Xi Jinping says general trend of economic globalization has never changed

Chinese President Xi Jinping on Friday called for efforts to jointly promote a universally beneficial and inclusive vision of economic globalization.

In a written speech to the APEC CEO Summit 2024, Xi said the entire Asia-Pacific is deeply woven into the fabric of economic globalization, and is now an interdependent community with common interests and a shared future.

On the other hand, the world is in a new period of turbulence and transformation, said Xi, warning that the grave challenge of economic globalization is like sailing up a river – we either forge ahead or drift downstream. "Where will the Asia-Pacific economy be going? It is a decision we must make," he said.

Economic globalization is an objective requirement of growing social productive forces, and a natural outcome of advancement in science and technology, he said, adding that despite headwinds and undertows, economic globalization has always been the general trend.

The attempt to block economic cooperation under all sorts of pretexts and break up the interdependence of the world is nothing but backpedaling, Xi said.

Tougher times call for greater confidence, said the Chinese president. "We should see to it that economic globalization generates more positive outcomes and is taken to a new phase that is more dynamic, inclusive and sustainable."

"First, we should take innovation as the driving force for stronger growth of the world economy," Xi said.

He said advances in science and technology should benefit all of the humanity. "We should help developing countries with their capacity building in science and technology and promote the global flow of knowledge and technologies."

"Second, we should keep pace with the times and reform the system of global economic governance," he said.

He added that the principles of "plan together, build together and benefit together" should be followed, the representation and voice of the Global South should be enhanced continuously, and all countries should be ensured of equal rights, equal opportunities and equal rules in conducting international economic cooperation.

Xi called for the building of an open world economic system, and efforts to keep the global industrial and supply chains stable and smooth.

"Third, we should always take the people-centered approach and seek to settle imbalances in development," he said.

Global prosperity and stability cannot be achieved when the rich get richer and the poor poorer, Xi said, noting true development means common development of all countries.

"We should pursue economic globalization that is people-centered and delivers more balanced development and more equal opportunities, so that different countries, classes and communities can all benefit from development," he said.

The Asia-Pacific economies have maintained robust growth and created the remarkable Asia-Pacific miracle, Xi stressed.

"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, and to our deep faith in the trend toward economic globalization as well as mutual benefit and mutual success," he said.

Xi said the Asia-Pacific should remain the locomotive of economic globalization in the future.

"While further burnishing the Asia-Pacific hallmark of openness and inclusiveness, we should make new brand-building efforts to foster a green and digital Asia-Pacific, build an Asia-Pacific community with a shared future, and usher in another 30 golden years of development for our region," he said.

During the Third Plenary Session of its 20th Central Committee in July, the Communist Party of China adopted a comprehensive plan for further deepening reform across the board to advance Chinese modernization, said Xi.

China will deepen reform comprehensively and continue to provide robust momentum for the world economy, Xi noted, adding the country has full confidence in meeting the growth targets for this year and remaining the biggest engine of world economic growth.

Noting that China will advance high-quality development and continue to lead the efforts to improve the performance of the world economy, he said China will continue to nurture new quality productive forces in line with actual conditions, and is committed to high-quality Belt and Road cooperation.

China will stay firmly on the path of green development and continue to be an important force for global green transition and an important part of the global effort to address climate change, Xi said.

He said China will build new, open and higher-standard economic systems, continue to share China's development opportunities with the world, introduce more policies for voluntary and unilateral opening up, expand its globally oriented network of high-standard free trade areas, and open its door even wider to the world.

Xi noted that China's development is inseparable from the Asia-Pacific, and it will in turn further benefit the region.

"As long as we act in the spirit of openness and connectivity, the vast Pacific will become a thoroughfare for more prosperity and growth," he said, calling for joint efforts to enhance solidarity and cooperation, stand up together to the global challenges, and form a mighty force for the common prosperity of the world and a brighter future for humanity.