Our opening speaker, his excellency xi jinping, president of the peoples republic of china. Im so delighted that you can join us, that youve accepted my invitation which i issued over a year ago. President xi, a warm welcome to you. For signposts in a complex world, for the past several years, the chinese economy has made impressive achievement, both in terms of lifting people out of poverty and transforming industries to form in opening up. In your leadership, mr. President , channel is also an everincreasing active role in global affairs. From Climate Change to reforming the global government, i would like to pursue successful leadership of the chief 20 summit in your presidency last year. Today in the world marked by great uncertainty, the International Community is looking to china to continue its responsive leadership in providing all of us with confidence and stability. Personally, i would like to use this opportunity to thank you for your continuing support. Ladies and gentlemen, please welcome his excellency, xi jingping, the peoples republic of the country of china. [applause] [speaking in native tongue] translator president , we have worked hard i think state and government deputy has been a u. S. Head of the international organization. Dr. Trained to and mrs. Schwab, ladies and gentlemen, dear friends [speaking chinese] translator i am delighted to come to. Both. [speaking chinese] translator a small beautiful town in the alps is an important window for which we can take the power of the Global Economy. People move from around the world to Exchange Ideas and insights, which will broaden the vision. This makes for animating a cost effect to brainstorming event, which i would like to call bush on economics. [applause] [speaking chinese] translator as you know, the chinese will celebrate the lunar chinese new year. Around this time, in china, people visit their relatives and friends. And this way they will strengthen their bond and friendship. So this time, my wife and i and the delegation, two calm tuesday new year greetings to send their land and the whole world. [applause] it was the best of times. It was the worst of times. These are the words used by Charles Dickens to describe the world after the Industrial Revolution. Today we also live in a world of contradiction. Im the one hand, with growing material well in advance is in science and technology, human civilization has developed as never before. On the other hand, however, frequent region of conflict with challenges like terrorism and refugee, as well as poverty and employment in the widening and im been have all added to the uncertainties of the world. Many people are wondering what has gone wrong with our world. To answer this question, one must first track the source of the problem. Some people blame economic globalization for the chaos in our world. Economic globalization was one feared that the treasure cay founded by alibaba, but now it has become the pandoras box on as many. The International Community finds itself in a heated debate on economic globalization. Today i wish to address the Global Economy in the context of economic globalization. The point i want to make is that many of the problems in the world are not caused by economic globalization. For instance, the refugee from the middle east and north africa have become a global concern. So many people have been displaced and some small children lost their lives while crossing the rotc. This indeed is heartbreaking to last. It is wrong, conflict and regional turbulence ive created this problem. The solution to this problem lies in making peace, promoting reconciliation and restoring stability. The International Financial crisis is another example. It is not an inevitable outcome of economic globalization. Rather it is the consequence of excessive profit by Financial Capital of and great failure of financial regulation. There is no point in blaming economic globalization for the worlds problem and that is simply not the case and it will not help solve the problems. From the historical perspective, economic globalization results from growing social product to the dave and is the natural outcome of scientific and technological advances. It is not something created by any individuals or any countries economic globalization has powered Global Growth and facilitated movement that is good and the m. Vance says technology and civilization and interactions among people. We should also recognize that economic globalization is a doubleedged sword. When the Global Economy ascender downward pressure, it is hard for estimate the Global Economy bigger. As a matter of fact, it may eventually and this will strengthen relations between growth and distribution, between capital and labor and between efficiency and equity. Those developed and developing countries have felt the punch. The voices against the globalization have laid the pitfalls in the process of economic globalization and we need to take that seriously. The chinese tend to say jaime mallon earned bitter vines, suite dates growing thistles and thorns under the source of concern nothing is perfect in the world. We can see the picture simply because of its merit for apb is something thats used as. It is true that economic globalization has created a new problem. But this is no justification to a right of economic globalization altogether. We should guide economic globalization. The negative impact and deliver its benefit to all countries and all nations. There was a time when china also had doubts about economic globalization and was not sure whether china should join the world trade organization. But we came to the