Strengthening China-South Africa Relations and Modernization. Mr Li Yuze, Director of China's National Financial Regulatory Administration

Distinguished delegates of political parties, think-tanks and media, Ladies and gentlemen

Good afternoon

Representing various fields and sectors, you are able to get together today because we are all good friends who are working in our respective fields to promote exchanges and co-operation between the two countries in the areas of politics, economy and trade, culture, and civil society.

For the Chinese people, South Africa is a partner in mutual assistance and in the same boat through thick and thin, and the two sides have shared a common vision in the struggle for national liberation, have supported each other in advancing national development and construction, and have united and collaborated in the pursuit of international fairness and justice.

We look forward to today's exchange of ideas to inspire more common ground, help each other to pursue modernization, and contribute more to the development of China-South Africa all-round strategic cooperative partnership in the new era.

Today's world is undergoing changes that have not been seen in a century including transformations in the international landscape, the world order and relations between countries, as well as changes in the concept and aspirations, values and paths of development of all countries and peoples.

Everyone hopes to forge ahead in the current of the times, catch up in the race for modernization and lead a better life. In the process, a number of people have turned their attention to China, This year marks the 75thanniversary of the founding of the People's Republic of China. Under the leadership of the Communist Party of China (CPC), China's national landscape has undergone a remarkable changes, completing in just a few decades the industrialization process that western developed countries have gone through in hundreds of years, We have created two miracles namely, rapid economic development and long-term social stability, achieved the first 100-year goal on schedule, and historically solved the problem of absolute poverty that had plagued China for thousands of years. China's gross domestic product (GDP) has grown from 67.9 billion yuan in 1952, the first year for which statistics are available, to 126 trillion yuan in 2023, with an average annual growth rate of 7.9 per cent. China's share of the world economy has grown from 1.7 per cent in 1978, when statistics are available, to about 17 per cent in 2023, contributing more than 30 per cent to the world economy.

China has made great strides to catch up with the times, relying on reform and opening up. During the past 10-plus years under the leadership of President Xi Jinping, it has also been reform and opening up that has ensured historic achievements and changes in the cause of the Party and the country, Not long ago, the Third Plenary Session of  Central Committee of the Communist Party of China (CPC) was held successfully, At the session, the Central Committee made systematic plans on further deepening reforms comprehensively to advance Chinese modernization in the Chinese style, reviewed and approved the Resolution of the Central Committee of the Communist Party of China on Further Deepening Reform Comprehensively to Advance Chinese Modernization. The Plenary Session drew a grand blueprint for further deepening reform in a comprehensive manner and promoting Chinese modernization, and put forward clear requirements for pursuing high-standard opening-up, thus demonstrating the strong determination of the CPC to carry out reform constantly.

Firstly, the Plenary Session demonstrated China's firm determination to deepen reform in a comprehensive manner, and China is willing to be a fellow traveler with South Africa on the road to modernization. In today's world, which is beset by turmoil and uncertainty about the global economic outlook, how to achieve development is a common challenge for all countries, While some countries have shifted their conflicts and sought to treat internal diseases externally, China has insisted on facing problems squarely. We prevent and resolve risks and meet challenges by deepening reforms and improving systems. This Plenary Session has put forward more than 300 reform initiatives, alt of which are related to the institutional, mechanism and system levels, and it is clear that these initiatives must be completed by 2029, the year that marks the 80thanniversaryof the founding of the People's Republic of China. These reforms will focus on building a high-standard socialist market economy. While at the same time enhancing the capacity for scientific and technological innovation in terms of institutional and institutional reforms responding to the most pressing needs and aspirations of the people, and achieving the goal of 'reforms responding to the calls of the people'. with 20000 words, the Resolution makes 136 references to “reform". it is an overall picture of China's comprehensive reforms. As a next step, we will refine, break down and translate the various reform tasks into concrete measures, and it is expected that thousands of reform programme's will be formed. By promoting development through reform. Seeking impetus for reform, and further liberating and developing productive forces, we will surely give a strong impetus to Chinese modernization, to the betterment of the world.

The continuous development and growth of a China that deepens reforms in all aspects will surely give a strong impetus to all countries in the world to work together to achieve modernization. South Africa, like China, is a large developing country that is currently striving to achieve the goals of its National Development Plan 2030, One of the outstanding impressions is that South Africa, the 'rainbow  nation' is full of vigor and vitality, a wonderful opportunity to join hands in development and modernization. We support South Africa in taking the path of modernization in line with its own national conditions, and are willing to engage  in-depth exchanges of ideas and experience with South Africa on issues such as improving governance, and developing the manufacturing, service and financial industries, so as to help each other make innovative break throughs in the theory and practice of modernization, and to better promote and open up the cause of modernization of our respective countries, so as to jointly enrich the newforms of human civilization.

Secondly, the Plenary Session conveyed a strong signal that China is pursuing high-standard opening-up and that it is willing to share with South Africa new opportunities for openness and development. At a time of multi-polarity and globalization, the world is a community of shared destiny that thrives on prosperity and suffers at the same time. We firmly believe that, in the face of challenges, 'closing the door' and' building a wall’ will not work, but 'opening the door' and 'paving the way is the right way, China insists on sharing the dividends of development with the world through opening-up. This Plenary Session emphasizes that China will promotes high-standard opening up to the outside world, which can be understood in four aspects.

