China empowers the development of Asia-Pacific region

LIMA, PERU –
Media OutReach Newswire – 18 November 2024 – Chinese President Xi Jinping has wrapped up his state visit to Peru, where he addressed the 31st APEC Economic Leaders’ Meeting and gave a written speech at the APEC CEO Summit. At these key meetings, President Xi emphasized China’s commitment to fostering an inclusive, balanced, innovative and green global economy.

President Xi Jinping in Peru: China’s ‘neighbor’ across the ocean

This year’s APEC adopted the theme “Empower. Include. Grow.” Against a backdrop of global uncertainties, Xi highlighted pressing challenges facing the Asia-Pacific region and presented China’s proposals to enhance the region’s development while building a shared future for its nations.

Reform and opening up

“Asia-Pacific cooperation is confronted with challenges, such as rising tendencies of geopolitics, unilateralism and protectionism. At this historic crossroads, we Asia-Pacific countries carry greater responsibilities on our shoulders,” Xi said at the APEC Economic Leaders’ Meeting on November 16.

Earlier this month, the seventh Hongqiao International Economic Forum released the World Openness Report 2024, which measured the openness levels of 129 economies from 2008 to 2023 and showed that the world’s opening-up level declined over the past year.

In his written speech at the APEC CEO Summit on November 15, Xi highlighted the necessity of global economic governance reform and economic globalization to empower the Asia-Pacific economy for long-term growth. Economic globalization has always been the general trend, he said.

China has continued to push for reform and opening up. It has introduced measures to advance the process of opening up in sectors such as telecommunications, education and healthcare. Additionally, China remains active in advancing regional agreements, such as the Regional Comprehensive Economic Partnership (RCEP), and pursuing membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA).

The signing of a protocol to upgrade the China-Peru Free Trade Agreement and ongoing negotiations for the China-ASEAN Free Trade Area 3.0 also reflect China’s commitment to fostering cross-border trade and economic collaboration.

Inclusive development

Global prosperity and stability cannot be achieved when the rich get richer and the poor poorer, Xi said in the written speech, noting true development means common development of all countries. “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,” he said.

This philosophy aligns with China’s domestic and international actions. China’s domestic achievements in poverty alleviation stand out as a key example. Over the past four decades, nearly 800 million people have been lifted out of poverty, marking one of the largest anti-poverty initiatives in history.

Internationally, China has supported developing nations through the Belt and Road Initiative (BRI), which spans infrastructure, energy and trade projects. For instance, BRI project Chancay Port. The mega project, which was inaugurated on November 14 with President Xi and Peruvian President Dina Boluarte attending the opening ceremony via video link, connects Peru to regional markets and boosts its economic development.

At the APEC meetings, China proposed initiatives aimed at enhancing household incomes and supporting small and medium-sized enterprises across the region. These steps are designed to foster a more inclusive economic landscape, enabling diverse countries, communities and social groups to share in development outcomes.

Innovation-driven growth

“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,” Xi said in the written speech at the APEC CEO Summit.

China’s contributions to technology and innovation have had far-reaching impacts. It has been responsible for over 40 percent of the annual additions to global renewable energy capacity since 2013. In 2023, the newly installed capacity in China accounted for more than half of the world’s total, according to a white paper released by China’s State Council Information Office.

In the digital realm, China’s leadership in 5G technology has enabled rapid advancements in telecommunications and smart city development. Shenzhen, often referred to as China’s “Silicon Valley,” has become a global hub for innovation, housing companies like Huawei and Tencent.

During the APEC meetings, China unveiled its plans for a Global Cross-Border Data Flow Cooperation Initiative and proposed measures to support digital trade, green supply chains and AI collaboration. These initiatives aim to create a more sustainable and innovation-driven growth model for the Asia-Pacific region.

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