In a compelling address at the APEC CEO Summit held in Lima, Peru on November 15, 2024, President Xi Jinping of the People’s Republic of China called for a renewed commitment to inclusive and sustainable economic globalization. Highlighting the historical ties between China and Latin America, President Xi emphasized the importance of innovation, collaboration, and shared prosperity in navigating the challenges of a rapidly changing global economy.
“Although China and Latin America are thousands of miles apart, we have carried forward our exchanges in spite of the vast Pacific Ocean,” President Xi remarked, recalling the journeys of the “China Ships” in the 16th century that initiated friendly interactions between the two regions. He underscored the deep interdependence forged through centuries of exchange, which has woven China, Latin America, and the entire Asia-Pacific into the fabric of economic globalization.
Addressing the current global landscape, President Xi acknowledged the turbulence and transformation facing the world economy. He warned against the rise of unilateralism and protectionism, which threaten to reverse the progress of globalization. “The attempt to block economic cooperation under all sorts of pretexts and break up the interdependence of the world is nothing but backpedaling,” he cautioned.
Despite these challenges, President Xi expressed confidence in the prevailing forces driving economic globalization. He pointed to the profound technological revolution and industrial transformation underway, propelling the world toward a digital, green, and smart economy. “We should steer economic globalization in the right direction,” he urged, advocating for a path that rejects dominance and hegemony in favor of dynamism, inclusiveness, and sustainability.
President Xi outlined three key actions to promote a universally beneficial and inclusive economic globalization. First, he emphasized the role of innovation as a driving force for stronger global growth, encouraging the full utilization of emerging technologies like artificial intelligence to revitalize the world economy. Second, he called for reforms in global economic governance to reflect the new realities of the world economic map, enhancing the representation and voice of the Global South. Third, he stressed the importance of a people-centered approach to address imbalances in development, ensuring that economic globalization delivers more balanced development and equal opportunities for all countries, classes, and communities.
Highlighting the Asia-Pacific Economic Cooperation (APEC) forum’s role in promoting economic globalization, President Xi credited APEC’s commitment to trade and investment liberalization for the remarkable growth and prosperity in the region. “The success of the Asia-Pacific is due to our firm commitment to peace and stability in the region, to our continuous practices of true multilateralism and open regionalism,” he noted.
President Xi called on the Asia-Pacific region to remain the locomotive of economic globalization, encouraging efforts to build a green and digital Asia-Pacific and to usher in another “30 golden years of development” for the region. He underscored China’s commitment to comprehensive reforms, high-quality development, green transition, and opening up.
“China will deepen reform comprehensively and continue to provide robust momentum for the world economy,” he stated. President Xi outlined China’s plans to foster a high-standard socialist market economy, enhance domestic consumption, and promote high-quality Belt and Road cooperation. He emphasized China’s role in global green development, noting the country’s significant contributions to afforestation and renewable energy.
Furthermore, President Xi reaffirmed China’s commitment to building new, open, and higher-standard economic systems. “Opening up is a defining feature of Chinese modernization,” he said, highlighting initiatives to further open various sectors and to enhance institutional openness in alignment with high international standards.
Concluding his speech, President Xi called for solidarity and cooperation in the face of global challenges. “Let us enhance our solidarity and cooperation, stand up together to the global challenges, jointly build a community with a shared future for mankind, and form a mighty force for the common prosperity of the world and a brighter future for humanity,” he declared.
President Xi’s speech at the APEC CEO Summit resonates with the shared aspirations of nations across the Asia-Pacific and beyond, reaffirming a collective commitment to an inclusive, sustainable, and prosperous global future.
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Full text of President Xi Jinping's written speech at APEC CEO Summit
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