It is reported that President Xi Jinping underscored the significance of innovation, opening-up and inclusive development for a new round of global prosperity.
Speaking at the 25th Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting in Vietnam’s central city of Da Nang on Nov 11, Xi called on the 21 APEC members to promote innovation as a strong growth driver, open up their economies to create more space for development, pursue inclusive development to enhance their people’s sense of fulfillment, and enrich their partnerships and deliver benefits to all involved.
Xi said the APEC members need to remain true to the group’s founding purpose: advance trade and investment liberalization and facilitation, build an open economy, uphold and strengthen the multilateral trading regime, and help rebalance economic globalization.
Noting that next year will mark the 40th anniversary of China’s reform and opening-up, Xi said that in nearly four decades China has opened its arms to embrace the world and achieved “leapfrog development” of itself in this process.
The leader of the world’s second largest economy also underlined the role of innovation in driving China’s economic development over the past years.
He noted that online retail sales in China, which now has 750 million internet users, are growing by 30 percent a year, with the “sharing economy” volume having reached 3.5 trillion yuan (around $528 billion) and mobile payment transactions having exceeded 158 trillion yuan ($23.84 trillion).
Xi called for greater efforts to address the lack of inclusiveness in development, which is a problem facing many economies, in a bid to enable more people to share the benefits of development.
In addition, Xi, who is also general secretary of the Communist Party of China (CPC), briefed the other leaders on last month’s 19th CPC National Congress, which drew a blueprint for China’s development in the next five years and beyond.
At the second phase of the meeting on the afternoon of Nov 11, the APEC economic leaders discussed the new driving forces for regional trade, investment and interconnectivity. They agreed that the FTAAP process should be advanced and inclusive development must be boosted to enable all parties to benefit from the economic globalization.
A declaration was issued following the conclusion of the 25th APEC Economic Leaders’ Meeting, which was held on Nov 10 and Nov 11 with the theme of “Creating New Dynamism, Fostering a Shared Future.”(Source: State Council website)
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