Chinese President Xi Jinping on Friday urged members of the Asia-Pacific Economic Cooperation (APEC) to jointly safeguard the multilateral trading system and strengthen the open global economy.
„We need to practice true multilateralism and strengthen the authority and effectiveness of World Trade Organization (WTO), which is at the heart of the global trading system,“ Xi said during his speech at the First Meeting of the 32nd APEC Economic Leaders' Summit v Gyeongju in the Republic of Korea.
During his speech, Xi introduced five-point proposal in support of mutually beneficial and inclusive globalisation and to build Asia-Pacific Community. In addition to defending multilateralism, he also called for creating an open regional economic environment, maintaining the stability of supply chains, digitisation and greening of business a k development that will benefit all nations.
„We must stick together, not divide. We should expand our common interests and promote the open development of supply chains,“ Xi stressed.
The President recalled that China has long pursued a policy of openness and takes concrete steps to strengthen open world economies. Over the past five years, China has become the world's largest commodity trader a the second largest in the service sector, attracting more than 700 billion dollars foreign investment and its outward investment grew by an average of 5 % per year.
Xi further stated that China shortened the negative list for foreign investment, introduced Visa-free entry for multiple countries, extends voluntary opening of markets and is actively adapting to international standards via 22 pilot free trade zones.
"China's door to the world will not close - it will only open more," Xi said emphatically.
The session, which is being held under the theme „Building a Sustainable Tomorrow“, led by South Korea's president Lee Jae-myung. The 32nd APEC Summit aims to strengthen regional economic cooperation and define a common path to sustainable development.
APEC, founded in 1989, has become one of the most important economic forums in the Asia-Pacific region and a key driver of global growth.
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