Keeping Abreast of the Trend of the Times and Jointly Promoting Prosperity Around the World
Written Speech by H.E. Xi Jinping
President of the People’s Republic of China
At the APEC CEO Summit
Lima, November 15, 2024
Representatives of the Business Community,
Ladies and Gentlemen,
Friends,
I am very pleased to visit the beautiful city of Lima. It is truly heart-warming to set foot on this dynamic country again after eight years.
Although China and Latin America are thousands of miles apart, we have carried forward our exchanges in spite of the vast Pacific Ocean. As early as in the second half of the 16th century, the China Ships, laden with silk and porcelain, reached the far coast of Latin America, starting friendly interactions between China and the region.
Several hundred years later today, China and Latin America and the entire Asia-Pacific are deeply woven into the fabric of economic globalization. We are now an interdependent community with common interests and a shared future. On the other hand, the world is in a new period of turbulence and transformation. Unbridled unilateralism and protectionism and an increasingly fragmented world economy threaten to reverse the trend toward economic globalization. The grave challenge for us is like sailing up a river—we either forge ahead or drift downstream. Where will the Asia-Pacific economy be going? It is a decision we must make.
Economic globalization is an objective requirement of growing social productive forces. It is a natural outcome of advancement in science and technology and a mighty historical trend. Despite headwinds and undertows, economic globalization has always been the general trend. The attempt to block economic cooperation under all sorts of pretexts and break up the interdependence of the world is nothing but backpedaling.
Economic globalization is caught now in a tug of war between driving and obstructive forces, but the driving forces still prevail. New technological revolution and industrial transformation are getting more profound, and the world is moving faster to embrace a digital, green and smart economy. All this is building up powerful energy for further expedition of economic globalization down the road.
We should steer economic globalization in the right direction. We must reject the beaten path that a few countries have taken to pursue dominance and hegemony. We should see to it that economic globalization generates more positive outcomes and is taken to a new phase that is more dynamic, inclusive and sustainable.
Ladies and Gentlemen,
Friends,
Tougher times calls for greater confidence. We should join hands to promote a universally beneficial and inclusive economic globalization to the benefit of various countries and communities.
First, we should take innovation as the driving force for stronger growth of the world economy. Innovation is the source of productivity. We should make full use of artificial intelligence and other emerging technologies to rev up the world economy and stimulate its growth with the current technological revolution. Advances in science and technology should benefit the entire humanity. We should help developing countries with their capacity building in science and technology and promote global flow of knowledge and technologies.
Second, we should keep pace with the times and reform the system of global economic governance. We should follow the principles of “plan together, build together and benefit together” to ensure that the global economic governance system better reflects the new reality of the world economic map. The representation and voice of the Global South should be enhanced continuously, and all countries should be ensured of equal rights, equal opportunities and equal rules in conducting international economic cooperation. We should uphold the WTO-centered multilateral trading regime, push for an open world economic system, and keep the global industrial and supply chains stable and smooth.
Third, we should always take the people-centered approach and seek to settle imbalances in development. Global prosperity and stability cannot be achieved when the rich get richer and the poor poorer. True development means common development of all countries. We should ensure people’s well-being while seeking economic growth, and foster a development environment that is inclusive and beneficial for all. We should pursue economic globalization that is people-centered and delivers more balanced development and more equal opportunities, so that different countries, classes and communities can all benefit from development. China hopes that all parties will take an active part in the Global Development Initiative to help expedite the implementation of the 2030 Agenda for Sustainable Development and promote balanced and full development of all countries.
Ladies and Gentlemen,
Friends,
APEC was born on the eve of the end of the Cold War when a new round of economic globalization was gradually emerging, and has since taken it as its mission to promote economic globalization. It has contributed immensely to boosting trade and investment liberalization and facilitation in the Asia-Pacific, economic mutual benefit between member economies, and the interests and well-being of the people in our region. Asia-Pacific economies have maintained robust growth and created the remarkable Asia-Pacific miracle.
