Chinese President Xi Jinping put forward a five-point proposal for promoting a universally beneficial and inclusive economic globalization and building an Asia-Pacific community during his speech at the first session of the 32nd APEC Economic Leaders' Meeting in Gyeongju, the Republic of Korea, on Friday.

"First, we should work together to safeguard the multilateral trading system," Xi said, while calling for a joint efforts to practice true multilateralism and enhance the authority and effectiveness of the multilateral trading system with the World Trade Organization at its core. 

Xi also called for joint efforts to build an open economic environment in the region. "With the Regional Comprehensive Economic Partnership being implemented to high standards and Comprehensive and Progressive Agreement for Trans-Pacific Partnership membership expanding, we should help the two align with each other and progress together so as to inject impetus into the development of the Free Trade Area of the Asia-Pacific," Xi added. 

The Chinese president called on APEC members to maintain the stability and smooth flow of industrial and supply chains. Noting this year marks the 10th anniversary of the APEC Connectivity Blueprint, Xi said it "gives us a good opportunity to strive for concrete and tangible results in physical, institutional and people-to-people connectivity so as to further consolidate the foundations for open development in our region."

Xi also called for joint efforts to advance the digital and green transformation of trade. 

Hailing the Asia-Pacific Model E-port Network and the Cooperation Network on Green Supply Chain initiated by China under APEC as "important platforms for regional cooperation on the digital and green upgrades for trade," Xi said APEC members should make digital technologies a strong catalyst for cross-border trade, and promote practical cooperation in paperless trade, smart customs and other areas.

The Chinese president added that APEC economies should work together to promote universally beneficial and inclusive development. "We should adhere to the people-centered development philosophy, focus on imbalances in development, and foster an economic globalization that is more inclusive, sustainable, and beneficial to all peoples in the region," he said. 

Noting China has given zero-tariff treatment on 100-percent tariff lines from the least developed countries that hold diplomatic relations with China, Xi said China stands ready to extend the same treatment to all African countries holding diplomatic relations with China through the signing of agreements on economic partnership for shared development. 

China will continue to strive for common development and shared prosperity with all nations, Xi said.

(With input from Xinhua)

(Cover via VCG)