On October 31, 2023, President Xi Jinping attended the 32nd APEC Economic Leaders’ Meeting held in Gyeongju, South Korea. His keynote address, titled “Building an Inclusive Open Asia Pacific Economy for All,” encapsulated both the challenges and aspirations of the Asia-Pacific region amidst shifting global dynamics. The session was chaired by South Korean President Lee Jae Myung, highlighting the collaborative spirit essential for addressing the multifaceted economic challenges facing the APEC member states.
A Call for Unity Amid Global Uncertainty
In his remarks, President Xi noted that APEC has been pivotal in the region’s rise over the past three decades, yet it finds itself in turbulent waters. As he addressed the audience, he emphasized the need for solidarity in the face of “changes unseen in a century.” His declaration, “The rougher the seas, the more we must pull together,” resonated with member nations that are increasingly facing economic uncertainties and geopolitical tensions.
Five Proposals for Advancement
Xi Jinping’s speech provided a structured vision for collaboration, articulated through five key proposals aimed at fostering economic resilience and inclusivity in the Asia-Pacific region:
Safeguarding the Multilateral Trading System: Xi underscored the importance of true multilateralism, advocating for the World Trade Organization (WTO) to remain at the heart of global trade discussions. His call for updating international trade rules reflects a necessary adaptation to current realities, specifically addressing the rights and interests of developing nations.
Creating an Open Economic Environment: Emphasizing trade and investment liberalization, Xi proposed deeper fiscal and financial cooperation, inviting member countries to align frameworks like the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to energize the Free Trade Area of the Asia-Pacific (FTAAP).
Stabilizing Industrial and Supply Chains: Recognizing the vulnerabilities in global supply chains, Xi urged countries to collaborate rather than isolate. His call for stability in these chains reinforces the interconnectedness of economies, highlighting that mutual support is crucial for regional and global economic health.
Advancing Digital and Green Transformation: Acknowledging the urgent need for sustainability, Xi called for a digital revolution in trade and investment in green industries. By removing barriers and enhancing cooperation in clean energy, he indicated a pathway for the region to transition towards more sustainable practices.
- Promoting Inclusive Development: Xi reiterated that development should be people-centered, addressing disparities and aiming for economic globalization that benefits all. He positioned China’s Belt and Road Initiative as a vehicle for fostering shared prosperity within the region.
China’s Commitment to Open Economies
Throughout his address, President Xi reiterated China’s commitment to an open economic policy. This commitment aligns with the recent adoption of the Recommendations for Formulating the 15th Five-Year Plan by the 20th Central Committee of the Communist Party of China. This sets the stage for comprehensive reforms and deeper integration into the global economy, promising new opportunities for both the Asia-Pacific and the world at large.
Future Implications and Conclusion
The implications of President Xi’s address are manifold, suggesting a roadmap for economic cooperation that transcends national boundaries. His proposals aim not only to stabilize the current economic environment but also to prepare member nations for future challenges by fostering a framework of shared benefits.
As the Asia-Pacific continues to be a significant player in the global economy, the need for unity and collaborative efforts becomes increasingly critical. The successful implementation of Xi’s proposals could unlock substantial opportunities for growth, innovation, and sustainability in the region.
In summary, President Xi Jinping’s participation in the APEC Economic Leaders’ Meeting underlined a pivotal moment for economic diplomacy in the Asia-Pacific. His focus on inclusivity and shared growth reflects a nuanced understanding of the current global landscape and the collective action required to navigate through it. As nations reflect on these proposals, the potential for a more united and prosperous Asia-Pacific may become a reality, signaling a hopeful outlook for the region’s economic future.
