Chinese President Xi Jinping on Friday stressed the importance of upholding openness to promote Asia-Pacific development.
Speaking at the 30th APEC Economic Leaders’ Meeting held in San Francisco, Xi called for the building of an open, dynamic, resilient and peaceful Asia-Pacific community “for the prosperity of all our people and future generations.”
Staying committed to openness
“We must remain unwavering to promote regional economic integration, accelerate the building of a Free Trade Area of the Asia-Pacific, fully implement the APEC Connectivity Blueprint, and share in the opportunities of open regional development,” Xi said.
He also called on all APEC members to safeguard free, open trade and investment, support and strengthen the World Trade Organization-centered multilateral trading system, and maintain the stability and smooth flow of global industrial and supply chains.
To promote global connectivity and build an open world economy, China, which marks the 45th anniversary of its reform and opening up this year, recently held the third Belt and Road Forum for International Cooperation and the sixth China International Import Expo (CIIE).
The sixth CIIE attracted representatives from 154 countries, regions and international organizations, achieving a significant milestone with $78.41 billion in tentative trade agreements, a 6.7 percent increase over last year’s expo.
Belt and Road cooperation has benefited the development of the Asia-Pacific region, research suggests. The first transnational railway built under the Belt and Road Initiative, the railway connecting Kunming City of China with Vientiane City of Laos, could raise Laos’ aggregate income by up to 21 percent over the long term, according to a World Bank study.
At Friday’s meeting, Xi also reiterated opposition to politicizing or weaponizing economic and trade issues and overstretching the concept of national security in this regard.
China to support Asia-Pacific development
Xi also pledged that China will continue to support APEC in its economic and technical cooperation and work together with other member economies to make the “cake” of Asia-Pacific development bigger.
China applies the highest standards in implementing the Regional Comprehensive Economic Partnership (RCEP) Agreement, he said.
In 2022, China’s trade with other RCEP member countries reached 12.95 trillion yuan ($1.8 trillion), up 7.5 percent year on year and accounting for 30.8 percent of China’s total foreign trade, according to the country’s Ministry of Commerce.
The Asia Economic Integration Report 2023, released by the Asian Development Bank, shows that China contributed 64.2 percent to the region’s total economic growth, 37.6 percent of the growth in trade in goods, and 44.6 percent of the growth in trade in services.
“Chinese modernization will bring the world more and greater opportunities for the modernization of all countries. I am ready to work with you for new success in Asia-Pacific cooperation and for another ‘golden 30 years’ of the region,” Xi said at the meeting.