– This is the script of CNBC's news report for China's CCTV on September 23, Wednesday.
Welcome to CNBC Business Daily, I'm Qian Chen.
Chinese President Xi Jinping has arrived in the US, kicking off his trip in Seattle where he is due to meet with leaders of some of the biggest tech companies.
In his first policy address during a landmark visit to the United States, Chinese President Xi Jinping defended his country's growth pace and reassured the world that China's financial markets will remain stable.
Some topics in focus --
Beijing is also ready to co-operate with Washington on fighting cyber crimes and is willing to set up a joint dialogue, he said. Ahead of Xi's visit, Washington confirmed it won't impose economic sanctions against China over cyber warfare after hinting at them earlier amid allegations Beijing launched hacking attacks against U.S. targets.
For years, U.S. authorities have expressed their concern at the level of attacks originating in China even when Beijing insists that it does not engage in such activities, and it is only the victim of digital U.S. invasions.
The meeting is being led by former US treasury secretary, Hank Paulson, who explained what America Inc is concerned about.
search keyword "rd paulson cybertheft" in stratus
we need a global regime 050053 that's going to be able to be enforceable. can only be done on multi lateral basis.. going to be alot easier to do that if we working with china. and ultimately china is going to need to do this too, bec i don't see how the global econ system can function if you have rampant cyber theft. 050123
While President Xi's speech touched on a range of hot-button topics from cyber crimes and human rights issues, his commentary on Chinese markets was perhaps the most key to international investors.
Xi said the Chinese stock market has now reached a phase of self-recovery and self-adjustment after a period of extreme volatility that caused worldwide ruptures.
He also said China will not lower the renminbi exchange rate to boost exports, reiterating Beijing's stance that there is no basis for the continued depreciation in an attempt to quash fears of an Asian currency war after the renminbi's surprise devaluation in August.
"The words we hear today will reassure investors that you may not actually see big currency moves. Stability will come first and I do think the equity market will appreciate that," Frederic Neumann, HSBC's managing director and co-head of Asian economic research, told CNBC.
[DOUGLAS PAAL Vice Preisdent, Carnegie Endowment for International Peace] "073407 I think the US over-emphasized the currency... 2% devaluation wouldn't hurt. 073416 073620 I think the talk on currency is to keep the congress happy because Congress has got a fixed idea on Chinese currency of 6.7 years ago, still undersvalued. And that's part of the political debate in this country. but it's not part of a real debate. The Treasury never take action on the currency as it's entitled to do ... really concerned about it. 073644"
His comments preceded data showing a preliminary gauge of Chinese manufacturing activity falling to a six-and-a-half-year low in September.
Among the high-profile guests in attendance at Tuesday's dinner were former U.S. secretary of state Henry Kissinger, U.S. Commerce Secretary Penny Pritzker and a number of C-suite executives from Microsoft, Ford, Apple, Starbucks, IBM and many more.
On the economic front, the President said development remained Beijing's top priority: "We must focus all our resources on improving living standards. We want to double per capita gross domestic product (GDP)."
He noted that China's per capita GDP is only one-seventh of the United States, with 70 million Chinese living under the poverty line.
The key to development lies in reform, he warned, adding that China has the resolve to press ahead with structural and market-oriented reforms.
"He really covered the whole litany of acute concerns that Americans have. He's obviously done his homework and I think the speech will be very reassuring to people" Orville Schell, director of the Center on U.S.-China Relations at the Asia Society, told CNBC.
Xi's promising a warmer, friendlier, more accommodating China but the question is of course, how much of that he can deliver on, Schell added.
"He touched upon all of the key issues in his remarks and closed with a strong statement supporting greater trust and confidence in the U.S.-China relationship," echoed John Frisbie, president of the US-China Business Council in a statement.
CNBC's Qian Chen, reporting from Singapore.
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