Chinese President Xi Jinping on Friday called globalization an “irreversible historical trend” in his APEC keynote speech, reaffirming China’s commitment to an open economy and multilateral trade system.
Xi’s speech came after US President Donald Trump’s “America First” address where he vowed to protect the US from being taken advantage of.
“Over the last few decades, economic globalization has contributed greatly to global growth. Indeed, it has become an irreversible historical trend. Against the backdrop of evolving global developments, economic globalization faces new adjustments in both form and substance. In pursuing economic globalization, we should make it more open and inclusive, more balanced, more equitable and beneficial to all,” Xi said.
Xi stressed the importance of an open economy that benefits all.
“Openness brings progress, while self-seclusion leaves one behind,” Xi said. “We should put in place a regional cooperation framework that ensures consultation among equals, wide participation and shared benefits, build an open Asia-Pacific economy and promote trade and investment liberalization and facilitation.”
He said the building of a Free Trade Area of the Asia-Pacific (FTAAP) is the long-cherished dream of the business community in our region.
Chen Dingding, a professor of International Relations at Ji’nan University, told the Global Times that “China has benefitted greatly from the multilateral trade system. The country joined APEC in 1991 and with the help of APEC, China’s economy further liberalized and eventually became a member of the WTO.”
Chen said Xi’s APEC speech is very much in line with his report to the 19th Communist Party of China (CPC) National Congress.
“Xi has repeatedly voiced his opposition to protectionism at multiple occasions. This shows China pays great attention to openness and globalization at the very top,” Chen noted.
C) summit to discuss how to push ahead with the TPP, after the United States pulled out this year.
“The meeting did not happen, work remains to be done and that’s what’s happening now,” a Canadian official said.
By Bai Tiantian in Da Nang and Liu Xin in Beijing
Source: People’s Daily and Global Times/NewsGhana.com.gh