The success of the Asia-Pacific is due to our firm commitment to peace and stability in the region, to our continuous practices of true multilateralism and open regionalism, and to our deep faith in the trend toward economic globalization as well as mutual benefit and mutual success.
The Asia-Pacific should remain the locomotive of economic globalization in the future. We should stay on the right course and seek to break new ground at the same time. While further burnishing the Asia-Pacific hallmark of openness and inclusiveness, we should make new brand-building efforts to foster a green and digital Asia-Pacific, build an Asia-Pacific community with a shared future, and usher in another 30 golden years of development for our region.
Ladies and Gentlemen,
Friends,
Last July, the Communist Party of China held the Third Plenary Session of its 20th Central Committee, and adopted a comprehensive plan for further deepening reform across the board to advance Chinese modernization. More than 300 important reform measures were introduced at the meeting, and they will be fully implemented within five years. This will provide not only strong impetus for China’s economic and social development, but also more opportunities for global development.
—China will deepen reform comprehensively and continue to provide robust momentum for the world economy. China will build a high-standard socialist market economy, foster a fairer and more dynamic market environment, and make resource allocation as efficient and productive as possible. China is endeavoring to achieve breakthroughs in key areas such as reforming the fiscal and tax systems, building a unified national market and advancing new urbanization. It is taking targeted steps to boost consumption and increase domestic demand so as to improve the effectiveness of reforms. China has adopted a full range of major reform measures, which will give a vigorous boost to the rebounding and growth of the economy. We have full confidence in meeting the growth targets for this year and remaining the biggest engine of world economic growth.
—China will advance high-quality development and continue to lead the efforts to improve the performance of the world economy. In the first half of this year, investment in China’s high-tech manufacturing and service sectors achieved double-digit growth, and its economic structure and growth model improved steadily. China will continue to nurture new quality productive forces in line with actual conditions, promote deep integration of the real economy and digital economy, boost the service sector, further modernize infrastructure, and make industrial and supply chains more resilient. China is committed to high-quality Belt and Road cooperation, and will work with all participants to put in place a network of connectivity featuring integrated land-sea transportation and coordinated development.
—China will stay firmly on the path of green development and continue to be an important force for global green transition. In recent years, the “green quotient” in China’s social and economic development has continued to rise. China has become the first country around the world with “zero increase” in land degradation, and its newly-added area of afforestation accounts for a quarter of the global total. China is actively expanding new energy sectors and facilitating international cooperation on green mining. It has achieved one of the world’s fastest rates of energy intensity reduction. China’s wind and solar power products have helped other countries reduce about 810 million tons of carbon dioxide emissions, and enabled them to access clean, reliable and affordable energy. All this has been an important part of the global effort to address climate change.
—China will build new, open and higher-standard economic systems and continue to share China’s development opportunities with the world. Opening up is a defining feature of Chinese modernization. Since the start of this year, China has lifted all restrictions on foreign investment in manufacturing, and established for the first time a nationwide negative-list system for cross-border trade in services. We have taken systematic steps to further open the telecom, Internet, education, culture, medical service and other sectors. We have also taken the initiative to apply high international standards of economic and trade rules, including those in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA), as part of our plan to steadily enhance institutional opening up. We have expanded the coverage of the 144-hour visa-free transit policy to facilitate inbound visits to China, and “Travel to China” is getting very popular around the world. Going forward, China will 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.
Ladies and Gentlemen,
Friends,
As an ancient Chinese scholar said, “When eating fruits, one should remember the tree; When drinking water, one should remember the source.” China’s development is inseparable from the Asia-Pacific, and it will in turn further benefit the region. As a Latin American proverb goes, “Just as a ship is powered by its sails, people are inspired by their hearts.” I am pleased to learn that “From Chancay to Shanghai” has become a fashionable saying in Peru, an echo to the China Ships that arrived here over 500 years ago. This fully shows that as long as we act in the spirit of openness and connectivity, the vast Pacific will become a thoroughfare for more prosperity and growth. Let us enhance our solidarity and cooperation, stand up together to the global challenges, jointly build a community with a shared future for mankind, and form a mighty force for the common prosperity of the world and a brighter future for humanity.
Thank you.
