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Ning Jizhe Holds Online Meeting with Board of Directors

Delegation of US-China Business Council

  On the evening of October 19th, 2020, Ning Jizhe, Vice Chairman of the National Development and Reform Commission (NDRC) held a video symposium with Board of Directors Delegation of US-China Business Council(USCBC),exchanging views on issues of mutual concern, including China-US economic and trade cooperation, China’s new development pattern of dual circulation and economy etc. Tom Linebarger, Chairman of Board of USCBC and representatives from General Motors, FedEx, Boeing, Air Products and Chemicals attended the conference.

  Ning Jizhe pointed out that in the age of economic globalization, economic interests of countries are interdependent and intertwined unprecedentedly. China and US have long been integrated into a community of intertwined interests. The phase-one economic and trade agreement reached after 13 rounds of high-level consultations in January this year reflects the mutually beneficial and win-win nature of China-US economic and trade cooperation.Since the signing of the agreement, relevant Chinese agencies have done a lot of work to promote its implementation. Positive progress has been made in expanding imports from the US Going forward, China is ready to work with the US to overcome difficulties and challenges brought about by the Covid-19 epidemic, jointly implement the phase-one trade agreement, and push forward the expansion of imports from the US in accordance with market and legal principles and WTO rules. At the same time, China will continue to build a world-class business environment and further deepen practical cooperation between Chinese and US businesses.

  Ning Jizhe pointed out that in face of the Covid-19 outbreak this year, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, we have made great efforts and achieved major strategic achievement in the fight against the epidemic. On this basis, we have coordinated epidemic prevention and control with economic and social development, made great efforts to ensure “stability on the six fronts” and fully implemented the tasks of “security in the six areas”, thus promoting economic stability and recovery. China's economy grew by 4.9% year-on-year in the third quarter, versus 3.2% in the second one. China's GDP growth reached 0.7% year-on-year over the first three quarters, turning positive from negative, with supply and demand relation, market vitality, employment and people's livelihood being well improved. China’s economy has maintained continuous recovery momentum.

  Ning Jizhe pointed out that looking into the future, China has proposed to gradually build the new development pattern of dual circulation in which the domestic circulation is the mainstay and the domestic and international circulations reinforcing each other. That domestic circulation plays the leading role doesn’t mean we will close our doors. Rather, by tapping the potential of domestic demand, we will make the domestic and international markets better interconnected, and make full use of both domestic and international markets and resources, so as to achieve stronger and sustainable development. Now facing rising protectionism, sluggish world economy and shrinking global market in the external environment , we must give full play to our enormous market advantage, and add impetus to China's economic development and drive world economic recovery by boosting the circulation of domestic economy . Dual circulation will bring more market opportunities for foreign companies. We welcome enterprises from all over the world to actively participate in our future development and share the opportunities and fruits of China's growth.

  Linebarger noted that US businesses in China believe it’s of the utmost importance for China-US relationship to return to a stable and constructive track. The vast majority of US businesses support the phase-one trade deal, and nearly half of them recognize the progress China has made. US businesses have long-term confidence in the future prospects of the Chinese market, welcome the reform and opening-up measures introduced by Chinese government, and are willing to continue to take root in China and grow with China.

  Representatives from the US side raised some specific questions on US companies’ operations in China, and Ning Jizhe answered these questions one by one.