News Analysis: Xi's APEC remarks herald better future of building open world economy

Source: Xinhua| 2018-11-18 15:57:13|Editor: Li Xia
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BEIJING, Nov. 18 (Xinhua) -- A five-point proposal by Chinese President Xi Jinping will inject impetus into Asia-Pacific regional development and create a better future for building an open world economy, according to analysts.

Xi made the proposal Saturday while delivering a keynote speech at the Asia-Pacific Economic Cooperation (APEC) CEO summit, at Papua New Guinea's capital of Port Moresby.

Charting a common future in "the age of disruption," the Chinese president proposed focusing on openness, development, inclusiveness, innovation and a rules-based approach.

"The proposal is consistent with a series of substantial opening-up measures unveiled at the Boao Forum for Asia early this year and the vision of jointly building an innovative, inclusive and open world economy proposed at China's first import expo held in Shanghai this month, displaying China's firm commitment to openness and cooperation," said Chen Fengying, a research fellow at the China Institutes of Contemporary International Relations.

"Xi's remarks send a trending signal that connectivity and free trade should be further strengthened amid the challenges of trade protectionism," said Wang Yusheng, former senior APEC official.

"The basic goal of APEC is to promote free trade and facilitate the world economic recovery," Wang said.

Each era faces problems of its day. Resorting to old practices such as protectionism and unilateralism will not resolve problems. Only openness and cooperation can bring more opportunities and create more space for development, Xi said.

In this regard, he proposed upholding the WTO-centered multilateral trading system, making economic globalization more open, inclusive, balanced and beneficial to all, and expanding converging interests and sharing opportunities through opening-up and cooperation.

Xi also proposed focusing on development to deliver more benefits, innovation to tap new sources of growth, and inclusiveness.

Liu Chenyang, head of APEC Study Center of Nankai University, said that the Asia Pacific now plays a decisive role in the world economy, especially in driving its growth.

"Deepening the APEC economic integration and maintaining its momentum will be the most important contribution by APEC," Liu said.

Xi stressed focusing on a rules-based approach and advancing the reform of the global governance system on the principle of conducting consultation and collaboration for shared benefits.

"Rules governing international relations can not be ignored while obligations and responsibilities should be fulfilled in the process of improving global governance," said Wang, the former senior APEC official.

Xi expressed his confidence in China's economy by recalling the achievements China had made in the 40 years of reform and opening-up, adding that China would take a more responsible approach, be more open and inclusive, and strive to achieve higher quality of growth.

"Xi's remarks demonstrated that China will continue to play an active role in promoting free trade in the Asia Pacific to a higher level and commit to jointly building an open world economy," Wang said.