Chairman Fang,

Chairman Perry,

Sir Sherard,

Executive Director MacLeod,

Ladies and Gentlemen:

It is a real delight to join friends from the Chinese and British business communities once again online.

Today is a special day. On this day 177 years ago, China opened the port of Shanghai officially to foreign trade. At that time, China was impoverished and weak. Its door was forced open by Western powers.

Over the past 177 years, profound changes have taken place in the world. In China, there have been great leaps forward, from gaining independence to achieving prosperity and growing strong. The country is now standing at a new historical starting point.

Last month, the Fifth Plenary Session of the 19th CPC Central Committee was held in Beijing. This important conference coincides with a key moment in history where the timeframe of China's two centenary goals converge. Therefore, it bears overall and historic significance. It has outlined the blueprint for China's development in the future, defined the direction and the goals, and set forth a guideline for China's economic and social development in the coming five years and beyond.

Above all, the conference reviewed and approved the "CPC Central Committee's 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". This is definitely the most important outcome.

To understand the significance of this document, I have summarized four "new"s.

First, it unveils a new development stage.

2020 is the last year for the implementation of the 13th Five Year Plan. This is the year when China will have completed the building of a moderately prosperous society in all aspects and eliminated absolute poverty.

In 2021, China will enter a new development stage and embark on a new journey of building a modern socialist country in all aspects. This will be a milestone in the history of China's development.

The document sets forth the guidelines, main targets, key tasks and major measures for China's development in the 14th Five Year Plan period. It outlines the long-term vision of basically realising socialist modernization by 2035. And it answers the important question of what kind of development China is pursuing and how we are going to achieve it.

This year, China's GDP will exceed 100 trillion RMB yuan. By the end of the 14th Five Year Plan period, China's economy is expected to reach the current level of high-income countries. Hence it is certainly possible that China's GDP or per capita income could double by 2035.

Second, the Proposals embody the new development concept.

Unlike in the past, the principle contradiction in the Chinese society now is the one between unbalanced and inadequate development and people's ever-growing aspiration for a better life. The resolution, of course, lies in high-quality development.

In the 14th Five Year Plan period and beyond, the theme of China's economic and social development will be none other than high-quality development.

- We will let the new development concept lead the way, namely, innovative, coordinated, green, open and shared development.

- We will focus on deepening supply-side structural reform.

- We will promote transformation in quality, efficiency and driving forces so as to achieve higher quality and better efficiency.

- We will rely on the creative vigour of 1.4 billion Chinese people.

- And we will ensure everyone has a share in the outcomes of development.

Third, the Proposals set up a new growth pattern.

At the moment, the world economy is experiencing grave recession; economic globalization is encountering headwind; and unilateralism and protectionism are on the rise. All these have resulted in an obvious weakening in the traditional international circulation.

The Proposals suggest that China will accelerate the building of the "dual circulation" growth pattern in which the domestic market will play a leading role, with international and domestic markets reinforcing each other. This new growth pattern is not a closed domestic circulation but an inclusive one that connects domestic and international markets.

The world may have changed, but China will not change its basic national policy of opening up. We will engage more deeply in the international circulation and enable the domestic and international circulations to complement each other and achieve multiplying effects.

Fourth, the Proposals lay out new requirements for development.

The great rejuvenation of the Chinese nation under the leadership of the Communist Party of China is the choice of history and the choice of the people.

In the face of the outbreak of Covid-19, China has balanced epidemic response and economic and social development in an effective and orderly manner. It is the first country in the world to get the epidemic under control, bring economic activities back on track and achieve positive growth. This bears witness to the strong leadership of the CPC.

In the Proposals, notable and substantial progress in common prosperity is clearly marked as a long-term goal. This is a brand new definition of China's long-term goal and it goes to show that putting the people at the centre is the development philosophy of the CPC.

The CPC believes that development is for the people and by the people; and development outcomes shall be shared by all. The CPC has spared no effort to meet people's ever-growing needs for a better life and to work for greater benefit, happiness and security for the people.

Ladies and Gentlemen:

The profound changes unseen in a century are compounded by the raging pandemic across the world. This is posing unprecedented tests and challenges.

Against this background, how will China's development affect the world in the coming five years and more? I think China's development will strengthen confidence in the following four aspects:

First, it will strengthen confidence in the peaceful development of the world.

The world is now facing increasing instabilities and uncertainties. Some countries are pushing for unilateralism, protectionism and hegemony, and clamouring for a "new cold war" and "economic decoupling". As a result, the stability and security of the international community has come under threat.

The Proposals emphasize that China will hold high the banner of peace, development and win-win cooperation, adhere to an independent foreign policy of peace, advance external exchanges in all areas and at all levels, and promote the building of a new type of international relations and a community with a shared future for mankind.

China is firmly committed to the path of peaceful development. It never seeks hegemony, expansion or sphere of influence, let alone start a "cold war" or "hot war" with any other country.

On relations with the United States, it is China's consistent position that the two countries should enhance communication and dialogue, manage differences while maintaining mutual respect, and expand cooperation based on mutual benefit. We hope that the next administration of the United States will work with the Chinese side in the same direction, and uphold the principles of non-conflict, non-confrontation, mutual respect and win-win cooperation, so as to move China-US relationship forward on the right track.

