2018年CRI Remarks by Ambassador MA Zhaoxu at the High-Level Symposium "Strengthening Multilateralism and Multilateral Trading System in the Age of Globalization"

Excellencies,

Dear Colleagues,

Welcome to the High-Level Symposium 1 co-hosted by the Chinese Mission and the UN Department of Economic and Social Affairs (DESA).

At present, world economy continues to maintain the momentum 2 of recovery, but its foundation is not solid. Meanwhile, unilateralism, isolationism and trade protectionism are on the rise, dealing 3 a heavy blow to multilateralism and multilateral trading system, while adding to the instabilities and uncertainties 4 of global economy.

As a crucial engine of world economic growth, trade has a vital role to play in economic globalization and the implementation 5 of the Sustainable Development Goals (SDGs). 

To safeguard a rules-based, universal, open, transparent 6, predictable, inclusive, non- discriminatory and equitable 7 multilateral trading system under the World Trade Organization (WTO) is an earnest practice to support multilateralism and an important guarantee for global economic growth.

The international community should jointly 8 support multilateralism, uphold the multilateral trading system and its rules, and actively 9 build an open world economy. We need to expeditiously 10 push for substantive 11 progress in the Doha Round of negotiations 12 and add new momentum to world economic growth.

In the spirit of win-win cooperation and common development, we should properly handle trade frictions 13 through dialogue and consultation 14, take concrete actions to oppose all forms of unilateralism and trade protectionism, and firmly advocate and support free trade. Parties need to uphold the basic principles of the WTO. We need to improve trade finance and help countries in special situations integrate into the multilateral trading system. 

Excellencies,

Dear Colleagues,

China has always been actively promoting multilateralism and firmly upholding the multilateral trading system and its rules. Since its accession to the WTO in 2001, China has honored its commitments across the board, made all its WTO concessions 15 and opened its door wider. In terms of trade in goods, China has fulfilled all its tariff 16 reduction commitments, lowering its overall tariff level from 15.3% to 9.8%. In recent years, China has taken the initiative to further cut the import duty on some commodities. As regards trade in services, China has opened up nearly 120 service sectors 17 categorized by the WTO, exceeding the 100 sectors promised at its accession and approaching the average levels of developed countries.

As an active response to the WTO's Aid for Trade initiative, China has helped to the best of its abilities other developing countries, especially the least developed countries (LDCs).

Since the international financial crisis in 2008, China has contributed over 30% of global growth every year on average. In 2017, China contributed around 34% of global growth and accounted for 15% of the world economic aggregate 18. In the coming five years, China is expected to import eight trillion US dollars of goods, attract 600 billion US dollars of foreign investment and make 750 billion US dollars of outbound investment.

Excellencies,

Dear Colleagues,

This year marks the 40th anniversary of China's reform and opening up. Over the last four decades, China has been committed to supporting multilateralism and actively upholding the multilateral trading system and its rules. At the Boao Forum 19 for Asia Annual Conference, His Excellency President Xi Jinping pointed 20 out that opening-up was key to China's economic growth over the past 40 years, and in the same vein 21, high-quality development of China's economy in the future can only be achieved with greater openness. China will adopt the following major measures to pursue further opening:

First, we will significantly broaden market access. On services, financial services in particular, we are accelerating the opening-up of the insurance industry, and easing restrictions 22 on the establishment of foreign financial institutions in China. On manufacturing, we will ease as soon as possible foreign equity 23 restrictions in these industries, automobiles 24 in particular.

Second, we will create a more attractive investment environment. We will enhance alignment 25 with international economic and trading rules, increase transparency, strengthen property rights protection, uphold the rule of law, encourage competition and oppose monopoly.

Third, we will strengthen protection of intellectual property rights (IPR). We encourage normal technological 26 exchanges and cooperation between Chinese and foreign enterprises, and protect the lawful 27 IPR owned by foreign enterprises in China. At the same time, we hope foreign governments will also improve protection of Chinese IPR.

Fourth, we will take the initiative to expand imports. China does not seek trade surplus; we have a genuine desire to increase imports and achieve greater balance of international payments under the current account. We hope developed countries will stop imposing 28 restrictions on normal and reasonable trade of high-tech 29 products and relax export controls on such trade with China.

Excellencies,

Dear Colleagues,

Five years ago, President Xi Jinping put forward the Belt and Road Initiative (BRI) which is a concrete result of multilateralism. Since then, more than 80 countries and international organizations have signed cooperation agreements with China. We are ready to work with all countries in the world to make the BRI the broadest platform for international cooperation, in keeping with the trend of economic globalization and to the greater benefit of all our peoples.

Finally, I would like to reiterate 30 our commitment to multilateralism and free trade system. We are ready to work together with all parties to dedicate ourselves to openness and win-win outcomes, and keep striving for a community with a shared future for mankind.

Thank you.