Enhance financial cooperation and promote the sound and sustained development of China-U.S. relations—Remarks by H.E. Ambassador Xie Feng at the Annual Conference of Financial Street Forum 2025 - New York Satellite Forum

为金融合作添砖加瓦 让中美关系行稳致远——谢锋大使在“2025金融街论坛年会—纽约平行论坛”上的致辞

Ladies and gentlemen,

Dear friends,

女士们、先生们、朋友们：

Good afternoon. It is a great pleasure to join you at the Annual Conference of Financial Street Forum 2025 - New York Satellite Forum via video link. 

大家好！很高兴以视频方式出席此次“2025金融街论坛年会—纽约平行论坛”。

Last week, the 20th Central Committee of the Communist Party of China (CPC) concluded its fourth plenary session, an event that had drawn global attention. At the session, the Recommendations of the CPC Central Committee for Formulating the 15th Five-Year Plan for Economic and Social Development was adopted after deliberation. The document is a top-level strategic design of China’s development in the coming five years, sounding a clarion call for seizing the momentum and further advancing Chinese modernization. It also provides a “golden key” to understanding China’s development in the next five years.

几天前，举世瞩目的中国共产党二十届四中全会胜利闭幕。会议审议通过了《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》，对中国未来五年发展作出顶层设计和战略擘画，是乘势而上、接续推进中国式现代化建设的又一次总动员、总部署。这是理解和把握今后五年中国发展的一把“金钥匙”。

At the session, the Central Committee established the following guiding principles for economic and social development during the 15th Five-Year Plan period: upholding the Party’s overall leadership; putting the people first; pursuing high-quality development; comprehensively deepening reform; promoting interplay between an efficient market and a well-functioning government; and ensuring both development and security.

这次会议指出，“十五五”时期经济社会发展必须遵循以下原则：坚持党的全面领导，坚持人民至上，坚持高质量发展，坚持全面深化改革，坚持有效市场和有为政府相结合，坚持统筹发展和安全。

The Central Committee also set the following major objectives for the period: significant achievements in high-quality development; substantial improvements in scientific and technological self-reliance and strength; fresh breakthroughs in further deepening reform comprehensively; notable cultural and ethical progress across society; further improvements in quality of life; major new strides in advancing the Beautiful China Initiative; and further advances in strengthening the national security shield.

这次会议提出了“十五五”时期经济社会发展的主要目标：高质量发展取得显著成效，科技自立自强水平大幅提高，进一步全面深化改革取得新突破，社会文明程度明显提升，人民生活品质不断提高，美丽中国建设取得新的重大进展，国家安全屏障更加巩固。

On this new journey, the Chinese people will forge ahead with resolve and open up new horizons for Chinese modernization.

“十五五”新的征程即将开启，中国人民将踔厉奋发、勇毅前行，开创中国式现代化崭新局面。

We will keep prioritizing the real economy. In recent years, new progress has been achieved in China’s new industrialization. We have been the world’s largest manufacturer for 15 years in a row, with manufacturing value-added accounting for nearly 30% of the global total, and have led the world in output for over 200 major industrial products. In short, we can produce a greater variety, with higher quality.

我们将坚持实业兴国。近年来，中国新型工业化取得新进展新成就，制造业增加值占全球比重接近30%，总体规模连续15年保持全球第一，200多种主要工业品产量世界第一，中国不能造的越来越少、能造的越来越好。

In the next five years, we will keep our focus on the real economy, continue to pursue smart, green and integrated development, and boost China’s strength in manufacturing, product quality, aerospace, transportation and cyberspace at a faster pace. We will keep the share of manufacturing in the national economy at an appropriate level, and develop a modernized industrial system with advanced manufacturing as the backbone. We will upgrade traditional industries, foster emerging industries and industries of the future, promote high-quality, efficient development in the service sector, and develop a modernized infrastructure system.

未来五年，我们将把发展经济的着力点放在实体经济上，坚持智能化、绿色化、融合化方向，加快建设制造强国、质量强国、航天强国、交通强国、网络强国，保持制造业合理比重，构建以先进制造业为骨干的现代化产业体系。我们将优化提升传统产业，培育壮大新兴产业和未来产业，促进服务业优质高效发展，构建现代化基础设施体系。

We will adhere to the innovation-driven development strategy. In recent years, China has made great headway in scientific and technological innovation. We have achieved significant results in original innovation in areas such as quantum technology, life science, physical science and space science, and moved up in the Global Innovation Index from 34th in 2012 to 10th in 2025.