Facts have proven and will continue to prove that a more developed China will be a stronger force for world peace and progress, and will inject more positive energy to international peace and stability.

Second, China's development will strengthen confidence in the open development of the world.

Openness brings progress while isolation results in backwardness. Under "dual circulation", China will be more open. This not only meets domestic needs for development but also brings more benefits to the people around the world.

With a population of 1.4 billion, including a middle-income group of over 400 million, China is a huge market with the greatest potential in the world. In the coming ten years, it is expected to import goods worth over 2.2 trillion US dollars.

Going forward,

- China will open up more areas and more sectors at a higher level.

- We will advance international cooperation for win-win results.

- We will promote trade and investment liberalization and facilitation.

- And we will pursue high-quality development of the Belt and Road Initiative.

All these will provide strong impetus for world economic recovery and growth.

Third, China's development will strengthen confidence in global growth driven by innovation.

Innovation is the primary driving force for development. The Proposals suggest that China will put innovation at the centre of its modernisation drive.

China regards self-reliance in science and technology as a strategic pillar of its national development. At the same time, it stands ready to step up dialogue, exchanges and cooperation with the rest of the world in science, technology and innovation (STI), to share its STI achievements and to contribute its wisdom to the world.

We believe that lucid waters and lush mountains are just as precious as mountains of gold and silver. Based on this belief, China respects, protects and follows the law of nature, and strives to protect ecological environment.

Not long ago, President Xi Jinping announced that China will scale up its intended nationally determined contributions. It aims to peak CO2 emissions by 2030 and to achieve carbon neutrality by 2060. We will make implementation plans for achieving those goals.

China is determined to take an active and leading role in international cooperation on climate change and biodiversity, and make its contribution to global green development.

Fourth, China's development will strengthen confidence in building better global governance.

According to the Proposals, China will actively build partnerships with countries of the world, remain committed to multilateralism and the principles of extensive consultation, joint contribution and shared benefits, and take an active part in the reform and development of the global governance system.

China will uphold the international system with the United Nations at its core, uphold the international order based on international law and uphold the multilateral trade system with the WTO at its centre. China will also take an active part in international cooperation on the prevention and control of major infectious diseases, and advance the building of a global community of health for all.

China advocates a multilateral approach in global affairs:

- Every country has a say in addressing global challenges through consultations;

- Every country has a role in building global governance system;

- And the people of every country have a share in the benefits of development.

China will always be a defender of world peace, a contributor to global development, and an upholder of international order.

Ladies and Gentlemen:

During the 14th Five-Year Plan period and beyond, the high-quality growth of China's economy will create more opportunities for cooperation between Chinese and UK businesses.

Opportunity number one: China's huge market.

China is the first country in the world to achieve economic recovery amid the pandemic. It will be a major powerhouse for global growth in the post-pandemic era. It will create enormous cooperation opportunities and development space for businesses of all countries, including the UK.

At the Third China International Import Expo (CIIE) concluded last week, British businesses signed contracts worth more than 430 million pounds in a wide range of areas.

Going forward, Chinese and UK businesses can seize the opportunities of platforms such as CIIE, the China International Fair for Trade in Services and the China Import and Export Fair to expand trade and economic cooperation. Working together, the business communities could contribute to recovery and growth of both our economies and bring more benefits to our peoples.

Opportunity number two: open and win-win cooperation.

In building the "dual circulation" development paradigm, China is committed to opening up at a higher level on all fronts. This will enable better connection and sharing of production factors and resources between the domestic and international markets in a more efficient way.

The UK aims to build a "global Britain" after Brexit and find more partners for cooperation around the world. We hope that the UK will continue to provide an open, fair, just and non-discriminatory environment for Chinese businesses to invest and operate here in this country.

China and the UK can do more to match our policies, share our experience, expand bilateral and international cooperation in trade, investment and financial services, pursue high-quality cooperation on the Belt and Road Initiative, and contribute to building an open world economy.

Opportunity number three: China-UK complementarity in innovation.

China is pursuing innovation-driven development and speeding up the development of modern industries, especially emerging ones. The UK leads the world in innovation and is implementing a strategy for industrial development.

With complementary strengths in innovation, China and the UK are well positioned to deepen cooperation in science, technology and industrial innovation. Our two countries can work together to boost the development of emerging industries and business models in response to the pandemic, enhance cooperation on development at the local level, and unlock the potential of innovation, so as to always be at the forefront of international cooperation in innovation.

Opportunity number four: green development and synergy between COP15 and COP26.

In 2021, China and the UK will host COP15 and COP26 respectively. Our two sides are enhancing synergy between the two conferences to achieve greater results.

China is pursuing green and low-carbon development, and promoting a full transition to green economic growth and social progress. The UK has unique strengths in climate response, clean energy and green finance.

Businesses from our two countries should seize the opportunities of COP15 and COP26 to expand cooperation in green recovery, green technology and green finance, and take the lead in the global governance on climate change and green development.

Ladies and Gentlemen:

As people often say, confidence is more precious than gold.

Today, the world is undergoing dramatic transformations. China is embarking on a new, historical journey.

Let's join hands to seize opportunities with greater confidence. Let's work together to write a new chapter for China-UK win-win cooperation and embrace a brighter future for world peace and development!

Thank you!

Now I would like to take your questions.