China's Xi Jinping urges Apec members to seize opportunities, lead in global growth


KUALA LUMPUR: The 21 Asia-Pacific Economic Cooperation (APEC) member economies have been urged to follow market trends, seize opportunities created by economic globalisation and regional economic integration, and become the forerunners of global growth.

In his keynote address at the APEC CEO Dialogues 2020, China's President Xi Jinping urged member economies to move towards closer regional economic integration as well as accelerate innovation-driven growth, enhance regional connectivity, and realise inclusive and sustainable development.

Xi said the business community needs a broader vision, greater resilience and stronger entrepreneurship and, at the same time, the member economies should contribute in promoting openness and development.

"You (member economies) may work to advance trade and investment liberalisation and facilitation, and ensure the security and stability of industrial and supply chains of our region, and your work will enable the Asia-Pacific to take the lead in achieving economic recovery and prosperity. I hope you will explore innovation-driven growth. You may take bold steps to pursue organisational, technological and market innovations that will make the Asia-Pacific a fertile ground for scientific breakthroughs and a pacesetter for innovation.

"I hope you will be partners for achieving win-win cooperation. You may tap fully into the potential for cooperation, and make the pie of cooperation even bigger for all our people to benefit from. I hope you will actively fulfil your social responsibilities. You may all play active parts in the international fight against COVID-19 and do more to help disadvantaged groups to add more momentum to global development," he said.

Meanwhile, Xi also reiterated that China has not stalled in its pursuit of opening up its economy in the midst of instability and uncertainty in the world economy this year, as well as mounting protectionism and unilateralism.

"Openness enables a country to move forward while seclusion holds it back. In today’s world where economic globalisation has become an irreversible trend, no country can develop itself by keeping its doors closed. China is already deeply integrated into the global economy and the international system. We will not reverse course or run against historical trend by ‘decoupling’ or forming a small circle to keep others out.

"By fostering a new development paradigm, we are not pursuing a closed-door circulation, but open and mutually reinforcing domestic and international circulations," he added.

Xi reiterated China’s strong commitment to opening up its economy and said it would continue to advance trade and investment liberalisation and facilitation; to conclude, through negotiation, high-standard free trade agreements with more countries; and to actively engage in bilateral, multilateral and regional mechanisms for trade and investment cooperation.

APEC CEO Dialogues 2020, themed "APEC Re-Imagined: Priorities in the Aftermath of COVID-19”, is hosted virtually by the APEC Business Advisory Council 2020. - Bernama
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