Over the decades, the Asia-Pacific region has been a key driver of global economic growth. In October, the International Monetary Fund predicted the region would contribute around 60 percent of global economic growth in 2024.
At the same time, Asia-Pacific cooperation faces challenges such as increasing geopolitical trends, unilateralism and protectionism. In this context, Chinese President Xi Jinping on Saturday called on the heads of state and government of the members of the Asia-Pacific Economic Cooperation (APEC) to take more responsibility.
“We must act in solidarity and work together to overcome the challenges of fully implementing Putrajaya’s Vision 2040, building an Asia-Pacific community with a shared future, and ushering in a new era of Asia-Pacific development,” Xi said while attending 31st APEC Economic Leaders Meeting in the Peruvian capital Lima.
China’s proposal
To deepen cooperation in the Asia-Pacific region, the Chinese president made three proposals on Saturday.
First, Xi emphasized the need for an open and interconnected paradigm for cooperation in the Asia-Pacific region. He called for continued commitment 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 promoted the construction of the China-ASEAN Free Trade Area, promoted the high-quality implementation of the Regional Comprehensive Economic Partnership (RCEP), and sought to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement.
Second, Xi emphasized the need to make green innovation a catalyst for the Asia-Pacific region. APEC economies should advance coordinated digital and green transformation and development to create new impetus and new drivers for the development of the Asia-Pacific region.
China develops new, high-quality productive forces taking into account current conditions and deepens cooperation with interested parties in the field of green innovation. Xi announced on Saturday that China will launch a global initiative to cooperate on cross-border data flows.
China has put forward initiatives for cooperation among APEC member countries in green agriculture, sustainable urban development, green and low-carbon energy transition, and marine pollution control and prevention.
The Chinese president also called for maintaining a vision for the development of the Asia-Pacific region that is beneficial and inclusive to all. Data released by China’s Foreign Ministry shows that China accounts for 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 through the APEC platform, China will push forward initiatives to increase residents’ income and promote the development of small and medium-sized enterprise industrial clusters to achieve mutually beneficial and inclusive development of the Asia-Pacific reach economies.
China’s obligations
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 commitment 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 put forward systematic plans for further deepening reforms in all areas at its third plenary session in July. It introduced more than 300 reform measures related to building a high-standard socialist market economy, promoting high-quality economic development, promoting high-standard opening-up, improving 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 voluntary and unilateral opening-up measures, expand its globally-focused network of high-standard free trade zones and open its door to the world even further.
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