我们将坚持创新驱动。近年来，中国科技创新快速崛起，在量子科技、生命科学、物质科学、空间科学等领域取得一批重大原创性成果，在全球创新指数排名从2012年的第34位升至2025年的第10位。

In the next five years, we will seize the historic opportunity presented by the new round of technological revolution and industrial transformation, to boost China’s strength in education, science and technology, and human resources in a well-coordinated manner. We will enhance the overall performance of our innovation system, raise our innovation capacity across the board, strive to take a leading position in scientific and technological development, and keep fostering new quality productive forces. We will also promote advances in original innovation and breakthroughs in core technologies in key fields, facilitate full integration between technological and industrial innovation, pursue integrated development of education, science and technology and talent, and advance the Digital China Initiative.

未来五年，我们将抓住新一轮科技革命和产业变革历史机遇，统筹教育强国、科技强国、人才强国建设，提升国家创新体系整体效能，全面增强自主创新能力，抢占科技发展制高点，不断催生新质生产力。我们将加强原始创新和关键核心技术攻关，推动科技创新和产业创新深度融合，一体推进教育科技人才发展，深入推进数字中国建设。

We will continue to make domestic demand a main driver. In recent years, China has resolutely implemented the strategy of expanding domestic demand, and kept unlocking consumption potential. From 2021 to 2024, domestic demand contributed 86.4% to China’s economic growth on average.

我们将坚持内需主导。近年来，中国坚定不移实施扩大内需战略，不断激发和释放内需潜能，“十四五”前四年内需对中国经济增长的平均贡献率达86.4%。

In the next five years, we will stay committed to this strategy, aim to both improve living standards and increase consumer spending, and coordinate investments in physical assets and human capital. We will see that new demand drives new supply, new supply helps create fresh demand, and positive interactions are fostered between consumption and investment, and between supply and demand. All these will help enhance the dynamism and reliability of the domestic economy. To this end, we will boost consumption, expand effective investment, and eliminate bottlenecks and obstacles hindering the development of a unified national market.

未来五年，我们将以扩大内需为战略基点，坚持惠民生和促消费、投资于物和投资于人紧密结合，以新需求引领新供给，以新供给创造新需求，促进消费和投资、供给和需求良性互动，增强国内大循环内生动力和可靠性。我们将大力提振消费，扩大有效投资，坚决破除阻碍全国统一大市场建设卡点堵点。

We will stay committed to openness and cooperation. In recent years, China has accelerated its high-standard opening-up, and has become a major trading partner for over 150 countries and regions around the globe. We have kept shortening the negative list for foreign investment, removed all market access restrictions for foreign investors in the manufacturing sector, implemented pilot programs to open up the services sector in an orderly way, and provided zero-tariff treatment on 100% of tariff lines to all Least Developed Countries having diplomatic relations with China. These measures have been warmly welcomed worldwide.

我们将坚持开放合作。近年来，中国高水平对外开放步伐加快，已成为全球150多个国家和地区的主要贸易伙伴。中国外资准入负面清单条目持续缩减，制造业领域外资准入限制全部“清零”，服务业领域开放试点有序开展，给予所有同中国建交的最不发达国家100%税目产品零关税待遇，一系列开放举措受到各国欢迎。

In the next five years, we will continue to expand opening up at the institutional level, safeguard the multilateral trading system, and promote broader international economic flows. We will advance reform and development through greater openness, and seek to share opportunities and achieve common development with the rest of the world. We will take the initiative to open up wider, promote the innovative development of trade, create greater space for two-way investment cooperation, and pursue high-quality Belt and Road cooperation.

