Beijing - Beth: Economic activity in Asia and the Pacific is expected to contract by 2.3% in 2020 and grow by 6.7% in 2021, compared to a contraction of 5.8% in 2020 and 3.9% growth in 2021 for advanced economies, according to International Monetary Fund.

In his speech to leaders of the business community in the Asia-Pacific region, Chinese President Xi said that China’s sound economic recovery has demonstrated the strength and vitality of the Chinese economy, and expressed confidence that “steadily unleashing the potential of the Chinese market will create broad trade potentials for other countries” and create momentum. To maintain stable growth of the global economy.

With science and technology now playing a more important role in promoting social productivity, Xi said that to achieve high-quality growth driven by domestic demand, China will vigorously promote the country’s scientific and technological innovation.

He noted that innovation has always been the primary engine of development in China, and the country has made great strides by implementing an innovation-driven development strategy.

“We will take full advantage of our large domestic market demand and the strengths of its complete industrial system, and redouble efforts to convert research results into real productivity,” the Chinese president said.

In order to maintain China’s long-term economic development, Xi added, “we will strive to build an innovation system that integrates science and technology, education, industries and the financial sector, and raises the level of industrial chains.”

The Chinese president also stressed that the country will continue to deepen the reform and revitalize the market because reform is crucial to unleash and boost productivity.