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Xi makes speech at APEC leaders informal meeting

By AN BAIJIE in Lima, Peru | chinadaily.com.cn | Updated: 2016-11-21 09:20

Xi makes speech at APEC leaders informal meeting

Asia-Pacific Economic Cooperation (APEC) leaders pose for a group picture in Lima, Peru on November 20, 2016. [Photo/Xinhua] 

President Xi Jinping on Sunday called for firm steps of pushing economic globalization and boosting free trade to inject energy for economic growth.

"History has proven that protectionism will get nothing,"  Xi said in his speech at the informal meeting of the Asia-Pacific Economic Cooperation (APEC) leaders, which was held in Lima, capital of Peru.

The 21 APEC member economies should promote an open and integrated economy, enhance connectivity and boost reform and innovation, Xi said.

"We need to make it clear to the world with action that the commitment of the Asia-Pacific to economic globalization is unchanged and its confidence undiminished," he added.

Xi called for the early establishment of the Free Trade Area of the Asia-Pacific (FTAAP), saying that the FTAAP will promote the economy of the Asia and Pacific region to a new level.

"To build the FTAAP will never be an easy task," Xi said, adding that the FTAAP's collective strategic study was smoothly completed this year, marking a new phase in its development.

The idea of creating the FTAAP was proposed eight years ago and was officially launched at the Beijing APEC summit in 2014.

"We need to effectively address the fragmentation of regional trade agreements, advocate openness and inclusiveness and avoid close-door policy and exclusiveness," Xi told the APEC leaders.

This year's APEC leaders' meeting comes against the backdrop of a sluggish global recovery, lack of growth momentum, backlash against globalization, weak trade and investment and growing global challenges that cloud economic outlook.

 

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