未来五年，我们将稳步扩大制度型开放，维护多边贸易体制，拓展国际循环，以开放促改革促发展，与世界各国共享机遇、共同发展。我们将积极扩大自主开放，推动贸易创新发展，拓展双向投资合作空间，高质量共建“一带一路”。

We will continue to pursue common prosperity. In recent years, we have safeguarded and improved people’s wellbeing through development, and worked hard to ensure the gains of development benefit all our people fairly. We have lifted 800 million people out of poverty, and established the world’s largest education, social security and medical service systems.

我们将坚持共同富裕。近年来，中国在发展中保障和改善民生，努力使发展成果更多更公平惠及全体人民，实现8亿贫困人口全部脱贫，建成全球规模最大的教育、社会保障、医疗卫生体系。

In the next five years, we will ensure that public services are inclusive, meet essential needs, and provide a cushion for those most in need, while working to resolve the pressing problems that concern the people most. We will keep the channels of social mobility unimpeded, and further improve living standards. We will promote high-quality and full employment, refine the income distribution system, develop education that meets the people’s expectations, improve the social security system, and facilitate high-quality development of the real estate sector. We will also advance the Healthy China Initiative, promote high-quality population development, and take solid steps to ensure equitable access to basic public services.

未来五年，我们将加强普惠性、基础性、兜底性民生建设，解决好人民群众急难愁盼问题，畅通社会流动渠道，提高人民生活品质。我们将促进高质量充分就业，完善收入分配制度，办好人民满意的教育，健全社会保障体系，推动房地产高质量发展，加快建设健康中国，促进人口高质量发展，稳步推进基本公共服务均等化。

We will remain focused on green development. In recent years, China has made remarkable progress in green transition. We have put in place the world’s largest renewable energy system, with renewable energy accounting for around 60% of the total installed power capacity. Today, one in every three kilowatt-hours used in China comes from green sources, and green industries have become new drivers of economic growth.

我们将坚持绿色发展。近年来，中国绿色转型取得显著进展，构建起全球最大可再生能源体系，可再生能源发电装机占比提升至60%左右，全社会用电中每3度电就有1度是“绿电”，绿色产业成为推动经济增长的新生力量。

In the next five years, we will unswervingly uphold the principle that lucid waters and lush mountains are invaluable assets, and put it into concrete action. Guided by our carbon peaking and carbon neutrality goals, we will make concerted efforts to cut carbon emissions, reduce pollution, pursue green development, and boost economic growth. We will reinforce our ecological security shields and strengthen our green development drivers. We will press ahead with the critical battle against pollution and the drive to upgrade ecosystems, move faster to develop a new energy system, work actively and prudently toward peaking carbon emissions, and accelerate the shift to eco-friendly production practices and lifestyles.

未来五年，我们将牢固树立和践行绿水青山就是金山银山的理念，以碳达峰碳中和为牵引，协同推进降碳、减污、扩绿、增长，筑牢生态安全屏障，增强绿色发展动能。我们将持续深入推进污染防治攻坚和生态系统优化，加快建设新型能源体系，积极稳妥推进和实现碳达峰，加快形成绿色生产生活方式。

Ladies and gentlemen,

Dear friends,

女士们、先生们、朋友们，

The scientific formulation and consistent implementation of Five-Year Plans are an important experience of the Communist Party of China in governing the country, and also a major political strength of socialism with Chinese characteristics. Step by step, we carry out each blueprint to the end, and keep working hard from one generation to the next. This has not only ensured the continuity of our national governance and macro policies, and charted the course for China’s economic and social development, but also injected strategic certainty and development stability into a turbulent world.

科学制定和接续实施五年规划，一张蓝图绘到底，一茬接着一茬干，是中国共产党治国理政的一条重要经验，也是中国特色社会主义的一个重要政治优势，确保了中国国家治理、宏观政策的延续性，不仅为中国经济社会发展指明了方向，也为动荡的世界注入战略确定性和发展稳定性。

China will continue to serve as an “anchor of stability”, injecting certainty into global economic growth. From 2021 to 2025, the 14th Five-Year Plan period, China’s GDP surpassed the thresholds of 110 trillion, 120 trillion, and 130 trillion yuan one after another. For more than a decade, China has contributed over 30% of global economic growth annually. Despite the impacts of the tariff war, the Chinese economy still managed to grow by 5.2% year-over-year in the first three quarters of 2025. Facts have proven that the Chinese economy enjoys solid foundations, multiple advantages, strong resilience and great potential. The conditions and underlying trends supporting its long-term growth remain unchanged. We have enough capability and confidence to address various domestic and external risks and challenges. In the next five years, China, as a major country, will continue to demonstrate its economic resilience and vitality, and remain a major engine of global growth.

