Strategic observation

Commentary: Xi's APEC speech shows China's wisdom, sense of responsibility

2017-11-11 22:42:41 (Beijing Time)         English.news.cn

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Chinese President Xi Jinping attends the 25th Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Da Nang, Vietnam, Nov. 11, 2017. (Xinhua/Lan Hongguang)

by Zhu Junqing

BEIJING, Nov. 11 (Xinhua) -- Chinese President Xi Jinping's keynote speech at the 25th APEC Economic Leaders' Meeting in Vietnam outlined pragmatic ways in which the economic environment in the Asia-Pacific can be improved -- by furthering economic globalization, fostering an open economy, and promoting trade and investment liberalization.

His emphasis on the importance of an open economy, innovation-driven development, connectivity and inclusive development shows China's insight on global economic governance and commitment to common development. It also shows the responsible role China has assumed in international affairs, contributing Chinese wisdom to global development.

At a time when some countries are turning back on economic globalization, China has lived up to its responsibility by pursuing the irreversible trend.

From the 2016 APEC meeting in Lima to the World Economic Forum (WEF) in Davos early this year, China has taken every opportunity to voice its steadfast support for globalization, and liberalization and facilitation of trade and investment.

At WEF, Xi underscored the necessity of "swimming in the ocean" of the world market and adapting to globalization.

In 2014, the Beijing APEC meeting endorsed the "Beijing Roadmap for APEC's Contribution to the Realization of the Free Trade Area of the Asia-Pacific" to translate the vision into reality.

"We should uphold multilateralism, pursue shared growth through consultation and collaboration, forge closer partnerships, and build a community with a shared future for mankind," Xi reiterated in Vietnam.

He urged for an open Asia-Pacific economy, promoting trade and investment liberalization and facilitation, and making economic globalization more open, inclusive and balanced to benefit different countries and people.

China has also lived up to its responsibility by adapting to new situations with initiative and promoting structural reform for progress.

As the world's second largest economy, China has over the past five years taken proactive steps to adapt to the new normal of its economy and deepened supply-side structural reform.

As a result, the Chinese economy has maintained steady performance, steering toward a better-quality, more efficient, fairer and more sustainable development.

Over the past four years, China's economy has grown by 7.2 percent on an average annually, contributing over 30 percent of global growth.

China has also lived up to its responsibility by offering viable and effective solutions to the thorny problems facing the world economy.

The global economy faces profound changes in growth drivers, the model of growth, economic globalization and the system of global economic governance. Infrastructure construction and interconnectivity are key factors to sustain growth.

To improve connectivity, China has proposed the Belt and Road Initiative, comprising the Silk Road Economic Belt and the 21st-Century Maritime Silk Road. They will promote infrastructure construction and connectivity among the countries along the routes and strengthen their coordination on economic policies.

The initiative is also a meeting point for different development strategies, boosting interconnected development to achieve common prosperity.

Though the blueprint is from China, the initiative belongs to the world. Though rooted in history, it is oriented toward the future.

Last but not the least, China has been pursuing shared development benefits across the globe. The call for deepening regional economic integration, developing an open and inclusive market, and strengthening the bond of shared interests attests to that.