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China advocates APEC leadership in economic globalization despite setbacks

Xinhua, November 21, 2016 Adjust font size:

Chinese President Xi Jinping on Sunday urged members of the Asia-Pacific Economic Cooperation (APEC) to stay committed to taking economic globalization forward with vigorous measures, despite increasing setbacks around the world.

Speaking at the 24th APEC Economic Leaders' Meeting here in Peru, Xi highlighted the APEC's role as a pioneer, leader and trailblazer of economic cooperation in the Asia-Pacific and the world at large, and called on APEC members to leverage the Asia-Pacific's role as a growth engine and work for an innovative, invigorated, interconnected and inclusive world economy.

Currently, the world economy still finds itself in profound adjustment, with weak recovery and more divergent growth, said Xi, adding that economic globalization has encountered setbacks, as evidenced by sluggish international trade and investment and rising protectionism.

Citing the blueprint for strong, sustainable, balanced and inclusive world economic growth produced by the G20 Hangzhou Summit in September, the Chinese president said it embodies the spirit of partnership to jointly rise to challenges as well as the commitment to common development.

At the high-level gathering of APEC economic leaders, Xi called on the APEC economies to stay committed to taking economic globalization forward, increasing openness in the Asia-Pacific economy, breaking bottlenecks in regional connectivity and blazing new trails in reform and innovation.

On the building of a Free Trade Area of the Asia-Pacific (FTAAP), which was launched at the 2014 APEC meeting in Beijing, Xi hailed the smooth completion of the collective strategic study this year, saying it marked a new phase in FTAAP development.

"We need to stick to our agenda and take more effective actions to realize the FTAAP at an early date, thus bringing about an Asia-Pacific economy with greater openness," said the Chinese president.

He recalled that China has given priority to opening up to the Asia-Pacific over the past 25 years since it joined the APEC, and pledged to work with other parties to increase openness, pursue regional economic integration and connectivity, advance reform and innovation, and jointly write an exciting chapter of Asia-Pacific cooperation.

Xi arrived in Peru on Friday to attend the APEC Economic Leaders' Meeting and pay his first state visit to the Latin American country.

The APEC meeting, hosted by Peruvian President Pedro Pablo Kuczynski, took place Saturday and Sunday in Lima, capital of Peru, under the theme of "Quality Growth and Human Development." Endi