Chinese President Xi Jinping Speaks at Welcome Banquet in Seattle

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Development is still the first priority for the contemporary China, and the country's economy will maintain a steady and rapid rise, said Chinese President Xi Jinping.

Xi said this at a welcome banquet at the Westin Hotel in Seattle, U.S. on Tuesday which, sponsored by the National Committee on the United States-China Relations and the U.S.-China Business Council, gathered industry leaders and social celebrities from the two sides.

China's economy has increased by seven percent in the first half of 2015, ranking among the world's top level, however, it is facing some downward pressure, a problem in progress, said Xi.

China will arrange the overall steady growth, promote reform, readjust economic structure, improve people's livelihood and prevent risks, while strengthening and innovating macro-control at the same time, he said.

China and U.S. should insist on the correct direction for constructing the new type of big power relations. They should have a correct judgment of each other's strategic intention and firmly press ahead with win-win cooperation, he added.

The two sides should manage and control disputes in a rational and efficient manner, broadly cultivate friendship and open up a brighter future for the two countries, said Xi.

He stressed that the building of CPC is significant for the governance of China, and it must be carried out in a strict manner. The Chinese government has focused on the investigation and punishment of corruption cases, and insisted on battling both "tigers" and "flies" in answer to the demands of the public.

There is no basis for the continuous devaluation of the exchange rate of Chinese currency RMB, he added, saying China allows RMB floating in both directions, while opposing competitive depreciation and currency war or devaluing RMB to boost exports.

He stressed that the development of the capital market and the improvement of the pricing mechanisms for RMB exchange rate market is the direction for China's reform, which would not change with the fluctuation of the stock and exchange rate markets.

Some abnormal fluctuations were witnessed in China's stock market earlier, Xi put it, but both the rises and falls occur according to their own laws.

The Chinese government has adopted measure to stabilize the market and stem panic, and has avoided a systematic risk, he said, adding the market is in self recovery and adjustment now.

China also falls victim to hacker attacks and will not join, encourage or support anyone engaging in the commercial information theft in whatever forms, and is ready to cooperate with the U.S. in fighting cyber crimes by constructing a joint dialogue mechanism, presidents Xi stressed.

China will never seek hegemony and be engaged in expansion no matter how developed it becomes, stressed Xi.

China will adhere to reform, opening-up and rule of law, and also adhere to the path of peaceful development, said Xi, saying China is ready to work with all nations to create a new type of international relations on the core concept of win-win cooperation..

China is the participant, constructor and contributor of the current international system and persists in the international order and system based upon the purposes and principles of the Charter of the United Nations, he said.

He believed the international system will develop in a more just and reasonable direction, rather than start all over again. It will advance with the times while reforming and improving itself, according to Xi.

President Xi said that the foundation of the China-U.S. friendship has its roots in the people and its future rests with the youth.

"I'm glad to announce here that China supports the two countries to send 50,000 students each to study in the other in the next three years. China and the United States will hold the 'Year of Tourism' in 2016. And China will provide more convenience for the friendly exchanges between the peoples of the two countries," he added.

"Today, we have come to the important historical moment again. Let's join hands to jointly create a better future for China-U.S. relations, to make greater contribution to the happiness of the peoples of the two countries and peoples of the world," said Xi.

Seattle, the largest city in the U.S. State of Washington, is the first leg of President Xi Jinping's state visit to the country to build up trust and step up cooperation between the world's two biggest economies.