Firstly, we will better match the high international standards of openness .China will steadily expand its systematic opening-up and actively connect to international high-standard economic and trade rules. We will build anew open economic system at a higher level, establish a compliance mechanism that converges with internationally accepted rules, shape new advantages in opening up, and release new dividends from opening up.

Secondly, we will be more active in opening up. Seizing the initiative of opening up and unilateral opening up to the least developed countries isa new requirement of this Plenary Session. For example, the high-quality construction of the Belt and Road, the construction of pilot free trade zones and the holding of the China International lmport Expo are all opening-up measures that China initiates voluntarily. We will further liberalize market access and open our markets to the world more proactively, so that China's big market will become the world's big opportunity.

Thirdly, we will open up to better promote the development of new quality productive forces.

The distinct feature of new quality productive forces is innovation, such as artificial intelligence, digital economy and green economy, which are the frontiers of innovation and the current new race track, and it is needed to expand openness and cooperation and create an open innovation ecosystem.

Fourthly, we will better promote openness for win-win cooperation. China has always adhered to the correct choice of openness, cooperation and mutual benefit, endeavored to make the cake of openness larger lengthened its list of cooperation, fully participated in the reform of the World Trade Organization (WTO), enlarged the circle of friends of free trade, and pushed forward the construction of an open world economy.

The continuous development and growth of a China that insists on opening up will certainly add strong momentum to the development and prosperity of all countries in the world. At present, China-South Africa relationship is at its best in history, stepping into the' golden age'; in early September, President Ramaphosa attended the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) and paid a state visit to China and together with President Xi Jinping, they upgraded China-South Africa partnership in the new era. Relations to an all-round strategic cooperative .

Strengthening solidarity and cooperation between China and South Africa under the new situation meets the common expectations of the two peoples and has broad prospects for development. China is ready to work with South Africa to firmly grasp the key deployment of the Plenary Session on opening up to the outside world and to implement the important consensus reached by the heads of State of the two countries .We are ready to work with South Africa to deepen cooperation within the framework of the Belt and Road initiative and FOCAC to help South Africa to achieve the goals of its National Development plan 2030. China is willing to encourage more enterprises to invest and prosper in South Africa, and welcomes more South African high-quality products to enter the Chinese market.

The Plenary Session highlighted China's commitment to promoting world peace and development as a major country, and China is ready to work with South Africa to inject more positive energy in to the world, Five thousand years of Chinese civilization have given the Chinese people the genes of peace, diligence and friendliness, We love peace and do not subscribe to the logic that a strong country must be hegemonic. No matter how much China develops, the peaceful and kind nature of the Chinese people, our broad-mindedness and tolerance, and our pursuit of fairness and justice will remain unchanged. China insists on enshrining the path of peaceful development in the Party's Constitution and the national Constitution, and is committed to promoting a new type of international relations based on mutual respect, fairness and justice, and win-win cooperation. The Resolution reaffirms that Chinese modernization is a modernization for peaceful development, stating that China will continue to firmly pursue an independent foreign policy of peace, commit itself to the implementation of the Global Development Initiative, the Global Security Initiative and the Global Civilisation Initiative, advocate equal and orderly multi-polarity in the world and inclusive economic globalization and push for the building of a community with a shared future for mankind.

The continuous development and growth of a China that is determined to uphold moral justice will certainly give strong force to the promotion of world peace and international justice. China and South Africa share abroad consensus on promoting world peace and stability and upholding the basic norms governing international relations. China is willing to continue close communication and exchanges with South Africa in international affairs, strengthen coordination and cooperation within multilateral frame works such as the United Nations, the BRICS Cooperation Mechanism and the G20, and promote the common development of the countries of the 'Global South'.

Ladies and Gentlemen, Friends,

The African continent under our feet is the continent with the highest concentration of developing countries, and the continent with the greatest aspirations for development and prosperity, the well-being of people, and fairness and justice, China-Africa friendship has been passed on through time and space, across mountains and oceans, Earlier this month, the friendly China-Africa family gathered again in Beijing after six years to celebrate a great event, which is of great significance and has far reaching implications. The leaders of China and Africa unanimously agreed to upgrade China-Africa relations to an all-weather China-Africa community with a shared future for the new era, which demonstrates the firm will of the more than2.8 billion people of China and Africa to walk hand in hand through thick and thin in the midst changes unseen for a hundred of years, and writes a whole new chapter in the grand endeavor of constructing a community of shared future for mankind. President XiJinping has put forward six propositions on how China and Africa jointly advance modernization, namely, we should jointly advance modernization that is just and reasonable, modernization that is open and win-win, modernization that puts the people first, modernization featuring diversity and inclusiveness, modernization that is eco-friendly, and modernization underpinned by peace and security. These six propositions have been widely endorsed by African leaders, forming a political consensus between China and Africa, and marking a deepening of our understanding of the laws of modernization and a growing historical consciousness of our own destiny. President Xi Jinping also announced 10Partnership Actions for China to join hands with Africa to promote modernization over the next three years, injecting new momentum in to the deepening of China-Africa relations.

Both China and South Africa are large developing countries, BRICS members and G20 members, Hence our cooperation enjoys a deep foundation, huge potential and broad prospects. We are ready to work with African countries and developing countries, including South Africa, to help each other, cooperate in good faith and achieve mutual success on the road to modernization, so as to send out the strong voice of the times of seeking common development, demonstrate the firm confidence of the Global South in solidarity and cooperation, and light up the 'South Moment' of building a community with a shared future for mankind, so as to create a brighter future for all!

Thank you.

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