President Xi Jinping of China emphasised the importance of building an inclusive and open Asia-Pacific economy during the 32nd APEC Economic Leaders’ Meeting held in Gyeongju, Republic of Korea. Addressing the session, President Xi outlined five key proposals aimed at strengthening regional cooperation, promoting openness, and fostering shared prosperity across the Asia-Pacific region.
He noted that the Asia-Pacific has long been a driving force of global economic growth and that APEC has played a central role in advancing free trade, integration, and development over the past three decades. Amid global instability and economic uncertainty, Xi called for unity and cooperation, urging member economies to stay true to APEC’s founding mission of promoting economic growth and improving people’s livelihoods.
Xi’s first proposal highlighted the need to safeguard the multilateral trading system with the World Trade Organisation (WTO) at its core. He underscored the importance of true multilateralism and adherence to fundamental principles such as nondiscrimination and the most-favoured-nation rule. He also called for reforms to make international trade rules more inclusive and responsive to the needs of developing countries.
Secondly, Xi urged member economies to promote an open economic environment by deepening trade liberalisation and regional integration. He pointed to the implementation of the Regional Comprehensive Economic Partnership (RCEP) and the expanding membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as important opportunities to accelerate progress toward the Free Trade Area of the Asia-Pacific (FTAAP).
His third proposal focused on maintaining stable and resilient industrial and supply chains. Xi stressed the need for cooperation rather than division, calling for strengthened connectivity in physical, institutional, and people-to-people exchanges to reinforce regional development.
Xi also emphasised advancing digital and green transformation in trade as his fourth proposal. He highlighted initiatives such as paperless trade, smart customs, and cooperation in green industries, clean energy, and sustainable supply chains. He noted that China’s initiatives, including the Asia-Pacific Model E-Port Network and the Cooperation Network on Green Supply Chain, have become effective platforms for promoting innovation and sustainability in regional trade.
Finally, Xi called for inclusive development that benefits all economies, focusing on reducing imbalances and supporting the modernisation of developing countries. He reaffirmed China’s commitment to high-quality Belt and Road cooperation and its policy of providing zero-tariff treatment to least-developed countries.
President Xi reiterated that China remains committed to opening up its economy. He noted that China has become the world’s largest trader in goods and the second largest in services, attracting over $700 billion in foreign investment. He assured that China’s reform and opening-up policies will continue to expand, contributing to shared prosperity across the Asia-Pacific.
Related stories:
