Starting a new era in Asia-Pacific development amid global uncertainty

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.

At the same time, Asia-Pacific cooperation is confronted with challenges such as rising tendencies of geopolitics, unilateralism and protectionism. In this regard, 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 proposal

To deepen Asia-Pacific cooperation, the Chinese president on Saturday made three proposals.

Firstly, Xi stressed the need to build an open and interconnected paradigm for Asia-Pacific cooperation, calling for staying committed to multilateralism and an open economy.

China has made great efforts towards an open Asia-Pacific economy. According to the Chinese Foreign Ministry, China is the largest trading partner of 13 APEC economies and has actively 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.

Secondly, Xi emphasized the need to make green innovation a catalyst for the Asia-Pacific, saying APEC economies should push forward coordinated digital and green transformation and development to create new momentum and new drivers for Asia-Pacific development.

China is developing new quality productive forces in light of actual conditions and deepening cooperation with interested parties on green innovation. Xi announced on Saturday that China will launch a Global Cross-Border Data Flow Cooperation Initiative.

China has put forward initiatives for cooperation between APEC member economies in green agriculture, sustainable city development, green and low-carbon energy transition, and marine pollution control and prevention.

The Chinese president also urged efforts to uphold a universally beneficial and inclusive vision for Asia-Pacific development. The data unveiled by the Chinese Foreign Ministry showed 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 told APEC leaders that China will advance initiatives through the APEC platform on increasing residents' income and promoting the industrial cluster development of small- and medium-sized enterprises, for the purpose of bringing about universally beneficial and inclusive development of Asia-Pacific economies.

China's commitments

China will host the APEC Economic Leaders' Meeting in 2026, Xi announced on Saturday, saying China welcomes all parties to continue riding the "express train" of its development and grow together with the Chinese economy.

The Chinese president reiterated China's commitments to reform and opening up. "Reform and opening up is a historic process in which China and the world achieve development and progress together," he said.

The 20th Central Committee of the Communist Party of China, at its third plenum in July, laid out systematic plans for further deepening reform across the board with more than 300 consequential reform measures being unveiled, pertaining to building a high-standard socialist market economy, advancing high-quality economic development, promoting high-standard opening up, improving the people's quality of life, and building a beautiful country.

In his written speech at the APEC CEO Summit on Friday, Xi also said 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 door even wider to the world.