China advocates APEC leadership in economic globalization despite setbacks

LIMA - Chinese President Xi Jinping on Sunday urged members of the Asia-Pacific Economic Cooperation (APEC) to stay committed to taking economic globalization forward with vigorous measures, despite increasing setbacks around the world.

Speaking at the 24th APEC Economic Leaders' Meeting here in Peru, Xi highlighted the APEC's role as a pioneer, leader and trailblazer of economic cooperation in the Asia-Pacific and the world at large, and called on APEC members to leverage the Asia-Pacific's role as a growth engine and work for an innovative, invigorated, interconnected and inclusive world economy.

At the high-level gathering of APEC economic leaders, Xi urged the APEC economies to stay committed to taking economic globalization forward, increasing openness in the Asia-Pacific economy, breaking bottlenecks in regional connectivity and blazing new trails in reform and innovation.

Currently, the world economy still finds itself in profound adjustment, with weak recovery and more divergent growth, said Xi, adding that economic globalization has encountered setbacks, as evidenced by sluggish international trade and investment and rising protectionism.

Citing the blueprint for strong, sustainable, balanced and inclusive world economic growth produced by the G20 Hangzhou Summit in September, the Chinese president said it embodies the spirit of partnership to jointly rise to challenges as well as the commitment to common development.

"Instead of coming to a stop because of the temporary difficulties, we need to continue our involvement in economic globalization. What is important is to combine it with our respective development practices, strive to ensure equity and justice, and steer it towards a more inclusive and mutually beneficial direction," he said.