CGTN: Starting a new era in Asia-Pacific development amid global uncertainty

BEIJING,Nov. 17, 2024/PRNewswire/ -- Over the decades, theAsia-Pacificregion has been a vital driver of global economic growth. In October, the International Monetary Fund predicted the region would contribute approximately 60 percent to global economic growth in 2024.

At the same time,Asia-Pacificcooperation is confronted with challenges such as rising tendencies of geopolitics, unilateralism and protectionism. In this regard, Chinese President Xi Jinping on Saturday called on leaders of Asia-Pacific Economic Cooperation (APEC) members to shoulder greater responsibilities.

"We must act in solidarity and cooperation to meet the challenges, fully deliver on the Putrajaya Vision 2040, build anAsia-Pacificcommunity with a shared future, and start a new era inAsia-Pacificdevelopment,"said Xi, when attending the 31st APEC Economic Leaders'Meeting inPeru'scapitalLima.

China'sproposal

To deepenAsia-Pacificcooperation, the Chinese president on Saturday made three proposals.

Firstly, Xi stressed the need to build an open and interconnected paradigm forAsia-Pacificcooperation, calling for staying committed to multilateralism and an open economy.

Chinahas made great efforts towards an openAsia-Pacificeconomy. According to the Chinese Foreign Ministry,Chinais the largest trading partner of 13 APEC economies and has actively advanced the building of the China-ASEAN Free Trade Area, promoted high-quality implementation of the Regional Comprehensive Economic Partnership (RCEP), and applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement.

Secondly, Xi emphasized the need to make green innovation a catalyst for theAsia-Pacific, saying APEC economies should push forward coordinated digital and green transformation and development to create new momentum and new drivers forAsia-Pacificdevelopment.

Chinais developing new quality productive forces in light of actual conditions and deepening cooperation with interested parties on green innovation. Xi announced on Saturday thatChinawill launch a Global Cross-Border Data Flow Cooperation Initiative.

Chinahas put forward initiatives for cooperation between APEC member economies in green agriculture, sustainable city development, green and low-carbon energy transition, and marine pollution control and prevention.

The Chinese president also urged efforts to uphold a universally beneficial and inclusive vision forAsia-Pacificdevelopment. The data unveiled by the Chinese Foreign Ministry showedChinacontributes 64.2 percent of the region's economic growth, 37.6 percent of the growth in goods trade, and 44.6 percent of the growth in services trade.

Xi told APEC leaders thatChinawill advance initiatives through the APEC platform on increasing residents'income and promoting the industrial cluster development of small- and medium-sized enterprises, for the purpose of bringing about universally beneficial and inclusive development ofAsia-Pacificeconomies.

China'scommitments

Chinawill host the APEC Economic Leaders'Meeting in 2026, Xi announced on Saturday, sayingChinawelcomes all parties to continue riding the"express train"of its development and grow together with the Chinese economy.

The Chinese president reiteratedChina'scommitments to reform and opening up."Reform and opening up is a historic process in whichChinaand the world achieve development and progress together,"he said.

The 20th Central Committee of the Communist Party ofChina, at its third plenum in July, laid out systematic plans for further deepening reform across the board with more than 300 consequential reform measures being unveiled, pertaining to building a high-standard socialist market economy, advancing high-quality economic development, promoting high-standard opening up, improving the people's quality of life, and building a beautiful country.

In his written speech at the APEC CEO Summit on Friday, Xi also saidChinawill introduce more policies for voluntary and unilateral opening up, expand its globally-oriented network of high-standard free trade areas, and open its door even wider to the world.

https://news.cgtn.com/news/2024-11-17/Starting-a-new-era-in-Asia-Pacific-development-amid-global-uncertainty-1yAvmNr7lYc/p.html 

SOURCE CGTN