conclusion that integration into the Global Economy represents a historical trend to grow its economy, china must have the courage to swim in the vast ocean of the global market. If one is always afraid of exploring the new world, he will get drowned in the ocean sooner or later. So what china did is to take a brave step forward to embrace the global market. We have had our fair share and water and we have encountered whirlpools and choppy waves. Do we have learned how to swim in this process. It has proved to be the right strategic choice. Whether you like it or not, the Global Economy is a big ocean that you cannot escape from. The only attempt to cut our flows of capital, technology, products and industry between economy and the waters in the ocean back into isolated lakes and creeks. This is simply not possible and indeed runs counter to the historical trend. The history of mankind tells us that problems are not to be feared they were refreezing to the problems and not knowing what to do about them. In the face of both opportunities and challenges of economic globalization, the right thing to do is to see every opportunity to meet challenges and chart the right course for economic globalization. At the aipac economic leaders in late 2016, i spoke about the need to make the process of economic globalization more invigorated, more inclusive and more sustainable. We should ask proactively and managed to economic globalization so as to release its positive act and rebalance the process of economic globalization. We should follow the general trend, perceived or my respect to conditions and embark on the right path way of integrating into economic globalization. We should strike a balance between the two insurer that different countries, different social structure and different people all share in the benefits of economic localization. This is a responsibility that leaders of our times must take on. [applause] and the people around the world expect nothing less from us. Ladies and gentlemen, dear friends, at present the most pressing task before us is to steer the Global Economy added difficulty. The Global Economy has remained sluggish for quite some time now. The gap between the poor and the rich and the south of the north is widening. The root cause is that three Critical Issues in the economics. Have not been effectively addressed. First, lack of robust driving for his fix it difficult to sustain steady Global Growth. The Global Growth is now at its slowest pace in seven years and growth of global trade is even slower than not. Shortterm policies have proved ineffective and found the structure reform with the Global Economy now it appeared as though they were new Growth Drivers with the role of traditional engines and further weakening. Despite the burgeoning new technology of artificial intelligent and 3d printing, i get to emerge and a new path for the Global Economy remains elusive. Sakic, inadequate public economic governance makes it difficult to adapt to new developments in the Global Economy. Madonna and christian recently told me that emerging markets and developing countries already contribute to 80 of Global Growth. In the past two decades, the Global Economic gauge has changed profoundly, but the global government system has not embraced those new changes and is therefore an adequate in terms of representation. The Global Industry landscape is changing and new industrial change in supply chains are taking shape. A trade and investment have not kept pace with these developments, resulting in an acute problems such as closed mechanisms and augmentation of war. The Global Financial market needs to be against this. But the Global Financial government documents and sales to require that and is unable to effectively resolve problems with the frequent volatility in International Market and the build up of asset levels. Third, i need than Global Development makes it difficult to leap peoples expectations for a better life. Dr. Schwab observes in his book the Industrial Revolution that this Industrial Revolution will do and farreaching impact such as growing inequality, particularly the possible widening gap between the return on capital and return on labor. The richest 1 of the worlds population owes more than the remaining 99 combined. Inequality and Income Distribution and Uneven Development space. Over 700 Million People in the world are still living in extreme poverty. For many families, to have warm houses, enough food and secure jobs is still a distant dream. This is the biggest challenge facing the world today. It is also what is behind the social turmoil in some countries. Orders show that there are indeed problems with Global Growth, governance and develop models and these problems must be addressed. The founder of the red cross and its not a neighboring country. It is hunger, poverty and prejudice. We need to have the vision to dissect these problems. More importantly, we need to have the courage to take action. We should develop a dynamic innovation driven growth model. The fundamental problem plaguing the Global Economy is the lack of driving force for growth. Innovation is the primary force. The Industrial Revolution is unfolding at an exponential case. We need to relentlessly pursue innovation to innovate and reform can we remove Global Growth and development. With this in mind, g20 needed. That is to take innovation and foster new driving force of growth with both individual countries and the Global Economy. We should foster to rise above the debate about whether there should be more fiscal stimulus for easing. And the underlying problems. We should adopt a new policy measures