PR98895

BEIJING, Nov. 19, 2022 /PRNewswire=KYODO JBN/ --

With the theme of "Open, Connect, Balance," the 29th APEC Economic Leaders'

Meeting kicked off on Friday, in Bangkok, which is the first such in-person

meeting since 2018.

The voice of China is in the limelight as the country's membership of APEC has

not only boosted its own development but also greatly contributed to the

regional and world economies.

Highlighting that the Asia-Pacific is "our home as well as the powerhouse of

global economic growth," Chinese President Xi Jinping stressed building an

Asia-Pacific community with a shared future when delivering a speech during

Friday's meeting.

Asia-Pacific community with a shared future

"Today the world has come to another historical crossroads, and this has made

the Asia-Pacific region even more important and prominent in its standing and

role," Xi said.

Calling for joint efforts in building an Asia-Pacific community with a shared

future, he stressed several aspects — peace and stability, prosperity for all,

cleanliness and beauty, and a shared future.

He also underlined upholding international fairness and justice, adhering to

openness and inclusiveness, seeking green and low-carbon development, and being

committed to cooperation so as to reach the goal.

The region's status is of great significance in the world. With a combined

population of 2.9 billion, the 21 APEC economies account for over 60 percent of

the world's total gross domestic product (GDP) and about half of world trade.

APEC is working on areas such as trade and investment liberalization, business

facilitation, and economic and technical cooperation, aiming to achieve

sustainable growth and prosperity in the Asia-Pacific region.

In the latest Regional Economic Outlook Report for Asia and Pacific, the

International Monetary Fund (IMF) lowered its growth forecasts for the

Asia-Pacific region to 4 percent this year and 4.3 percent next year, by 0.9

and 0.8 percentage points, respectively, from its April forecasts.

Despite the growth cut, Asia remains a relatively bright spot in an

increasingly dimming global economy, said Krishna Srinivasan, director of the

IMF's Asia and Pacific Department.

China committed to regional partnerships

Since joining APEC 31 years ago, China has been firmly committed to regional

partnerships and free trade and investment, making significant contributions to

a multilateral trading system and an open world economy.

"China will work with other parties on the full and high-quality implementation

of the Regional Comprehensive Economic Partnership (RCEP)," Xi told the APEC

meeting.

The country will continue working toward joining the Comprehensive and

Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital

Economy Partnership Agreement (DEPA), he added.

The RCEP, the world's largest free trade deal, covers 10 member states of the

Association of Southeast Asian Nations and its five free-trade agreement

partners: China, Japan, the Republic of Korea, Australia and New Zealand. China

was among the first to ratify the RCEP agreement last year.

Both the RCEP and CPTPP are believed to be viable pathways toward the wider

Free Trade Area of the Asia-Pacific (FTAAP), which the 21 APEC members aim to

establish.

China will consider holding the third Belt and Road Forum for International

Cooperation next year to provide fresh impetus for the development and

prosperity of the Asia-Pacific and the world, according to the Chinese

president.

Echoing the theme of the 2022 APEC, Beijing has promised a high-standard

opening up with the fifth China International Import Expo in Shanghai yielding

great results earlier this month.

Tentative deals with a total worth of $73.5 billion were reached during the

import-themed event, a testament to China's gigantic market and numerous

business opportunities.

As the 20th National Congress of the Communist Party of China last month set

the blueprint for the country's development for now and beyond, the president

also stressed that Beijing will advance a broader agenda of opening up across

more areas and in greater depth.

He underlined that following the Chinese path to modernization, the country

will build new systems for "a higher-standard open economy," and share

development opportunities with the world, particularly with the Asia-Pacific

region.

https://news.cgtn.com/news/2022-11-18/China-stresses-Asia-Pacific-community-in-addressing-global-challenges-1f3LalyTRGU/index.html

SOURCE CGTN