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Li Keqiang Attends the Opening Ceremony of Boao Forum for Asia Annual Conference 2016 and Delivers Keynote Speech

On the morning of March 24, 2016, Premier Li Keqiang attended the opening ceremony of Boao Forum for Asia (BFA) Annual Conference 2016, and delivered a keynote speech entitled "Jointly Draw Asia's Dynamic New Vision". Over 2,100 representatives from political, industrial and commercial communities and think tank scholars from 62 countries of Asia, Europe, Oceania and other continents attended the opening ceremony.

Li Keqiang pointed out in his speech that at present, the world economy is still under deep restructuring, the recovery of developed economies remains sluggish, the emerging economies undergo differentiated trends, and many Asian countries face considerable difficulties. Last year President Xi Jinping proposed in BFA Annual Conference the important initiative of building a community of common destiny and creating Asia's new future. Li Keqiang put forward five-point views on coping with challenges with the joint efforts of all Asian countries: Firstly, to jointly safeguard peace and stability. We should stick to good-neighborly friendship, equal treatment as well as peaceful coexistence, and make efforts to seek common ground while shelving differences, gather similarities while eliminating differences and consolidate the foundation of regional peace and stability. Secondly, to jointly promote economic growth. We should stimulate internal power and vitality, enhance coordination of macro policies, and oppose trade protectionism. We should also adopt more growth-friendly policies, and prevent negative spillover effects from the policy adjustments in some countries. Thirdly, to jointly deepen integrated development. We should align the "Belt and Road" initiative with regional strategies of development, and support connectivity as well as international cooperation in production capacity. Fourthly, to jointly promote openness and inclusiveness. We should make good use of various communication platforms, broaden and deepen people-to-people and cultural exchanges, and strengthen cohesiveness in Asia. Fifthly, to jointly stimulate the vitality of innovation. We should give full play to human resources, the greatest advantage of Asia, and forge high-quality labor armies and innovation armies so as to help the countries in this region achieve innovation-driven development and upgrade-driven growth.

Li Keqiang elaborated on China's economic situation. He said that the increase of unsteady and uncertain elements in world economy has brought about negative influence, and deep-seated structural conflicts in China are growing prominent. China's economy is at the critical period of transformation and upgrading, so occasional difficulties are inevitable. But generally speaking, it still runs within a reasonable range, and positive changes are emerging. In terms of trend, industrial upgrading proceeds faster, and consumption and the service industry have become the major driving forces of economy. In a long run, with growing domestic demand, resilient development and increasing innovation, the fundamentals of China's economy will remain sound. We should not only have firm faith, but also bravely face with difficulties. Based on the new development notions of innovation, coordination, green economy, openness, and sharing, we should adjust ourselves to the new normal of economic development, and keep development as the top priority. We need to properly expand the overall demand, while at the same time accelerate structural reform, especially supply-side structural reform, maintain medium-to-high growth and march toward the medium-to-high level.

Li Keqiang pointed out that facing with the current situation, we have enough policy tools to keep economy stable and guard against various risks, and we should continue to issue and use special funds through marketization-oriented approaches this year. In order to promote development, we should also build up permanent impetus. The impetus comes from reform and opening up. Therefore, we will continue to further streamline administration and delegate power while regulating properly, and optimize reform in service, fiscal, taxation, finance and other major fields. We will also conduct a comprehensive change from business tax to value added tax (VAT), and launch debt to share swapping program through marketization. We will open more to the outside world, and launch Shenzhen-Hong Kong Stock Connect program at an appropriate time this year. The impetus also comes from restructuring. We should make great efforts to implement the "Made in China 2025" strategy so as to improve the competitiveness of entity economy. We should also actively develop new economy, spare no efforts to cultivate new driving forces, and transform and improve traditional driving forces, forming the "twin engines" for development. Furthermore, the impetus comes from improving people's livelihood. We must firmly weave the "safety net" of five major guarantees of people's livelihood, that is to say, employment, education, health care, elderly care and housing. The impetus also comes from the vitality and creativity of millions of people, which will converge to be an unparallel power for development, and tide China's economy through various difficulties, and promote it to a new stage.

At the opening ceremony, Director-General of the BFA Yasuo Fukuda addressed the welcoming speech. Prime Minister Hun Sen of Cambodia, Prime Minister Thongsing Thammavong of Laos, Prime Minister Algirdas Butkevicius of Lithuania, Prime Minister K.P. Sharma Oli of Nepal, Prime Minister Prayuth Chan-ocha of Thailand, Vice President Jusuf Kalla of Indonesia, Vice President Sai Mauk Kham of Myanmar, First Deputy Prime Minister Bakytzhan Sagintayev of Kazakhstan, Deputy Prime Minister Yoo Il-ho of the Republic of Korea (ROK), Deputy Prime Minister Arkady Dvorkovich of Russia and Deputy Prime Minister Pham Binh Minh of Viet Nam delivered speeches successively.

Yang Jing and Zhou Xiaochuan attended the opening ceremony.

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