Chinese President Xi Jinping Welcomes All Countries to Join in Belt and Road Initiative, will never seek hegemony, and opposes new 'Cold War' in Keynote Speech at Boao Forum

President Xi Jinping

Chinese President Xi Jinping said China will uphold the country's commitment to peaceful development and win-win cooperation based on its long-standing five principles of peaceful coexistence which emphasizes mutual respect and non-interference among nations. 

He said China will promote a new type of international relations. 

"The Covid-19 pandemic has made it all the more clear to people around the world that we must reject the cold war and zero-sum mentality and oppose a new cold war and ideological confrontation in whatever form," President Xi said. 

In a world of rising protectionism, Xi called for more open trade and investment, as well as regional economic integration. An example is the signing of the world's biggest trade deal, the Regional Comprehensive Economic Partnership last year. The deal among Southeast Asian countries and other Pacific nations is expected to strengthen Asia's industry chain, supply chain as well as data and talent sharing. 

"Attempts to 'erect walls' or 'decouple' run counter to the law of economics and market principles. They would hurt others' interests without benefiting oneself," President Xi said.

President Xi said once the pandemic is contained in Asia, China will host the second Conference on Dialogue of Asian Civilizations, a regional cooperation mechanism launched in 2019. Over the past decade China has proposed several mechanisms of international cooperation like the Belt and Road Initiative.

"I have said on various occasions that the Belt and Road Initiative is a public road open to all, not a private path owned by one single party. All interested countries are welcome to take part and share its benefits," President Xi said. 

The World Bank says the Belt and Road Initiative is expected to help lift 7.6 million people out of extreme poverty and 32 million out of moderate poverty by 2030. Xi said China is also working with Belt and Road countries on combating COVID-19. China has launched vaccine co-production projects with countries like Indonesia, Malaysia and Pakistan. 

E-commerce is another area that President Xi hopes to promote in the initiative. With better infrastructure and regulatory connectivity, digital trade could expect a boost. Domestically, he said China is promoting free trade, by rolling out a foreign investment law, shrinking the foreign investment negative list, and further developing the free trade zone in Hainan Province, where the Boao Forum is held. 

"China will never seek hegemony, expansion or a sphere of influence. Nor will China ever engage in an arms race ," President Xi said. 

The Boao forum is marking its 20th anniversary this year. It's one of the largest international conferences to take place during the pandemic. More than 4,000 people are taking part in this event, both online and onsite.