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President Xi calls for inclusive, rule-based world economy

International News

President Xi calls for inclusive, rule-based world economy

Reported by: China Daily Updated on: 18/Nov/2018

Chinese President Xi Jinping stressed the importance of building an open, inclusive, innovative and rule-based world economy while addressing the Asia-Pacific Economic Cooperation (APEC) CEO Summit here on Saturday.

In a keynote speech to the business leaders, Xi urged the international community to hold on to the right direction of world economy and work out an efficient global governance system.

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The Chinese president made a five-pronged proposal on world economic development and global governance.

First, it is advisable that the economies focus on openness to create more space for development.

He called for efforts to build a free trade area of the Asia-Pacific (FTAAP).

"We should say no to protectionism and unilateralism, uphold the WTO-centered multilateral trading system, make economic globalization more open, inclusive, balanced and beneficial to all, and expand converging interests and share opportunities through opening-up and cooperation," he said.

Secondly, it is advisable to focus on development to deliver more benefits to the peoples, Xi said.

The economies should strengthen cooperation and help developing countries eliminate poverty so that people in all countries will live better lives. "This is what fairness is essentially about," Xi said.

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He also called on the economies to make the 2030 Agenda for Sustainable Development a part of their national development strategies and forge equal and balanced global development partnerships.

Developed countries should honor their commitments on official development assistance and increase support to developing countries, he said.

The principle of "special and differential treatment," which is a cornerstone of the WTO, is not to be challenged. Otherwise the very foundation of the multilateral trading system will be shaken, he said.

Thirdly, the economies should focus on inclusiveness and promote interactions.

Diversity and interaction between different civilizations, social systems and paths can provide strong impetus for human progress, he said.

"We should reject arrogance and prejudice, be respectful of and inclusive toward others, and embrace the diversity of our world," he said, adding that "we should seek common ground while putting aside differences, draw upon each other's strengths and pursue co-existence in harmony and win-win cooperation."

When it comes to choosing a development path for a country, no one is in a better position to make the decision than the people of that country, he said.

Fourthly, the economies should focus on innovation to tap new sources of growth, Xi said.

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"What we should do is to lose no time in making every effort to explore new growth drivers and development paths, and remove all institutional obstacles holding back innovation," he said.

He called on the economies to boost innovation and market vitality, steer the new scientific revolution and industrial transformation in the right direction, foster an enabling environment for international cooperation that will deliver the fruits of innovation to more countries and peoples.

Fifthly, the economies should focus on a rules-based approach to improve global governance.

"We should advance the reform of the global governance system on the principle of conducting consultation and collaboration for shared benefits," he said.

This reform should be advanced on the basis of equality, openness, transparency and inclusiveness, he said, adding that developing countries should have more say and greater representation in this process.