Distinguished guests, Ladies and Gentlemen,I’m honored to be invited to speak at this forum, a very important meeting for my country and our development partners. We would like to thank the development partners for their crucial role in China’s rapid economic development. It is also a great honor for me to participate in China’s reform and opening up and witness China’s great achievements in the past 40 years. From the perspective of human development, 40 years passed in the blink of an eye. Under normal circumstances, China’s development achievements may take 100 years. Therefore, it is of particular significance for us to gather here today to summarize China’s development experience. Such experience has important implications for other countries that aspire to fulfill the same development achievements as China, and I hope these countries can be equally or more successful.Mr. Deng Xiaoping initiated China’s reform and opening up. After the establishment of national development goals, the whole country has worked as one to promote economic and social progress in all aspects. China’s policies have lifted 700 to 800 million people out of poverty in the past four decades. Since the beginning of China’s reform and opening up, China has paid much attention to drawing on the experience of both developed and developing countries. Meanwhile, we have also attached importance to suiting these experiences to local conditions and keeping pace with the times. China’s development policies have been successful because we have followed an important principle: self-reliance. This is a distinctive feature of the Chinese people. Personally, self-reliance has taken on a new meaning when the reform and opening up ushered in a new era. On the one hand, China sticks to self-reliance. On the other hand, China lays much emphasis on the aid of international organizations. It is fair to say that China’s success is based on the balance between self-reliance and international cooperation. From the very beginning, China’s reform and opening up has been an independent process, which is not only a valuable experience but a magic weapon.In retrospect, we will see that many basic principles are applicable to many countries, including a country’s development pattern, which must be up to date. And we must always dare to try something new and keep pace with the times. A country must undergo reform and opening up before it can achieve development. Besides, it must carry out economic restructuring to better adapt to the development of the world economy. A country should always pay attention to the international economic environment amid development. Here, I would also like to emphasize that countries that are temporarily underdeveloped should seize the time to conduct economic restructuring, an inevitable step in economic transformation. Of course, such changes won’t happen overnight. This will require the nation to carry out gradual institutional and capacity building and continuous investment in infrastructure and other public sectors. At the same time, countries should cooperate with multilateral international financial institutions. China’s experience shows that such cooperation has expanded our horizons, provided an international perspective, and enriched our experience. For example, the World Bank has offered much experience and assistance to China’s economic transformation, from improving environmental standards to strengthening social policies. It also helped China avoid detours in both macroeconomic and microeconomic policy. For example, it was the first time that international bidding was used in the construction of the Lubuge Dam in China. At the same time, the World Bank and other organizations have advised China to constantly monitor the project, which has become a common practice. From the 1980s to the beginning of this century, the Chinese government consulted widely with the International Monetary Fund and the World Bank, thus receiving a lot of support in the formulation of the macroeconomy and the five-year development plan. Every year, the International Monetary Fund confers with the Chinese government on Article 4, providing a lot of references for China’s macroeconomic policies. Since then, the Chinese government has attached great importance to adopting prudent macroeconomic policies and supervising monetary and fiscal policies in real-time. This has allowed our reforms to proceed in a very steady manner. We plan to implement some well-planned reform measures in some key areas. If successful, the experience will be popularized in other places. That will ease some throes of enacting the new economic policy.The rapid results achieved in the early stage of reform also made people convinced of reform and willing to support reform, thus forming a virtuous circle and making it easier to carry out the next round of reform. In other words, reform is important. But how to advance it is more important since it is the key to our success. I suppose many other developing countries can draw lessons from this point, and China’s triumph is also a successful case of multilateralism. We believe that providing loans is to encourage investment rather than consumption. It is fair to say that China has entered into a genuine partnership with the International Development Association. This is why China still strongly embraces multilateralism and the development of multilateral institutions today. When China just joined the WTO, free trade was attacked in many fields while China was far from competitive in agricultural and financial terms. The Chinese government has made determined reforms, including better integration with the international economy, boosting international economic integration and social security policies. Of course, the road to our success was bound to be twisty. In the course of economic transformation, some people’s interests were inevitably affected. This has caused unemployment in some fields but created new jobs. The transfer of migrant workers from rural to urban areas was accompanied by a lot of pain. Although it was impossible for the government to improve the social infrastructure and security policies at once, the long-term benefit of the reform was the vigorous support of the people. Therefore, they spared no effort to support the government’s policies and were willing to embrace reform and make short-term sacrifices for it. In the process of establishing a perfect market economy, all poverty alleviation departments in China play a prominent role by constantly enhancing the status of China in the global value chain. We have very valuable experience in this domain. As developing countries grow, they need to be more supportive of multilateral institutions. Of course, greater strength means greater responsibility, so developing countries need to summon the courage to play a leading role in multilateral institutions.The AIIB was proposed by President Xi Jinping in 2014. At the end of 2015, 51 founding members negotiated the goals and purposes of the organization and signed the founding agreement. At today’s meeting, we will analyze China’s experience in reform, opening up and poverty reduction from different perspectives. Here, I would also like to talk about it from the perspective of the AIIB.The AIIB is a new form of multilateral development institution. As I mentioned, we had 57 founding members but now we already have 87 formal members which cover all continents except Antarctica. China hoped to set up such a multilateral development agency in order to effectively promote the development of international cooperation. When the AIIB was established, many people questioned globalization, which also had some negative effects. At that time, questions were also raised about free trade and the free flow of commodity. Unilateralism threatens to rule the world. Fortunately, the AIIB has been created as a new type of international multilateral institution and serves as a 21st-century multilateral development institution dedicated to encouraging multilateralism and international cooperation. The AIIB was established for very important reasons and purposes. In the past 40 years, multilateral institutions such as the World Bank and the Asian Development Bank have been crucial to the development of China and other countries in Asia. Many countries have benefited greatly from the support and technology sharing they provide. During the establishment of the AIIB, we have also learned a lot from the experience of Japan, South Korea, and China, which all attach great importance to infrastructure investment to drive economic growth. At the same time, we also lay stress on drawing lessons from other international organizations. We can say that the AIIB was founded from an Asian perspective. We are a multilateral development institution adapted to the new environment of the 21st century. As its economy grows, China is increasingly willing to give back to the international community. The development of the AIIB has been strongly supported by China, and we are very fortunate to have made great achievements in the past few years. I look forward to seeing many more countries replicate China’s success in the future. We can now see that the world’s demographic dividend is changing and the new technological and industrial revolution is still making progress. Many new economies, including developing countries, are poised for more leadership. Based on the experience, they can redefine development and better promote common prosperity. Together we can create a brighter future!Thank you!Translated by Li Guoliang