Protectionism not a solution

At the Asia-Pacific Economic Cooperation Economic Leaders' Meeting in Lima, Peru, leaders from the member economies and participating enterprises expressed their concerns over the emerging trend of trade protectionism.

That is why in his keynote speech to the APEC CEO summit, President Xi Jinping firmly advocated the establishment of the Free Trade Area of the Asia-Pacific, which would offer institutional guarantees for an open economy in the region.

Protectionism has been on the rise since the 2008 global financial crisis, and some major economies in particular, have taken continuous restrictive trade and investment measures.