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Asia-Pacific Development
China fully displayed its confidence in its approach to global economic development in APEC Economic Leaders' Metting
Editorial | NO. 47 NOVEMBER 23, 2017

Attending the 25th Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Da Nang, Viet Nam on November 10 and 11, President Xi Jinping gave a keynote address entitled "Seizing the Opportunity of a Global Economy in Transition and Accelerating Development of the Asia-Pacific" at the APEC CEO Summit. This was the first time that China's top leader had appeared on the multilateral international stage after the 19th National Congress of the Communist Party of China (CPC) that concluded on October 24, systematically explaining the outcomes of the CPC National Congress and expressing China's ideas on future development of Asia-Pacific.

Xi again showed the rest of the world China's confidence in and wisdom on its approach to global economic development. China's confidence unfolds in the following three aspects. First, its accurate grasp of new changes in global affairs. When addressing the APEC CEO Summit, Xi pointed out that the world is seeing four profound changes, namely, profound changes in growth drivers, in the model of global growth, in economic globalization and in the system of global economic governance. These four changes are a correct judgment of current global affairs and will serve as an important reference for China's future measures.

Second, bold in taking on responsibilities, China has put forward four proposals. In the face of such changes in the global economy, Xi said, "we must advance with the trend of the times, live up to our responsibility and work together to deliver a bright future of development and prosperity for the Asia-Pacific." The answer from China is to continue to foster an open economy that benefits all; to continue to pursue innovation-driven development and create new drivers of growth; to continue to enhance connectivity and achieve interconnected development; and to continue to make economic development more inclusive and deliver its benefits to our people. These four points gave the direction for the Asia-Pacific's future development.

Third, referring to the recently concluded 19th CPC National Congress, Xi showcased the strong positive power in China's future development. As the second largest economy in the world, China is fully aware of its responsibility for economic development in the Asia-Pacific and even in the world. The 19th CPC National Congress crafted a plan of action for the construction of socialism with Chinese characteristics in the new era and also relevant development blueprints, which will lead the Chinese people on a new journey. This new journey will be characterized by deepening reforms which help to unleash development vitality through new development methods that keep pace with the times, by a higher level of openness of its economy, by marching toward a better life for the people, and by advancing the creation of a community of shared future for humanity along with the construction of a new type of international relationship.

China's new journey will help to guide the world economic development amid deepening economic globalization. The Asia-Pacific is the biggest section of the global economy and also a crucial engine for global economic growth. However, the region is far from harmonious, with the peace and development overshadowed by many challenges. It's hoped that economies in the Asia-Pacific region will seek common ground while shelving differences, fully appreciate the good will and power delivered by Xi's four proposals, and contribute to the solidarity, development and prosperity of the region and the world at large.

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