中国将继续担当“稳定之锚”，为世界经济增长注入稳定性。“十四五”时期，中国GDP接连跨越110万亿、120万亿、130万亿元人民币三个大台阶，已连续十多年对世界经济增长的贡献率超过30%。尽管受到关税战影响，前三季度中国经济仍同比增长5.2%。事实证明，中国经济基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和基本趋势没有变，有足够能力和底气应对各类内外部风险挑战。“十五五”期间，中国将继续展现大国经济韧性和活力，担当世界经济增长的主要引擎。

China will continue to share market opportunities, giving a boost to the growth of global enterprises. China’s market currently records nearly 50 trillion yuan (about 7.02 trillion U.S. dollars) in annual consumption and over 20 trillion yuan (2.81 trillion dollars) in imports. As China’s middle-income group exceeds 800 million in the next decade, its supersized market will unlock huge opportunities for businesses worldwide. China also has the world’s most complete industrial system and is a thriving global innovation hub, providing vast investment potential with its urbanization, industrial upgrading and green transition. Believing in China is believing in a better tomorrow, and investing in China is investing in the future. In the next five years, China will open its doors even wider, and share market and investment opportunities with the world.

中国将持续分享市场机遇，为全球企业成长带来动力源。中国市场每年已有近50万亿元人民币的消费、超过20万亿元人民币的进口，未来十多年中等收入群体将超过8亿，中国超大规模市场将为各国企业提供巨大机遇。中国拥有全球最完整的产业体系，是快速崛起的全球创新策源地，城镇化、产业升级、绿色转型均带来巨大投资潜力。相信中国就是相信明天，投资中国就是投资未来。“十五五”期间，中国开放的大门将越开越大，与世界各国共享市场与投资机遇。

China will continue to unleash development dividends, providing a catalyst to the prosperity of all countries. A firm champion of economic globalization, China has offered the world many widely popular public goods. Belt and Road cooperation has expanded to more than 150 countries and over 30 international organizations, and has witnessed major achievements in multiple areas, including industry, transportation, employment and people’s livelihoods. China has also been leading global green development with concrete action. From 2021 to 2024, its energy consumption per unit of GDP dropped by 11.6%, and its exports of wind and solar power products had reduced carbon emissions in other countries by about 4.1 billion metric tons in total, making major contributions to the global low-carbon transition and demonstrating China’s sense of duty as a responsible major country. In the next five years, China will continue to join hands with other countries on our shared path toward modernization, and we welcome all to ride the express train of our development.

中国将持续释放发展红利，为世界各国繁荣提供加速器。中国坚定拥抱经济全球化，为国际社会提供了许多深受欢迎的公共产品。共建“一带一路”合作范围已扩大到150多个国家和30多个国际组织，在产业、交通、就业、民生等方面取得了许多重大进展和成效。中国以实际行动引领全球绿色发展，“十四五”前四年，中国单位GDP能耗累计降低11.6%，出口的风电光伏产品累计为其他国家减少碳排放约41亿吨，为全球低碳转型作出重大贡献，充分体现了负责任的大国担当。“十五五”期间，中国将继续同各国做现代化道路上的同路人，欢迎各方搭乘中国发展的快车。

Ladies and gentlemen,

Dear friends,

女士们、先生们、朋友们，

Finance is the lifeblood of economy and an important force driving economic and social development. During the 14th Five-Year Plan period, China has comprehensively deepened reform of the financial system, and taken the modernization of the system and capacity for financial governance to a new level. The financial sector’s ability to serve the real economy has improved significantly in both quality and efficiency, and the industry’s overall strength and international competitiveness have increased substantially.