and reform. To create more space and sustain its momentum. We should develop a new growth model and seize the opportunities presented by the new round of Industrial Revolution and digital economy. We showed that the challenges of Climate Change and the aging population. We should also address the negative impact of our application and automation and jobs. When cultivating new industries and new models of business, we should always find ways to create new jobs in order to restore confidence and helped to our people. We should pursue a well coordinated and interconnected approach to develop a model of hope in a corporation today mankind has become a Close Knit Community of the shared future and have become mutually dependent with extensive converging interests. Both countries enjoy the right development. At the same time they should. There are miniaturist and the broader context and refrain from their own interests and ask them to others. We commit ourselves to growing an open Global Economy to share the opportunities and interests to opening up in achieving outcomes. We would have retreat with another encounter for this will never get us. We should develop Global Connectivity to enable all countries to achieve interconnected growth and share prosperity. We must remain committed to developing free trade and investment, promote trade and investment, liberalization and facilitation through opening up and say no to protectionism. Pursuing protectionist than unblocking oneself in a dark room. While wind and rain may be cap. I. , so are light and air. No one would emerge as the winner and a trade war. [applause] third, we should develop a model of fair government and in keeping with the time. They tend to trivial matters while people with great they should send two institutions. There is a growing call from the International Community for reforming the Global Economic governance and, which is a pressing task force with new dynamics in the International Economic architecture can the global Government Systems sustained Global Growth. Countries that were small, rich or poor are all equal members of the International Community. As such, they are entitled to participate in decisionmaking, and enjoy obligations an equal basis. Emerging markets in the developing countries is a great representation and voice. The 2010 imf quota reform has entered into force and its momentum should these and he appreciated here to multilateralism to uphold the authority and efficacy of multilateral institutions. We should on our promises and divide the roles and not to select as he sees fit. The Paris Agreement is an achievement which is in keeping with the underlying trend of Global Development. All threedegree should stick to it instead of walking away from it as this is a responsibility we must assume for future generations. [applause] for it, we should develop it out once habitable and Inclusive Development model. As the saying goes, a just cause should be pursued for common good. Development is ultimately for the people commit to achieve more balance, development and ensure that people have equal access to opportunity and sharing the benefits of development. It is crucial to have a sound Development Philosophy and model and make developments equitable, effective and balanced. We should foster a culture and their respects of all. Priority should be given to addressing poverty of employment, the widening income gap and the disadvantage to promote social equity and justice. To protect the environment while pursuing economic and social progress so to achieve harmony between man and nature and harmony between man and society. The 2030 agenda for Sustainable Development should be implemented to realize Balance Development across the world. [applause] a chinese adage is insured when people call them. Success is secured when people pull their head together. As long as we keep to the goal and a shared future for mankind and working handinhand and overcome difficulties and will be able to create better lives for our peoples. Ladies and gentlemen, dear friends said to 38 years of reform and opening. At the second of World Economy. The right path leads to a bright future. China has come this far because the Chinese People have under leadership of the communist party late and a development with actual conditions this is a path based on chinas reality. China has in the past year succeeded and by enjoying both of that civilization and processes in the east end last and exploring this part of china refuses to say insensitive to the changing times. All of those lead to rome, no country should do is development should it impose it on develop and pat, this is a path that puts peoples interests first, china follows a people oriented Development Philosophy and is committed to bettering the lives of his people. Development is after people, by the people and for the people. China pursues the goal of common prosperity. We have taken major steps to alleviate poverty and a Million People out of poverty and Good Progress is being made in our effort to finish building a society of initial press rarity in august asked. The innovation, china has tackled difficulties and challenges on its way forward for reform. China has demonstrated its courage to take on difficult issues, and navigate rapid and remove institutional hurdles for the web development. These efforts have enabled us to a much broader dignity and social vitality. Building on progress of 30 odd years of record, we have introduced more than 1200 reform over the past four years, injecting powerful impetus into chinas development. This is a path of pursuing, development through opening up. China is committed to a fundamental policy of opening up and pursues and opening up strategy. Chinas development is both magic and external oriented. While developing south china also shares more of the Development Outcomes of their countries and people. Chinas Outstanding Development but vastly improve standards of the people to the china and the world. Such achievements and in past decades to the hard work and perseverance of the Chinese People. A quality for several thousand years. We chinese know all too well that there is no such thing as it were a lunch in the free world with a big country with over 1. 