President Sean Stein,

Ambassador David Perdue,

Vice Governor Sun Yong,

Deputy Secretary-General Zhu Min,

Chairman Zhou Hanmin,

Ladies and gentlemen,

Friends old and new,

Good evening. It is a great pleasure to join you in Shanghai via video link.

About one week ago, many friends from the U.S. business, agricultural and technology communities, including soybean farmers, came to our Embassy and expressed their concern to me about trade tensions rising again between China and the U.S. Everyone was worried. Four days ago, President Xi Jinping and President Donald Trump held a successful meeting in Busan, recalibrating the direction of bilateral relations at a crucial time once more. The entire world has breathed a great sigh of relief, and feels happy for this positive turnaround in China-U.S. relations. Today’s event hosted by the US-China Business Council could not have come at a better time. Great decision, Sean!

Looking back at the ups and downs in China-U.S. relations over the past nine months, we can learn several important things:

First, the strategic guidance of our heads of state provides a key anchor of stability. Since the start of this year, President Xi Jinping and President Donald Trump have spoken on the phone three times and exchanged several letters, charting the course of China-U.S. relations at critical moments every time. President Xi pointed out that China and the United States should be partners and friends. This is what history has taught us and what reality needs. President Trump said that China is the biggest partner of the U.S. Together, our two countries can get many great things done for the world and have many years of success. We need to faithfully implement the important consensus reached between our Presidents, and ensure the giant ship of China-U.S. relations will sail forward steadily along the right route.

Second, mutual respect, peaceful coexistence and win-win cooperation represent the right way forward. In this globalized world, all countries are highly interdependent, and the common interests between China and the U.S. far outweigh our differences. Turning our back on each other is not an option. Trying to remodel the other is unrealistic. Any conflict or confrontation would have unbearable consequences for both sides. When we see each other as a partner, there is no problem we cannot solve; but if we treat one another as a rival, problems will arise even when there are none at first. We need to keep the big picture in mind and think long-term, so as to explore a right way for China and the U.S. to get along in the new era.

Third, non-conflict and non-confrontation are the red line that needs to be upheld. China and the U.S. do not always see eye to eye with each other, and it is normal to have frictions now and then. The most important thing is to respect each other’s core interests and major concerns. Taiwan, democracy and human rights, path and system, and development rights are China’s four red lines. We hope the U.S. side will avoid crossing them and causing trouble. Dialogue is better than confrontation, cooperation is better than a zero-sum game, and stability is better than volatility. Be it tariff war or trade war, or industrial war and tech war, all will lead to nothing but a dead end. The pressing priority is to follow up on the consensus reached between the two Presidents at their meeting and the joint arrangements reached during the economic and trade talks in Kuala Lumpur, so as to reassure both our countries and the world economy with concrete actions and outcomes. It would be unacceptable to say one thing but do another, cause any new disruption, make zero-sum calculations, let alone try to profit at others’ expense.

Ladies and gentlemen,

Dear friends,

At the fourth plenary session concluded the week before last, the 20th CPC Central Committee adopted recommendations for formulating the plan for national economic and social development in the next five years, which will bring even bigger opportunities to China-U.S. cooperation.

Opportunities come from development. China’s GDP is expected to reach around 140 trillion yuan (about 19.7 trillion U.S. dollars) this year. In the next five years, we will see: a notable increase in China’s household consumption as a share of GDP; domestic demand playing an increasingly greater role as the principal engine of economic growth; significant progress in new industrialization, informatization, urbanization, and agricultural modernization; and major breakthroughs in fostering a new pattern of development and building a modernized economy. By 2035, China’s per capita GDP will be on a par with that of a mid-level developed country. China will continue to be a reliable engine of global growth.

Opportunities come from innovation. China stays committed to developing new quality productive forces. In the next five years, industrial clusters in strategic emerging fields such as new energy, new materials, aviation and aerospace, and the low-altitude economy will create multi-trillion-yuan or even larger markets. In the coming decade, the growth in industries including quantum technology, biomanufacturing, and hydrogen and nuclear fusion power will double the size of China’s high-tech sector.

Opportunities come from openness. China will continue to expand opening up at the institutional level, align with high-standard international economic and trade rules, and create greater space for two-way investment cooperation. Having removed all market access restrictions for foreign investors in the manufacturing sector, we will focus on the opening up of the services sector. This includes expanding pilot programs in value-added telecommunications, biotechnology and wholly foreign-owned hospitals, and further upgrading and expanding our network of free trade areas. A more open China means a bigger market and higher profits.

Opportunities come from stability. Step by step, we carry out each blueprint to the end, and keep working hard from one generation to the next. Our focus is on managing our own affairs well, being a better self, and at the same time sharing development opportunities with the rest of the world. This is the code of China’s success, and also brings an oasis of certainty to China, to China-U.S. relations and to the world.

Ladies and gentlemen,

Dear friends,

The giant ship of China-U.S. relations carries with it not only the wellbeing of the over 1.7 billion people of our two countries, but also the interests of the over 8 billion people of the world. Friends from the U.S. business community are both passengers and sailors. To ensure the ship will sail toward win-win results, I would like to share three hopes:

First, I hope you will be “early birds” who seize the historical opportunity. American business leaders like you are known for your enterprising spirit and keen insight. I encourage you to build on the important positive momentum created by the meeting between our Presidents, ride the tide of China’s high-quality development, remain optimistic about China’s future and committed to the Chinese market, pursue greater success there, and grow together with China. The 8th China International Import Expo will kick off the day after tomorrow. Over the past seven years, American companies have taken up the largest exhibition area at every edition of the expo. I hope you will set new records this year in both the delegation’s size and the intended transaction amount.

Second, I hope you will be a driving force in advancing the development of bilateral relations. A sound, steady and sustainable China-U.S. relationship is even more valuable than gold, and safeguarding it is to safeguard the interests of your businesses. I encourage you to act proactively, and play a constructive role in improving bilateral relations through win-win economic cooperation.

Third, I hope you will provide a catalyst for friendly exchanges between our two countries. Friends from the business communities are naturally positioned to be envoys for deepening mutual understanding and affinity between our two peoples. I encourage you to leverage your unique strength, tell the stories of China’s development and China-U.S. friendship, nurture our tree of goodwill so it will continue to thrive, and lay a solid foundation for the long-term development of China-U.S. relations.

Ladies and gentlemen,

Dear friends,

The world today is confronted with many tough problems. China and the U.S. can and should jointly shoulder our responsibility as major countries, and work together to accomplish more great and concrete things for the good of our two countries and the whole world. Next year, China will host APEC 2026, and the U.S. the G20 summit. Both have been important platforms for China-U.S. cooperation. China looks forward to working with the U.S. side to support each other and engage in sound interactions to make both summits productive, so as to promote world economic growth and improve global economic governance.

In this vast world, the wise always ride the waves of opportunity. Despite wind and rain, the China-U.S. relationship has kept moving forward over the past five decades and more, testifying to the strong resilience and internal dynamics of our relations. While we should not underestimate the difficulties and challenges we are facing, it is even more important that we never give up the hope and efforts of stabilizing bilateral relations. According to a recent survey by the Chicago Council on Global Affairs, despite the headwinds against China-U.S. relations in recent years, 53% of Americans still resolutely favor a policy of cooperation and engagement with China, and the number is rising. We stand ready to work with USCBC and American businesses, follow the strategic guidance of our heads of state, make our best efforts with a sense of mission, and jointly sail the giant ship of China-U.S. relations, a ship of the century, steadily forward.

Thank you very much.