Keynote Speech by H.E. Ambassador Liu Xiaoming at Bloomberg: A More Open China Heralds A More Beautiful Spring
Bloomberg's European Headquarters, London, 8 May 2018
Ladies and Gentlemen:
It is a real delight to join you at Bloomberg's new European Headquarters to talk about the economic and financial cooperation between China and the UK.
This year marks the 40th anniversary of China's reform and opening up policy. It is an important year for us to look back to see how far China has come and look ahead to what the future holds for us.
Therefore, I would like to take this opportunity to share with you
what China has learned from the reform and opening up,
what measures we are going to take to open up wider to the world
and what opportunities there are for China-UK economic and financial cooperation.
The great journey of reform and opening up began in 1978. For 40 years since then, the Chinese people have worked tirelessly and relentlessly to extend this policy from rural areas to cities, from pilot zones to the entire country, and from economic restructuring to deeper reforms across the board. With wisdom and diligence, China has created a miracle in the world history of development.
Just as President Xi said, "Reform and opening-up, which is China's second revolution, has not only profoundly changed the country but also greatly influenced the whole world."
On the one hand, reform and opening up has led to historic economic and social achievements in China.
The past 40 years saw China changing profoundly, growing in comprehensive national strength and becoming more integrated with the world.
In 1977, China's GDP was only $175 billion, accounting for 2% of the world's total and ranking the tenth in the world.
In 2017, China's GDP was $12 trillion, increasing nearly 68 times, accounting for 15% of the world's total and making China the second largest economy in the world.
Moreover, China is now the world's largest industrial country, largest trader in goods and has the largest foreign exchange reserves. It has lifted over 700 million people out of poverty and improved the standard of living. It has established a basic social security system that covers the largest population in the world. Today, the Chinese people have a much higher happiness index and a stronger sense of security and achievements.