3 billion people, development can be achieved only with the dedication and the efforts of his own people. We cannot expect to deliver a development to china and no one is in a position to do so. When assessing chinas development, i should not only see what anna said the Chinese People have gained, but also how much effort they have to attain. Not just what achievements china has, but also a contribution they have made to the world. Then, while they reach a more balanced conclusion about chinas development between 1950, despite its more then seven developments in Living Standard, china provided more than 400 alien gang of farming assistance. Undertook over 5000, including nearly 3000 complete subjects and we have held over 11,000 training workshops in china for over 260,000 now from other developing countries. The longest reform and opening up, china has attracted over 1. 7 trillion u. S. Dollars and made over 1. 2 trillion u. S. Dollars of direct investment making huge contribution to Global Economic growth. Since the outbreak of the International Financial crisis, china contributed to over 30 of Global Growth every year on average. All of these figures are among the highest in the world. These figures speak for themselves. Chinas development is an opportunity for the world. China has not made then a fifth Term Economic globalization, but also contributed to it. The growth in china has been a sustained powerful engine for Global Economic stability and expansion. The interconnected development of china and a large number of countries has made the World Economy more balance. Chinas remarkable achievements and Poverty Reduction has contributed to more influences Global Growth. Chinas continuous progress in reform and opening up has led to much momentum to an open World Economy. We chinese know only too well what it takes to achieve prosperity. So we applaud the achievement by others and we wish them a better future. We are not jealous of others success and we will not complain about others who have benefited so much from the great opportunity presented by chinas development and will open our arms to the people of other countries and welcome them to lord the first train of chinas development. [applause] ladies and gentlemen, and dear friends, i know you are all closely following chinas Economic Development and let me give you an update on that. Chinas economy has entered what we call a new normal in which major changes are taking place because of growth rate, development model, economic structure and drivers of growth. But the economic fundamentals sustaining development are unchanged. Despite a sluggish Global Economy and is expected to grow by 6. 7 in 2016. Still among the highest in the world. Chinas economy is far bigger in size than in the past and now generate more out to dinner date with doubledigit growth in the past. Household consumption and the Service Sector have become the main driver of growth. In the first three quarters of 2016, added value of the Tertiary Industry took out 52. 8 of the gdp and domestic consumption contributed to 71 of economic growth. Household income and employment have steadily risen while per unit gdp Energy Consumption continues to drop our efforts to pursue green elements are off. The chinese economy faces downward pressure and the difficulties, including acute mismatch between excess capacity and an upgrading demand structure from a lack of internal driving force for growth, accumulation of Financial Risks and a growing challenge in certain regions. We see these as temporary hardships that occur on the way forward. We have taken to address these problems by producing good results. We are firm in our resolve to forge ahead. China as the Worlds Largest developing country with over 1. 3 billion people and their Living Standard are not yet ripe. This reality also means china has enormous pathan showed in space for development. A division of coordinated open and shared developments, we are well adapted to the new normal. They are ahead of the curve and make court made it after his to maintain steady growth, accelerate reform, and just economic structure, improved peoples Living Standard and with the is, we aim to achieve mediumhigh rate of growth than a trade the economy to higher end of the value chain. China will thrive to the performance of economic growth. We will pursue as a general shift the growth model and economic structure. We will continue to cut capacity, reduce Inventory Committee leverage finance thing, and reduce links. Will foster new drivers and develop advanced Manufacturing Sector and upgrade the real economy will implement the plans deepest effect of demand and better made the individualized diverse needs of consumers and we will also do more to protect the ecosystem. China will boost to add new impetus to growth. They will intensify Reform Efforts at key links and resources allocation. Innovation will continue to feature on our growth agenda. In pursuing a strategy of innovation development, the Strategic Emerging Industries apply new technology and the new Business Model to upgrade industry and will boost revitalize traditional ones. China will foster an enabling an orderly environmental investment pair but . And Market Access for foreign investors, build high standard, strength and protection of Property Rights and level the Playing Field to make chinas market more transparent and better regulated. In the coming five years, china is dead to report a trillion u. S. Dollars of good, attract 600 billion u. S. Dollars of Foreign Investment and make 750 billion u. S. Dollars of oregon investment. Theyll make 700 million overs each visit and will create a bigger market, more product and more Business Opportunities for other countries. Chinas develop and will continue to offer opportunities to other countries. They will restore wide open and not close at. An open door allows other countries to access the Chinese Market in china has sought to integrate with the world and we hope that other countries will also keep their door open to a Chinese Investor and to keep the Playing Field level for us. China will vigorously foster an externally environment for Common Development where we will advance the free trade area of the asiapacific in negotiations of the regional comprehensive economic gardner said to form a Global Network of free trade arrangement, china stands for open transparent and a free trade arrangement and opposes farming groups that are exclusive or fragmented nature. China has no intention to boost state trade competitiveness by devaluing the r b writ large occurrence you were. Over three years ago, i put forward a devout Road Initiative. Since then, over 100 countries and International Organizations have given warm responses and support to the initiatives in the International Organizations have signed a Cooperation Agreement with china and our circle of friends along the road is growing bigger. Chinese cant amaze have made over 50 billion u. S. Dollars of investment with a large number of project in these countries, spurring the Economic Development of these countries and creating many local jobs. The Road Initiative originated in china, that it has delivered benefits well beyond its borders. In may of this year, will host in beijing about 10 road for International Cooperation which aims to boost corporation, build cooperation platforms and share outcomes. The forum will also explore ways to address problems facing global, regional economy, create fresh energy for pursuing interconnected development and make Development Initiatives deliver greater benefits to people involved. Ladies and gentlemen, dear friends, World History shows that the road of human civilization has never been his move one in that mankind has made progress but difficulties. No difficulty. However daunting, will stop mankind from the pantheon when encountering difficulties, we should not complain about ourselves, blame others, lose confidence or run away from responsibilities. Instead, we should join hands and rise to the challenge. History is created by the brave. Letters boost confidence, take actions and Work Together for a bright future. Thank you. [applause] mr. President , it was a very, very important speech and in historical moment but the history of mankind presently characterized by a master in enormous pressures coming from Transformational Services based on logical, economic confirmation all forces, which reshape the world. It would be presumptuous, mr. President , to summarize here is beach. But i would like just to remind us of three really commitments you made us, which will tell a bit of confidence for the future your determination to continue the Economic Development of china, to continue to help china as an important force. As the Global Economy is a force by preparing very well in the structure reforms. But it was also so important to hear from you, mr. President , your commitment to globalization. We are living in the global interdependent growth. We cannot recreate artificial. Globalization is a good direction. We have a common destiny as a mankind and humankind. So your commitment also to a fair, innovative, open and inclusive world. I would say no, mr. President there is the chinese dream. Lets have a global dream, a dream of a world which remained innovative, which remained open, which is fair and which is inclusive. Mr. President , we are also living in a new world. You mentioned the Industrial Revolution. We cannot go back to old policies. We cannot just take recipes in the old road, but which will not be appropriate anymore in order to save the new challenges. For example, the Impact Technology has on employment. In here, we need new ideas and refreshing because you are committed to approach global government, Global Cooperation in a new way. We thank you again for joining us here in step three. President xi, we here at the community of global leaders, we are permitted to the same of captives, to make this world a better world, to give everybody a better, more fulfilled, healthier and i was sad really included into society. What we struggled for, thats what we are here for. It all is honest to make it happen and here we join forces with you. Mr. President , i would like to wish you the Chinese People are very happy, healthy, successful new year. I hope that you leave davos with a good memory because what we need in the world is sunshine and nearest beach has brought us some sunshine into our discussion. Thank you. [applause] video here of members gathering this morning to board buses to philadelphia. Some of them commenting on what to expect on their gop policy retreat. [inaudible conversations] [inaudible conversations]