and adjusting the structure of development. We will make more solid efforts to boost economic development and deepen reform and opening-up. We will take more initiatives to unleash the creativity and ingenuity of the people, be more effective in safeguarding equity and social justice, raise people's living standards and make sure that China's economic and social development are both sound and stable.

This new normal of the Chinese economy will continue to bring more opportunities of trade, growth, investment and cooperation for other countries in Asia and beyond. In the coming five years, China will import more than US$10 trillion of goods, Chinese investment abroad will exceed US$500 billion, and more than 500 million outbound visits will be made by Chinese tourists. China will stick to its basic state policy of opening up, improve its investment climate, and protect the lawful rights and interests of investors. I believe that together, the people of Asian countries could drive this train of Asia's development to take Asia to an even brighter future.

What China needs most is a harmonious and stable domestic environment and a peaceful and tranquil international environment. Turbulence or war runs against the fundamental interests of the Chinese people. The Chinese nation loves peace and has, since ancient times, held high such philosophies that "harmony is the most valuable", "peace and harmony should prevail" and "all men under heaven are brothers". China has suffered from turbulence and war for more than a century since modern times, and the Chinese people would never want to inflict the same tragedy on other countries or peoples. History has taught us that no country who tried to achieve its goal with force ever succeeded. China will be steadfast in pursuing the independent foreign policy of peace, the path of peaceful development, the win-win strategy of opening-up, and the approach of upholding justice while pursuing shared interests. China will work to promote a new type of international relations of win-win cooperation and will always remain a staunch force for world peace and common development.

Close neighbors are better than distant relatives. This is a simple truth that the Chinese people got to know in ancient times. That explains China's firm commitment to building friendship and partnership with its neighbors to foster an amicable, secure and prosperous neighborhood. Under the principle of amity, sincerity, mutual benefit and inclusiveness, China is working actively to deepen win-win cooperation and connectivity with its neighbors to bring them even more benefit with its own development. China has signed treaties of good-neighborliness, friendship and cooperation with eight of its neighbors and is holding discussion to sign a same treaty with ASEAN. China stands ready to sigh such a treaty with all its neighbors to provide strong support for the development of bilateral relations as well as prosperity and stability in the region.