Over the decades, the Asia-Pacific region has been a vital driver of global economic growth. In October, the International Monetary Fund predicted the region would contribute approximately 60 percent to global economic growth in 2024.
Amid rising challenges such as geopolitics, unilateralism, and protectionism, Chinese President Xi Jinping on Saturday called on leaders of Asia-Pacific Economic Cooperation (APEC) members to shoulder greater responsibilities.
“We must act in solidarity and cooperation to meet the challenges, fully deliver on the Putrajaya Vision 2040, build an Asia-Pacific community with a shared future, and start a new era in Asia-Pacific development,” said Xi, when attending the 31st APEC Economic Leaders’ Meeting in Peru’s capital Lima.
China’s Proposals for Deepening Cooperation
To strengthen Asia-Pacific cooperation, President Xi made three key proposals:
1. Building an Open and Interconnected Paradigm
Xi stressed the need to remain committed to multilateralism and promote an open economy. China has been proactive in fostering an open Asia-Pacific economy by being the largest trading partner of 13 APEC economies. The nation has advanced the building of the China-ASEAN Free Trade Area, promoted high-quality implementation of the Regional Comprehensive Economic Partnership (RCEP), and applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement.
2. Promoting Green Innovation as a Catalyst
Emphasizing the importance of sustainable development, Xi called for coordinated digital and green transformation to create new momentum for the region. China is actively developing new quality productive forces and deepening cooperation on green innovation. Xi announced that China will launch a Global Cross-Border Data Flow Cooperation Initiative. Additionally, China has proposed initiatives for cooperation in green agriculture, sustainable city development, green energy transition, and marine pollution control.
3. Upholding Universally Beneficial and Inclusive Development
Xi urged efforts to promote inclusive growth across the Asia-Pacific. Data from the Chinese Foreign Ministry showed that China contributes 64.2 percent of the region’s economic growth, 37.6 percent of the growth in goods trade, and 44.6 percent of the growth in services trade. Xi announced that China will advance initiatives through the APEC platform to increase residents’ income and promote the industrial cluster development of small and medium-sized enterprises.
China’s Commitments and Future Hosting
Looking ahead, China will host the APEC Economic Leaders’ Meeting in 2026. “China welcomes all parties to continue riding the ‘express train’ of its development and grow together with the Chinese economy,” Xi said.
Reiterating China’s commitment to reform and opening up, Xi stated, “Reform and opening up is a historic process in which China and the world achieve development and progress together.” The 20th Central Committee of the Communist Party of China has laid out systematic plans for further deepening reform across various sectors, unveiling over 300 consequential reform measures aimed at advancing high-quality economic development and improving people’s quality of life.
In his written speech at the APEC CEO Summit on Friday, Xi also affirmed that China will introduce more policies for voluntary and unilateral opening up, expand its globally-oriented network of high-standard free trade areas, and open its doors even wider to the world.
Reference(s):
Starting a new era in Asia-Pacific development amid global uncertainty
cgtn.com
