According to a CNBC report, here is a summary of Chinese President Xi Jinping’s address commemorating the 40th anniversary of China’s “reform and opening up”:
- President Xi said “No one is in a position to dictate to the Chinese people what should or should not be done” according to the official translation broadcast through Chinese state media.
- He called for China to “stay the course” on its current path.
- “We will resolutely reform what should and can be reformed, and make no change where there should and cannot be any reform.
- “The past 40 years eloquently prove that the path, theory, system and the culture of Socialism with Chinese Characteristics pioneered in the wake of the Third Plenary session of the 11th (Communist Party of China) Central Committee by the Chinese people of all ethnic groups rallying under the leadership of the CPC are completely correct, and that CPC theory line and policy that have since taken shape are completely correct,” Xi said.
- “The past 40 years eloquently prove that China’s development provides a successful experience and offers a bright prospect for other developing countries as they strive for marketization,” he added.
Today marks the 40th anniversary of former Chinese Leader Deng Xiaoping’s restructuring of the Chinese economy in 1978 that led to the individual ownership of industries and the start of foreign companies to have limited access in China.
At the ceremony, Beijing also awarded the “China Friendship Medal” to Alibaba founder Jack Ma, Tencent CEO POny Ma, retired NBA basketball star Yao Ming along with AIG CEO Maurice Greenberg and founder of the World Economic Forum – Klaus Schwab.
The nationalistic tone in Chinese President Xi Jinping’s speech does not appear to show much room for negotiation on a trade deal with the US.