Xi Jinping proposes 5-point plan to strengthen Asia-Pacific community
Xi stressed collaboration to maintain smooth supply chains, enhance connectivity, and expand shared economic interests, referencing the tenth anniversary of the APEC Connectivity Blueprint as an opportunity for tangible results
Chinese President Xi Jinping today (31 October) outlined a five-point proposal to promote inclusive economic globalisation and bolster the Asia-Pacific community, during his speech at the first session of the 32nd APEC Economic Leaders' Meeting.
He emphasised the need for joint efforts across the region, highlighting five key areas:
Safeguard the multilateral trading system: Xi called for true multilateralism and reforms within the WTO to better protect the rights of developing countries, while upholding core principles like most-favoured-nation treatment and non-discrimination.
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Build an open economic environment: He urged the promotion of trade and investment liberalisation, deeper fiscal and financial cooperation, and closer regional economic integration, citing the RCEP and CPTPP as key drivers for the Free Trade Area of the Asia-Pacific (FTAAP).
Ensure stable industrial and supply chains: Xi stressed collaboration to maintain smooth supply chains, enhance connectivity, and expand shared economic interests, referencing the tenth anniversary of the APEC Connectivity Blueprint as an opportunity for tangible results.
Advance digitalisation and green trade: He encouraged the use of digital technologies to facilitate cross-border trade, paperless procedures, smart customs, and green initiatives, highlighting China-led platforms such as the Asia-Pacific Model E-port Network and the Green Supply Chain Cooperation Network.
Promote inclusive and universally beneficial development: Xi advocated a people-centred approach to economic globalisation, supporting the modernisation of developing countries, expanding the Belt and Road Initiative, and offering zero-tariff treatment to least-developed countries and African nations to foster shared prosperity.
Xi reiterated that China pursues an open economic policy, noting that over the past five years, the country has been the world's largest trader in goods and the second-largest in services, attracting over $700 billion in foreign investment while steadily increasing outbound investment.
