CRI听力:Xi Gives Major Policy Speech in Seattle

Xi Jinping made the remarks during a major policy speech at a welcoming banquet after he arrived in Seattle on the US west coast on Tuesday.

The president responded to concerns from the international community about China's current economic situation and the development path it will pursue.

In particular, the president also highlighted the government's support for a transparent and open stock market.

"The duty of government is to ensure a fair, open market and adjust the market order and avoid panic from happening. This time, Chinese government took steps to stabilize the market and contained panic in the stock market. And that avoided a systematic crisis. Mature markets in various countries have tried similar steps. The Chinese stock market has reached the phase of self-recovery and self-adjustment."

Xi Jinping said the Chinese economy will stay on a steady course with fairly fast growth, stressing that his government will speed up efforts to build an open market.

The president also called for the world's two largest economies to read each others' strategic intentions correctly and manage differences properly and effectively.

"Building better major-country relations with the U.S to prevent conflicts and develop mutual respect and win-win cooperation are the priorities of China's foreign policy. We are willing to deepen the understanding of each others' strategic development. We hope for more understanding and to avoid misunderstanding; we hope for more trust and less suspicion in order to avoid misunderstanding and miscalculation."

On people-to-people exchanges, President Xi announced at the banquet that China supports the initiative of allowing a combined 50,000 Chinese and American students to study in each others' countries over the next three years.

He also announced that the two countries will launch a China-U.S. Year of Tourism in 2016.

For more on the President's speech, we spoke earlier with He Weiwen, Former Chinese Economic and Commercial Counselor in New York and San Francisco.