Xi Jinping Favours Common Security, Common Development Lauds China’s Role in Global Economic Growth

During the recently concluded 12^th Bo Ao Forum for Asia, considered as ‘China’s Davos’, which was attended by people from political, business and academic affiliations, Chinese President Xi Jinping in his speech talked about peace, development, cooperation and mutual benefits. The most remarkable feature of his speech was that China would continue to be a powerful engine for global growth, especially in face of the global economic slowdown. This is significant as over 82% of the delegates were from the corporate world. He also emphasized that China will seek common development. 

Lauding Asia’s contribution towards world economy, of which China remains a crucial component, he said the continent has contributed to over 50% of global growth in recent times, and will continue to play a positive role in the world economy, for it has huge potentials even though the region is impregnated with many difficulties and challenges. He proved his point by saying that during the first decade of this century, trade within Asia has increased from 800 billion US dollars to 3 trillion US dollars, and its trade with other regions has grown from 1.5 trillion US dollars to 4.8 trillion US dollars. 

Above all, Xi advocated inclusive growth between nations and regions and tried to win the confidence of global market players by citing a couple of key indicators as far as China’s prospective contribution to world economy is concerned.  He said that by 2020, China's GDP and per capita incomes for urban and rural residents will double the 2010 figures (4433 USD according to WB), thus complete the task of making China a well off society or moderately prosperous society. This according to Xi will also mark the realization of Chinese dream. Secondly, China’s trade with its neighbors has grown from 100 billion US dollars and more to 1.3 trillion US dollars in the last decade. Thirdly, he said it is projected that in the coming five years, China's import will reach some 10 trillion US dollars. Fourthly, China outbound investment will reach 500 billion US dollars; and fifthly, the number of its outbound tourists may well exceed 400 million people. 

On geopolitical issues, Xi said China will continue to play a constructive role in addressing regional and global hotspot issues. As far as differences and frictions with neighboring and other countries are concerned, it would handle these properly by encouraging dialogue and negotiations in a peaceful manner. In this context, Xi also encouraged regional cooperation and integration in Asia and beyond, and called for win-win cooperation amongst countries for the benefit of the Asian people and the people around the world. In a veiled attack on North Korea’s adventurism, Xi said, “no one should be allowed to throw a region and even the whole world into chaos for selfish gains.” He also emphasized the need for a vision of comprehensive security, common security and cooperative security.