Explore New Paths of Cooperation and Create a New Pattern of Collaboration
—Speech at the 2023 China International Youth Entrepreneurs Forum 

Former Ambassador of China to the UK, China Forum expert of CISS Liu Xiaoming

(September 20, 2023, Qingdao, China)

I am delighted to be here today at this event, joining young entrepreneurs from both China and abroad to discuss our shared vision of cooperation. During yesterday's main forum, I had in-depth discussions with many friends from the business community, and I can see clear optimism about China's economic prospects. It is widely believed that the growth of businesses is intricately linked with China's sustained development.

President Xi Jinping pointed out that the world is undergoing significant changes, with both risks of division and confrontation as well as opportunities for solidarity and cooperation. Faced with advocacy from some countries for "decoupling" and "building walls", the future of the world depends on what we choose to do today. The more challenges ahead, the more we should stick to the logic of historical progress, adapt to the trends of the times, overcome interference, uphold openness, deepen cooperation, and strive to promote higher-quality and more inclusive global economic development.

China has consistently adhered to the open-up principle, that is, as the country becomes more developed, its doors to the world will open wider. China is already the primary trading partner of more than 140 countries and regions. It has been the world's top goods trading nation for six consecutive years. It is firmly committed to strengthening cooperation and mutual benefit with all willing partners.

China remains an attractive destination for foreign investment. In the first seven months of this year, nearly 28,500 new foreign-invested enterprises were established in China, an increase of over 30 percent. And this was achieved against a global slump in cross-border investment! The just-concluded China International Fair for Trade in Services attracted participation from 83 countries and international organizations, as well as over 500 Fortune Global 500 companies and other industry leaders.

China continues to be a highland for international cooperation. The Belt and Road Initiative, now in its tenth year, has become a popular global public good and platform for international cooperation. China has signed cooperation agreements with 152 countries and 32 international organizations. By 2030, it is estimated to generate enormous annual benefits of $1.6 trillion for the global economy.

Facts have shown and will continue to prove that China's determination to expand high-level openness will not change, its determination to share development opportunities with the world will not change, and its determination to make economic globalization more open, inclusive, balanced and beneficial for all will not change. Looking ahead, China's style of modernization will bring tremendous business opportunities and development dividends to countries worldwide, bringing to an uncertain world greater stability and certainty.

Ladies and gentlemen,

Young business leaders are full of vitality. You have the most innovative spirit, a passion for cooperation and an open mind. As leaders in various fields, from finance, technology innovation and pharmaceutical industry to media and think tank, each of you bears the important mission of promoting exchanges and cooperation between China and the world, as well as driving global economic recovery and prosperity. I would like to share with you my three hopes:

First, I hope you will be the true defender of multilateralism. Recently, some countries talked about "derisking," which in essence politicizes economic and trade issues, goes against economic rules, disrupts the security and stability of global industrial and supply chains, and ultimately hinders the process of global economic recovery. Young business leaders should unequivocally oppose unilateralism, advocate openness and inclusiveness, and dismantle barriers that hinder the free flow of factors of production. Working together, you should strive to safeguard the hard-won principles of free trade and multilateral trade mechanisms, and promote an open world economy.

Second, I hope you will be the pioneer in boosting confidence in cooperation. As a large country with a population of over 1.4 billion, China's overall modernization will undoubtedly provide more market opportunities, investment opportunities and growth opportunities for the global business community. Young business leaders should have unwavering confidence in deepening their presence in the Chinese market, seize the opportunities presented by China's high-quality development, work together to make the pie of common interests bigger, and address development challenges with the "golden key" of peace, development, cooperation and mutual benefit.

Third, I hope you will be the front runner in innovation-driven development. With global accelerated digitalization and adoption of AI technology, young business leaders should play their role fully as front runners in innovation by focusing on key areas such as new industrialization and the digital economy, creating and adopting new technologies, new models and new formats, and promoting systemic innovation in development concepts, institutional mechanisms and business models. These efforts could empower global economic growth, and contribute to the high-quality development of the world economy.

Young friends,

The world belongs to you. The future belongs to you. You are the driver behind social progress and a significant force in shaping the trends of our times. I hope that you will work hand-in-hand to explore new paths of cooperation, introduce new ideas for cooperation, unleash new potentials of cooperation, and create a new pattern of cooperation. Together, you can unleash inexhaustible momentum for the prosperity and development of the world economy.

Finally, I wish the China International Youth Entrepreneurs Forum great success!

Thank you!