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Speech at the Reception to Celebrate the 66th Anniversary of The Founding of the People's Republic of China
2015/09/22

By H.E. Chen Xiaodong, Chinese Ambassador to Singapore

Your Excellency Wang Qinming, Vice Chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and Chairman of the All-China Federation of Industry and Commerce,

Your Excellency Ms. Grace Fu, Minister of Prime Minister's Office and Second Minister for Environment and Water Resources and Foreign Affairs,

Ladies and Gentlemen,

    First of all, let me thank all of you for joining us. Thank you for sharing with us the joy of the 66th anniversary of the founding of the People's Republic of China.

    About two weeks ago, Singapore held a successful General Election, and the People's Action Party (PAP) won re-election with a decisive victory. I want to congratulate the PAP and the Singaporean people. I am convinced that under the leadership of the new Cabinet, Singapore is set to score even greater achievements.

    The People's Republic has gone through a great journey over the past 66 years. Its national strength keeps growing and people's living standards keep rising.

    China's leap-frog progress has transformed people's lives and created immense possibilities for greater win-win cooperation worldwide.

    2015 is a truly momentous year for China. A series of successful events have made this year's national day even more joyous.

    Beijing and Zhangjiakou won the bid for the 2022 Winter Olympic Games. Once again, the Olympic flame will light up the skies of China and across Asia.

    In the beginning of September, China held the Commemoration of the 70th anniversary of the victory of the Chinese People's War of Resistance Against Japanese Aggression and the World Anti-Fascist War in Beijing.

    President Xi Jinping delivered an important speech and stated unequivocally that the aim of China's commemoration is to remember history, honor fallen heroes, cherish peace and open up the future.

    In 2015, China's economy has riveted the world's attention. Despite its moderation in speed, Chinese economy is stable and moving in a positive direction. Although difficulties remain, there are more opportunities than challenges. The ups and downs in the economy may have formed the shape of a curving wave, but the underlying trend remains to be positive.

    Against the backdrop of global economic slowdown, China's 7% growth in the first half of the year is among the highest of the world's major economies and has contributed about 30% to global growth. This is no mean feat.

    Meanwhile, China is accelerating structural reform and pursuing an innovation-driven development strategy to fully unleash the potential of economic growth.

    The mass entrepreneurship and innovation is delivering benefits, and the quality and efficiency of the economy is also increasing. We have the strength and confidence to sustain economic growth.

    In terms of China's financial reform, it has been advanced in accordance with market principles and rule of law. An open and transparent capital market that enjoys long-term, steady and sound development is being fostered. Meanwhile, we are also stepping up and improving risk management.

    China will continue to keep the RMB basically stable at an adaptive and equilibrium level and gradually make the RMB convertible under the capital account. By the end of the year, the China International Payment System (CIPS) will be launched to support the further development of offshore RMB market.

    China is committed to a win-win strategy of opening-up. We have launched the initiatives to build the Silk Road Economic Belt and the 21st Century Maritime Silk Road, and promote global cooperation on production capacity.

    We believe these initiatives will help forge a more balanced and inclusive global industrial chain. This in turn could pool the comparative strengths of all countries and foster a global community of common interests and development for win-win, inclusive and common progress.

    At the same time, we are keenly aware that China is still a developing country with a 1.3 billion population, and its development is not even or coordinated. At the current stage, the Chinese economy faces many difficulties and downward pressure.

    However, with a vast territory and diverse industries, the Chinese economy is supported not by a single pillar but multiple columns. The Chinese economy has every condition to maintain medium-high growth rate in the long run, and its future will be even brighter.

    Ladies and Gentlemen,

    In my 3 months as China's Ambassador to Singapore, I have been engulfed by the festive atmosphere of the Golden Jubilee and had the honour to share with Singaporeans their national pride and joy.

    This year is also the 25th anniversary of China-Singapore diplomatic relationship. The exchanges and cooperation between our two countries are making encouraging progress.

    The high-level exchanges are frequent. In early July, President Tony Tan paid a successful state visit to China and reached important agreements with President Xi on further developing our relations. Now we are working closely together on the high-level visits. We believe the visits will raise China-Singapore relations to new levels.

    The business and investment cooperation are more robust. In the first half of this year, China's trade with Singapore achieved growth despite the drop of China's overall foreign trade. Singapore contributes 82% of all the investment to China from the countries along the land and maritime Silk Road, and 35% of China's investment along the Silk Road goes to Singapore. Singapore has further solidified its position as China's largest source of inward investment, and China has also improved its ranking among foreign investors in Singapore.

    The flagship cooperation projects are making steady progress. The upgrading of China-Singapore FTA is going on smoothly, and we have also expedited the connection of our plans on the third G-to-G project.

    The people-to-people and cultural exchanges are flourishing. From January to July this year, about 100 nongovernmental friendly exchange events have been held in both China and Singapore. With more than 200 cultural exchanges, Singapore has become one of China's largest overseas performance markets.

    Ladies and Gentlemen:

    China is striving to forge a closer community of shared future with its neighbours, and we regard ASEAN countries as a cornerstone and priority in this endeavor. China is ready to work with ASEAN countries including Singapore to focus on deepening political mutual trust, promoting growth and cooperation, jointly upholding peace and stability in the South China Sea and turning it into a sea of peace, friendship and cooperation.

    The 25th anniversary of diplomatic relationship marks a fresh beginning, and China-Singapore relations enjoy a historic opportunity for greater progress. So, let us seize the opportunity and carry out sincere cooperation. We will together write a more splendid chapter for China-Singapore relations.

    Thank you!

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