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Openness lifeblood of Asia-Pacific economy: Xinhua editorial

Xinhua, November 21, 2016 Adjust font size:

An editorial of Xinhua News Agency published on Sunday called openness the lifeblood of Asia-Pacific economy, and connectivity, an important means to unleash the potential of development.

The understanding derives from booming growth of all economies of the Asia-Pacific region in over two decades, and from an annual rise of trade volume at 8 percent, said the editorial on Chinese President Xi Jinping's keynote speech at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in Lima, Peru.

Openness and connectivity are also the right choices to address fragmentation of regional cooperation and to share development opportunities, the editorial continued.

Promoting economic integration and building a Free Trade Area of the Asia-Pacific is a strategic measure that bears on long-term prosperity of the region, it added.

The editorial called for building a framework of regional cooperation featured by equal consultation, joint participation, and universal benefits so as to provide systematic guarantee for an open economy of the Asia-Pacific.

It also called for promoting connectivity, development of the Belt and Road Initiative, as well as building a network of connectivity that covers the entire Asia-Pacific region, so that all parties could match up their development strategies, deepen mutually-beneficial cooperation, and power regional economic growth as well as livelihood improvement.

China has entered the decisive stage in building a moderately prosperous society in all respects. The supply-side structural reform, innovation-driven development, opening-up and green development, among other aspects, have all warranted confidence in and expectation of China's growth, read the editorial.

In five years to come, the import volume of China will total 8 trillion U.S. dollars, and the total volume of out-bound investment, 750 billion U.S. dollars, according to the editorial, adding it has borne out by facts that China's development offers opportunity to both the Asia-Pacific and the world at large.

In his keynote speech, Xi called on the 21 APEC member economies to promote an open and integrated economy, enhance connectivity to achieve interconnected development, boost reform and innovation to create more internal driving force, and promote win-win cooperation to forge strong partnership. Endi