Xi's keynote speech at APEC CEO Summit receives broad praise

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Chinese President Xi Jinping delivered a keynote speech at the 25th Asia-Pacific Economic Cooperation (APEC) CEO Summit on Friday, stressing further opening-up and inclusive growth. His speech was highly appreciated by delegates from all over the world.

Xi raised a question about what should Asia-Pacific region do when faced with profound changes in the global economy, and he offered China's approach to this question.

"Should we, the Asia-Pacific economies, lead reform and innovation, or just hesitate and proceed haltingly? Should we steer economic globalization, or dither and stall in the face of challenge? Should we jointly advance regional cooperation, or go our separate ways?

"This is my answer: We must advance with the trend of times, live up to our responsibility and work together to deliver a bright future of development and prosperity for the Asia-Pacific."

Chinese President Xi Jinping speaks on the final day of the APEC CEO Summit ahead of the APEC Economic Leaders' Meeting in Da Nang, Vietnam, Nov. 10, 2017. /Reuters Photo

Xi also delivered a strong message for embracing the significant contribution of globalization to world economy. He called globalization a "irreversible historical trend," and said that openness brings progress while self-seclusion leaves one behind.

And his emphasis on opening-up was welcomed by delegates around the globe.

Donald Campbell, International Co-Chair of Pacific Economic Cooperation Council said that President Xi laid out a strong vision for the future, for the new international economic order, for openness and reform.

Xi expressed China's commitment in creating new drivers of common development through the Belt and Road Initiative. Hu Zhirong, chairman of International Young Leaders, sees the Initiative as a great way to enhance connectivity on all fronts.

"What impressed me the most is that President Xi mentioned that the Belt and Road Initiative starts from China, but aims to help the world better connected. This means that connectives on various sectors will be further enhanced, and bring more benefits to people around the world.

"Moreover, President Xi's pledge on continuing to pursue China's innovation-driven development offers delegates a new vision for China's development in the new era."

Alexei Chekunkov, CEO of Far East Development Fund, said China's commitment in promoting innovation will help strengthen the competitiveness of Chinese companies in the international stage.

"Forty years of very successful economic development, we heard today the new direction of free trade and innovation. These two are very important trends that will define Chinese policies in the next decades. To embrace digital technologies, big data, artificial intelligence, we will see a lot more Chinese national champions for companies like Alibaba, Tencent, Baidu, JD etc., to become real stars."

President Xi also called on APEC member economies to build a Free Trade Area of the Asia-Pacific (FTAAP), which is aptly regarded by the business community as a long cherished dream. Deborah Biber, Chief Executive of Pacific Basin Economic Council, said once FTAAP is achieved, the exchanges among APEC economies will be much freer.