President Xi calls for building open economy in Asia-Pacific

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03:15

Chinese President Xi Jinping called for advancing economic integration and building an open economy in the Asia-Pacific region on Sunday in a speech at the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Port Moresby, capital of Papua New Guinea.

Acknowledging that the world is undergoing rapid development and changes, Xi said the global economic environment is fraught with risks and uncertainties with the revival of protectionism and unilateralism.

"We have reached a crossroads of history, when we must have a keen appreciation of the trend of our world and take the pulse of the world economy," Xi stressed. "That is how we will be able to respond to the call of our time and chart our future course accordingly."

Leaders and representatives from APEC member economies pose for a group photo ahead of the APEC Economic Leaders' Meeting in Port Moresby, Papua New Guinea, Nov. 18, 2018. /Xinhua Photo

China's commitment to opening-up

Xi called for more efforts to promote trade and investment liberalization and facilitation as well as a firm commitment to the rule-based multilateral trading system, urging the international community to jointly boycott protectionism.

"The World Trade Organization (WTO) is exploring a new round of reforms," Xi said. "Such reforms should be designed to enable the WTO to better play its role and uphold the core values and underlying principles of the multilateral trading system instead of having the organization overhauled."

The Chinese president added that economic globalization should be made more open, inclusive, balanced and beneficial for all.

As China marks the 40th anniversary of its reform and opening-up policy this year, the country will keep deepening overall reforms, accelerate steps to improve its socialist market economy, and developing a modern economic system, Xi said.

China will stick to its fundamental policy of opening-up, Xi pledged, adding that Beijing will significantly relax market access, take strict measures to protect intellectual property rights, and make its investment and business environment more attractive.

Xi noted that the first China International Import Expo (CIIE) was successfully held in Shanghai a week ago, which was attended by 172 countries, regions and international organizations, over 3,600 companies, and more than 400,000 Chinese and foreign buyers. Deals worth 57.8 billion US dollars were sealed at the expo.

"This sent one more message about China's strong commitment to support free and open trade and to voluntarily open its market to the world," Xi added.

Digital economy

With a new round of technological and industrial revolution unfolding, the region needs to "pursue innovation-driven growth and foster new growth drivers," Xi said, underlining the key role of the digital economy for the region's future as well as the world.

Xi called for measures to facilitate the growth of the digital economy and enable its benefits to be shared among people across the Asia-Pacific.

A demonstration center at Guizhou big data pilot zone in Guiyang City, southwest China's Guizhou Province. /Xinhua Photo

The Chinese president added that his country is striving to build a "Digital China" while many innovations have been made in areas such as Internet Plus and artificial intelligence (AI).

China is ready to seek deeper cooperation with other members of the region on the digital economy, Xi noted.

Interconnected development

Xi highlighted that connectivity is the basis for achieving inclusive and interconnected development, and called on regional economies to turn their connectivity blueprint into reality, extending their connectivity network to every corner along the Pacific shores.

"We need to take the UN 2030 Agenda for Sustainable Development as a guide and adopt more concrete steps to make development more balanced, growth more sustainable, opportunities more equal and societies more inclusive," Xi urged.

China attaches great importance to strengthening connectivity, Xi noted, adding that after five years' efforts, joint cooperation within the framework of the China-proposed Belt and Road Initiative is entering into a new stage of development in depth.

As China prepares to hold the second Belt and Road Forum for International Cooperation in April next year, Xi said China is willing to work with all countries involved under the principle of consultation and collaboration for shared benefits to pursue the initiative against high standards so that it will deliver quality outcomes and create even greater development opportunities for the people in the region and beyond.

A container is loaded onto the freight train from Rizhao City to Central Asia at Rizhao port in east China's Shandong Province, September 12, 2017. /Xinhua Photo

Deepen partnership to address common challenges

Xi also called on Asia-Pacific countries to deepen partnership and work together to tackle common challenges.

APEC, for nearly 30 years since its establishment, has been committed to the spirit of mutual trust, inclusiveness, cooperation, and win-win partnership, said Xi.

Xi pointed out it is not surprising that there are conflicts among Asia-Pacific countries as national conditions vary widely.

"What is important is for us to stay committed to the shared goal of common development, address differences through consultation and explore solutions to common challenges in the spirit of partnership," Xi stressed.

Xi added all countries should respect each other's choices of development path, promote integration and mutual learning on the basis of openness and inclusiveness, and engage in both healthy competition and mutually beneficial cooperation, so as to jointly build a community with a shared future in the Asia-Pacific.

"China follows a people-centered development philosophy and a new development vision that features innovative, coordinated, green and open development for the benefit of all," the president noted.

More than 700 million people in China have been lifted out of poverty during the past few decades and the country will completely eliminate poverty by 2020, Xi added.

"The Chinese economy has been contributing over 30 percent to the global growth for many years," Xi said. "Its shift from high-speed to high-quality growth is gathering pace."

Xi stressed that leaders in the region have a responsibility to set sights on post-2020 APEC cooperation and follow the trend of economic globalization despite temporary difficulties.

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