CHINESE President Xi Jinping on Friday put forward a five-point proposal for promoting a universally beneficial and inclusive economic globalization and building an Asia-Pacific community.
Xi made the proposal in his speech titled “Building an Inclusive Open Asia-Pacific Economy for All” at the first session of the 32nd APEC Economic Leaders’ Meeting.
Over the past 30-plus years since its founding, APEC has been spearheading the region’s rise to the forefront of global open development, and has made the Asia-Pacific the most dynamic part of the global economy, Xi noted.
Currently, changes unseen in a century are accelerating across the world, and the Asia-Pacific faces growing uncertainties and destabilizing factors in its development, he said, adding that the rougher the seas, the more the APEC members must pull together.
Xi called on APEC members to stay true to APEC’s founding mission to promote economic growth and improve people’s lives, and champion open development where everyone shares opportunities and emerges a winner. He also urged efforts to promote a universally beneficial and inclusive economic globalization, and build an Asia-Pacific community.
Xi put forward a five-point proposal.
Firstly, Xi called for joint efforts to safeguard the multilateral trading system. He urged APEC members to practice true multilateralism, enhance the authority and effectiveness of the multilateral trading system with the World Trade Organization at its core, and update international economic and trade rules to reflect the changing times, so as to better protect the legitimate rights and interests of developing countries.
Secondly, Xi called for building an open economic environment in the region. He urged APEC members to keep promoting trade and investment liberalization and facilitation, deepen fiscal and financial cooperation, steadily push for regional economic integration, foster mutual alignment and collaborative progress, so as to inject impetus into the development of the Free Trade Area of the Asia-Pacific.
Thirdly, Xi called on APEC members to work together to keep industrial and supply chains stable and smooth.
APEC members should join hands rather than part ways, strengthen their links rather than sever them, vigorously expand common interests and support the open development of supply chains, 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 the Asia-Pacific region, Xi said.
Fourthly, Xi called for advancing the digital and green transformation of trade. He urged efforts to make digital technologies a strong catalyst for cross-border trade, remove various green barriers, and expand cooperation in green industries, clean energy and green minerals.
Fifthly, Xi urged the Asia-Pacific to work together to promote universally beneficial and inclusive development. Xi called for joint efforts to 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.
Xinhua
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