Xi Jinping Advocates Open, Inclusive Growth at APEC 2024 in Lima

Xi Jinping Advocates Open, Inclusive Growth at APEC 2024 in Lima

Lima, November 16, 2024\u2014Chinese President Xi Jinping addressed the 31st Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting in Lima, Peru, calling for enhanced cooperation and openness among Asia-Pacific nations to foster development and prosperity in the region.

In his speech titled “Shouldering Responsibility to Our Times and Jointly Promoting Asia-Pacific Development,” President Xi emphasized the importance of solidarity and collaboration in the face of global challenges such as geopolitical tensions, unilateralism, and protectionism.

“At this historic crossroads, we Asia-Pacific countries carry greater responsibilities on our shoulders. We must act in solidarity and cooperation to meet the challenges,” Xi stated, urging leaders to fully deliver on the Putrajaya Vision 2040 and build an Asia-Pacific community with a shared future.

Three Proposals for Asia-Pacific Cooperation

President Xi outlined three key proposals to advance regional cooperation:

1. Building an Open and Interconnected Paradigm: Xi called for a steadfast commitment to multilateralism and an open economy, advocating for the reinforcement of the multilateral trading system with the World Trade Organization at its core. He emphasized the need to dismantle trade barriers and promote stable industrial and supply chains. “A Free Trade Area of the Asia-Pacific (FTAAP) is critical for long-term development and prosperity of our region,” he noted, highlighting the adoption of a new guiding document for the FTAAP process.
2. Making Green Innovation a Catalyst: Stressing the significance of the new technological revolution, Xi urged increased cooperation in frontier areas such as artificial intelligence, quantum information, life sciences, and health. He called for fostering an inclusive ecosystem for innovation and advancing green and low-carbon development. Xi announced China’s plans to launch a Global Cross-Border Data Flow Cooperation Initiative and to deepen cooperation on green innovation within the APEC framework.
3. Upholding Universally Beneficial Development: Xi underscored the importance of inclusive growth, advocating for strengthened economic and technical cooperation to support developing economies and disadvantaged groups. He welcomed Peru’s efforts in promoting the transition from the informal to the formal economy and expressed China’s commitment to initiatives that increase residents’ income and promote the development of small and medium-sized enterprises.

China’s Commitment to Open Development

President Xi reaffirmed China’s dedication to reform and opening up, highlighting over 300 significant reform measures laid out by the Communist Party of China to advance modernization. “China’s further development will provide new opportunities for the Asia-Pacific region and the world at large,” he stated.

Quoting an ancient Chinese sage, Xi said, “A man of virtue, while establishing himself and pursuing success, also works to help others establish themselves and succeed.” He invited all parties to “continue riding the ‘express train’ of [China’s] development and grow together with the Chinese economy.”

Looking Ahead to APEC 2026 in China

As China prepares to host APEC in 2026, President Xi expressed eagerness to work with all parties to “deepen Asia-Pacific cooperation to the benefit of the peoples in the region.” He concluded by emphasizing the shared goal of contributing to modernization and common prosperity through peaceful development and mutually beneficial cooperation.

The 31st APEC Economic Leaders’ Meeting brought together leaders from the 21 member economies to discuss strategies for sustainable growth and resilience in the Asia-Pacific region amid global economic uncertainties.

Reference(s):

Full text of Xi's speech at 31st APEC Economic Leaders' Meeting

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