National Development
32. Fourth, China's 40 years of reform and opening up has not only transformed its economy and society, but also made it the second largest economy in the world and the main engine of global economic growth. This is a remarkable achievement. Since the 19th National Congress of the Communist Party of China, the Mainland has been steering its economy from rapid growth to high-quality development. The Mainland is seeking to change its mode of development, optimise its economic structure and identify new growth engines. We should pay particular attention to the following areas in which our nation is pushing ahead in full steam:
| (a) | intensifying supply-side structural reform, accelerating the development of advanced manufacturing, and promoting deeper integration of the internet, big data and artificial intelligence with the real economy; |
| (b) | using innovation to foster economic development, with emphasis on scientific research and technology application; |
| (c) | building a strong domestic market with domestic consumption remains the main engine of economic growth; |
| (d) | implementing the Greater Bay Area development and the Belt and Road Initiative; and |
| (e) | pursuing further reforms and opening up to stabilise foreign businesses and investments; and promoting the new direction of two-way opening up with equal emphasis on "going global" and "attracting foreign investment" to boost two-way investment and trade flows between China and other countries. |
33. As seen from the above, although the Mainland is facing a complicated external environment and its economic development is encountering challenges, we should focus on the long term trend and recognise that our country is at an era of the strategic opportunities which offers promising development prospects in the long run.
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