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China Leads Diplomacy at APEC

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China was the star at APEC promoting free trade and opposing the imperialistic push the US continues to make in Asia.

Chinese President Xi Jinping said here Saturday that free and open trade and investment is among the purposes and principles of the Asia-Pacific Economic Cooperation (APEC) and an important pillar in the realization of the Putrajaya Vision 2040.

Xi made the remarks when he continued to attend the 29th APEC Economic Leaders’ Meeting, which focused on discussions over sustainable trade and investment. The president stressed the importance of the following:

First, upholding true multilateralism and defending the multilateral trading system. More should be done to safeguard the rules-based multilateral trading system, keep global industrial and supply chains secure and stable, foster an open, fair and non-discriminatory trade and investment environment, and strive for the early realization of a comprehensive, high-standard Free Trade Area of the Asia-Pacific.

Second, upholding inclusiveness for the benefit of all. More attention should be paid to inclusive development. Efforts are needed to build a regional economic cooperation architecture featuring equal-footed consultation, joint participation and shared benefits, and foster a big Asia-Pacific market that delivers benefits to all, so that all economies could grow together through interconnected development and carry out win-win cooperation through complementarity.

China has put forward initiatives on revitalizing rural areas, supporting small and medium-sized enterprises that use special and sophisticated technologies to produce novel and unique products, and advancing economic inclusion through trade and investment. They are aimed at spreading the dividends of development and innovation among more people, and facilitating the inclusive and sustainable development of all in the Asia-Pacific.

Third, upholding open regional cooperation for the prosperity of the Asia-Pacific. It is important to take greater initiative to open up and raise the level of regional economic cooperation in all respects. China will not waver in its commitment to high-standard opening up. China will open its door still wider.

The fifth China International Import Expo held recently is yet another demonstration of China’s firm resolve to support free and open trade and to open its market to the world. China will do more to import quality goods and services and create more market, growth and cooperation opportunities for the world.

The meeting issued the 2022 APEC Economic Leaders’ Declaration and the Bangkok Goals on Bio-Circular-Green Economy.

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S. Jack Heffernan Ph.D. Economist at Knightsbridge holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Crypto, Mining, Shipping, Technology and Financial Services.