Chinese President Xi Jinping delivered a keynote speech on October 31 at the opening session of the 32nd APEC Informal Leaders’ Meeting, held in the historic city of Gyeongju, South Korea.
In his address, President Xi noted that since its founding more than 30 years ago, APEC has positioned the Asia-Pacific region at the forefront of global open development. From outlining a framework for a free trade area to promoting a shared community of prosperity, APEC has helped make the Asia-Pacific the most dynamic region in the world economy.
Xi emphasized that today’s international situation is becoming increasingly volatile and complex, which poses growing instability and uncertainty for the region’s development. He urged APEC members to remain steadfast in the organization’s founding mission — promoting economic growth and improving people’s well-being — and to uphold openness, mutual benefit, and the principle of “win-win cooperation.” He called for advancing inclusive economic globalization and building a shared community of prosperity.
To that end, Xi outlined five key proposals:
First, members must jointly uphold the multilateral trading system by practicing genuine multilateralism and enhancing the authority and effectiveness of the World Trade Organization (WTO).
Second, the region should foster an open regional economic environment by promoting trade and investment liberalization and facilitation, deepening financial cooperation, and advancing the process of regional economic integration.
Third, it is vital to maintain stable and unimpeded industrial and supply chains. Xi urged members to replace the notion of “decoupling” with “cooperation,” and “breaking chains” with “extending chains.” He called for active exploration of new areas of coordination and support for open supply chain development.
Fourth, countries should jointly promote the digitalization and greening of trade, fully leveraging digital technologies to boost cross-border trade. He encouraged practical cooperation in areas such as paperless trade and smart customs.
Fifth, Xi called for inclusive and equitable development, guided by a people-centered philosophy, to address imbalances in growth. He stressed the need for more inclusive and sustainable globalization that benefits all peoples across the region.
Xi further noted that China will continue to advance high-quality Belt and Road cooperation, support developing nations in their modernization efforts, and open new horizons for global development. He announced that China has already granted zero-tariff treatment to 100 percent of goods imported from least-developed countries that maintain diplomatic relations with Beijing.
The President also highlighted that at the Fourth Plenary Session of the 20th CPC Central Committee, recommendations were adopted for formulating China’s 15th Five-Year Plan. He said China will seize this opportunity to deepen reforms across all sectors, expand high-level opening-up, and create new opportunities for the Asia-Pacific and the wider world through its ongoing modernization drive.
Source: Ruby–Touhid–Suborna, China Media Group.