On Friday, Chinese President Xi Jinping called on members of the Asia-Pacific Economic Cooperation (APEC) to jointly safeguard the multilateral trading system and strengthen the open world economy.
"We must practice true multilateralism and strengthen the authority and effectiveness of the World Trade Organization (WTO), which is the core of the global trading system," Xi said in his speech at the first session of the 32nd APEC Economic Leaders' Meeting in Gyeongju, South Korea.
During his address, Xi presented a five-point proposal to promote mutually beneficial and inclusive globalization and to build a community of Asia and the Pacific. In addition to defending multilateralism, he also called for the creation of an open regional economic environment, the maintenance of stable supply chains, the digitalization and greening of trade, and development that benefits all nations.
"We must stick together, not divide. We should expand our common interests and promote open development of supply chains," Xi emphasized.
The president noted that China has consistently pursued a policy of openness and has taken concrete steps to strengthen the open world economy. Over the past five years, China has become the world's largest trader in goods and the second largest in services, attracting over $700 billion in foreign investment, and its outbound investment has grown by an average of 5% per year.
Xi further stated that China has shortened the negative list for foreign investment, implemented visa-free entry for more countries, expanded voluntary market access, and is actively aligning with international standards through 22 pilot free trade zones.
"China's door will not close to the world – it will only open wider," Xi declared emphatically.
The meeting, held under the theme of "Building a Sustainable Future", is chaired by South Korean President Lee Jae-myung. The goal of the 32nd APEC summit is to strengthen regional economic cooperation and define a common path towards 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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