Seizing the Opportunity of a Global Economy in Transition and Accelerating Development of the Asia-Pacific
– Keynote Address at the APEC CEO Summit
H.E. Xi Jinping, President of the People’s Republic of China
Da Nang, 10 November 2017
Chairman Vu Tien Loc,
Leaders of the APEC Business Community,
Ladies and Gentlemen,
Good afternoon! I am glad to come to Da Nang and meet all of you again.
Our region, the Asia-Pacific, has the biggest share of the global economy; and it is a major engine driving global growth. The business community is a primary contributor to growth, as it keeps exploring new ways of development. That’s why during the APEC Economic Leaders’ Meeting over the last several years, I have always taken time to meet business leaders and discuss with you approaches and measures to address the challenges we face.
It has been 10 years since the international financial crisis broke out. Over the last decade, the international community have worked in concert to steer the global economy back to the track of recovery. Thanks to our efforts, the global economy is improving. Despite risks and uncertainties, global trade and investment are picking up, people are more optimistic about the outlook of financial markets, and confidence is growing in all sectors.
Development is a journey with no end, but with one new departure point after another. An ancient Chinese philosopher once observed, “We should focus our mind on the future, not the past.” We live in a fast-changing world, and the global economy is undergoing more profound changes. We must therefore closely follow the trend of the global economy, identify its underlying dynamics, keep to the right direction, and, on that basis, take bold action.
– We are seeing a profound change in growth drivers. Countries are turning to reform and innovation to meet challenges and achieve growth. The potential of structural reforms is being unlocked and its positive impact of boosting growth of various countries has become more evident. A new round of technological and industrial revolutions is gaining momentum. Digital economy and sharing economy have registered rapid growth. New industries as well as new forms and models of business are flourishing. As a result, new growth drivers are being created.
– We are seeing a profound change in the model of global growth. As time advances, development has taken on profoundly richer implications. The vision of innovative, coordinated, green and open development for all is gaining increasing public support. To achieve more comprehensive, higher quality and more sustainable development has become the shared goal of the international community. To implement the 2030 Agenda for Sustainable Development and adapt to climate change and other challenges of a global nature has become an important international consensus.
– We are seeing a profound change in economic globalization. Over the last few decades, economic globalization has contributed greatly to global growth. Indeed, it has become an irreversible historical trend. Against the backdrop of evolving global developments, economic globalization faces new adjustments in both form and substance. In pursuing economic globalization, we should make it more open and inclusive, more balanced, more equitable and beneficial to all.
– We are seeing a profound change in the system of global economic governance. The evolving global economic environment demands more from the system of global economic governance. We should uphold multilateralism, pursue shared growth through consultation and collaboration, forge closer partnerships, and build a community with a shared future for mankind. This, I believe, is what we should do in conducting global economic governance in a new era.