金融是经济的血脉，是推动经济社会发展的重要力量。“十四五”以来，中国金融体制改革全面深化，国家金融治理体系和治理能力现代化迈上新台阶，金融服务实体经济质效显著增强，金融业综合实力和国际竞争力大幅提升。

China has continuously advanced high-standard opening-up of the financial sector. We have approved 13 new foreign-controlled securities, fund, and futures companies to operate in China, and overseas institutions and individuals hold over 10 trillion yuan (1.4 trillion dollars) worth of China’s stocks, bonds, deposits and loans. 43 of the world’s top 50 banks have established offices in China, and half of the top 40 insurance companies are now in the Chinese market. The total assets under foreign-funded banks and insurance institutions in China have surpassed 7 trillion yuan (980 billion dollars). The circle of friends of China’s capital market keeps expanding.

中国持续推进金融高水平开放，新增核准13家外资控股证券基金期货机构来华展业兴业，境外机构和个人持有境内股票、债券、存贷款超10万亿元人民币。全球前50大银行有43家在华设立机构，40家最大的保险公司半数已进入中国，外资银行和保险机构总资产超7万亿元人民币。中国资本市场的“朋友圈”越来越大。

Since the start of the 14th Five-Year Plan period, financial cooperation between China and the United States has yielded fruitful outcomes, which many of you here have witnessed, supported, contributed to, and benefited from. With joint efforts of both sides, American financial enterprises have achieved many firsts in China: J.P. Morgan Securities became the first wholly foreign-owned securities company in China, American Express was the first foreign-funded institution authorized to provide bank card clearing services in China, and BlackRock set up the first wholly foreign-owned public equity mutual fund company in China. Goldman Sachs has been approved to set up a wholly foreign-funded securities company in China. Morgan Stanley has gained a full controlling stake in its joint-venture securities company there. International rating companies such as Standard & Poor’s and Fitch have launched operations in the Chinese market. MasterCard NUCC, Mastercard’s joint venture in China, has started operation upon receiving the license. All these are testament to China’s efforts to open up its financial sector wider to American businesses. Likewise, we hope the U.S. side will also create an open, fair and non-discriminatory environment for Chinese financial institutions operating here.

“十四五”以来，中美金融合作成果丰硕，在座很多企业都是中美金融合作的见证者、支持者、实践者和受益者。在双方共同努力下，美国金融企业在华创造了多个“第一”：摩根大通证券是中国第一家外资全资控股证券公司，美国运通是第一个进入中国银行卡清算市场的外资机构，贝莱德在华设立了第一个外商独资公募基金公司等等。高盛获批在华设立外商独资证券公司，摩根士丹利获得其在华合资证券公司控股权，标普、惠誉成功进入中国市场开展评级业务，万事达卡在华合资子公司万事网联正式获牌开业。一个又一个事例表明，中国在金融领域对美国的开放大门越开越大。希望美方也为中国金融机构在美运营提供开放、公平、非歧视的环境。

It has to be pointed out that for China-U.S. cooperation in finance and other areas, a steady, sound and sustainable bilateral relationship is critical. History and reality have proven once and again that the China-U.S. relationship is not a zero-sum game. Our two countries working together can get big things done, while any conflict between us would be a disaster for all. Dialogue is better than confrontation, cooperation is better than decoupling, and stability is better than volatility. This should be a consensus between the two sides and a shared responsibility of our two countries no matter how U.S. domestic politics may evolve. In this chaotic world, we have a thousand reasons to get the China-U.S. relationship right, and no single one to mess it up. I encourage friends from the financial sector to remain staunch advocates for the China-U.S. relationship, inject more certainty and positive energy into its development, and help our two countries find a right way to get along with each other in the new era.

必须指出，包括金融在内的中美各领域合作，都离不开一个稳定、健康、可持续发展的中美关系。历史和现实反复证明，中美关系不是你输我赢、你兴我衰的零和博弈，中美合作能够办大事，中美冲突将是大灾难。中美之间，对话比对抗好、合作比脱钩好、稳定比折腾好。无论美方国内政治如何变化，这都是双方应该达成的共识，也是中美两个大国的责任所在。面对变乱交织的世界，我们有一千条理由把中美关系搞好，没有任何借口把中美关系搞坏。希望金融界朋友继续做支持中美关系的中坚力量，为中美关系发展注入更多确定性和正能量，助力中美两国走出一条新时期正确相处之道。

Thank you very much. 

谢谢大家！