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China’s Xi pledges to continue reforms, open markets

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China’s President Xi Jinping pledges to continue reforms and open markets in 2019 New Year speech

  • Xi said the pace of reform won’t ‘stagnate’ and its door will open wider and wider
  • He also said the world is undergoing in an unprecedented geopolitical situation 
  • China’s massive sea-crossing bridge and lunar probe mission were praised too 
  • The country will celebrate the 70th anniversary of its founding in October, 2019 

China will continue market reforms and open its doors to the world in the face of a challenging geopolitical landscape, President Xi Jinping pledged Monday in a New Year speech. 

Xi said that in 2018 – 40 years since the transformation led by Deng Xiaoping – the country had enacted ‘systematic, holistic and reconstructive reforms of the party and state institutions’.

‘The pace of our reform will not stagnate, and the open door will only grow bigger and bigger,’ he said in a speech broadcast by the state-run CCTV.  

China’s President Xi Jinping said the pace of reform ‘will not stagnate, and the open door will only grow bigger and bigger’ as he addressed to 1.4 billion today in 2019 New Year Speech

China recently marked the anniversary of the momentous policy shift agreed at a Communist Party gathering on December 18, 1978 under late paramount leader Deng, who is considered the architect of the country’s opening up to the world.

Xi said on Monday that China had welcomed many ‘new and old friends’ to the country, hosting several international forums this year.

‘My colleagues and I visited five continents… had extensive exchanges with leaders of various countries, consolidated friendship, enhanced trust, and expanded our circle of friends,’ he said. 

Xi has been widely considered as China’s most powerful leader since the nation’s founding father Chairman Mao. 

He could potentially rule China for life after Chinese lawmakers in March this year abolished presidential term limits that had been in place for more than 35 years. 

Xi has been widely considered as China's most powerful leader since Chairman Mao 

Xi has been widely considered as China’s most powerful leader since Chairman Mao 

Touching on geopolitics, Xi said the world is in an unprecedented situation under the toughest conditions in a century.

‘No matter how the international situation changes, China’s confidence and determination to safeguard national sovereignty and security will not change,’ he said.

‘China’s sincerity and goodwill to maintain world peace and promote common development will not change.’

Xi also praised the fast development of several of the country’s economic zones, such as the Jing-Jin-Ji urbanised region in the north, the Yangtze River economic belt in the east and the Guangdong-Hong Kong-Macau Great Bay Area in the south. 

A number of engineering, scientific and military projects that were complete in 2018 have been named as well, including the world’s longest sea-crossing bridge Hong Kong-Zhuhai-Macau Bridge, the launch of the Chang’e-4 lunar probe mission to the dark side of the moon and the sea trial of China’s first domestically developed aircraft carrier Type 001A.

China has been locked in a trade war with the U.S. and is facing a slowing domestic economy

China has been locked in a trade war with the U.S. and is facing a slowing domestic economy

Xi said China would carry on with the ‘One Belt, One Road’ project in 2019 and continue to build a ‘common body for the fate of human beings’.

‘One Belt, One Road’ is a multitrillion-dollar initiative that involves hundreds of projects, most of them built by Chinese contractors and financed by loans from Chinese state-owned banks, across an arc of 65 countries from the South Pacific through Asia to Africa, Europe and the Middle East. 

China has been locked in a bruising trade war with the United States and is also facing a slowing domestic economy.

Washington and Beijing have imposed tit-for-tat tariffs on more than $300 billion (£234.3) worth of goods, and the trade conflict has spooked markets worldwide.

But both countries on December 1 agreed to a 90-day truce after Xi met with US President Donald Trump on the sidelines of the G20 summit in Argentina.

2019 will also see China celebrating 70 years since its founding as a nation.

‘Seventy years of challenges, 70 years of wind and rain,’ Xi said.

‘Along the way, the Chinese people have become self-reliant and hard-working, creating a Chinese miracle that has attracted worldwide attention.’


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