Xi Jinping calls for inclusive and dynamic globalisation at APEC summit

Xi called for systemic reforms in global economic governance, recommending that countries collectively plan, build, and share benefits while amplifying the voice of the Global South.

Chinese President Xi Jinping, in a written speech delivered on Friday at the APEC CEO Summit 2024, urged efforts to steer economic globalization in a direction that is universally beneficial and inclusive. Addressing global leaders, he highlighted the Asia-Pacific region’s integration within the global economy, portraying it as an interdependent community with a shared destiny. Xi emphasized that with the world entering a new period of turbulence and transformation, navigating the challenges facing economic globalization is akin to “sailing up a river”—a situation demanding collective progress rather than regression.

Xi underscored the inevitability of economic globalization due to advancing productive forces and scientific development. While acknowledging challenges such as geopolitical tensions and economic decoupling efforts, he criticized actions aimed at blocking global cooperation, warning they constitute retrogressive steps. Amidst economic uncertainties, he called for heightened confidence to ensure that economic globalization remains inclusive, dynamic, and sustainable.

The Chinese leader proposed innovation as a key driver for economic growth worldwide. He advocated for advances in science and technology that benefit humanity as a whole, urging support for developing nations to enhance their capacities in these fields. Furthermore, Xi called for systemic reforms in global economic governance, recommending that countries collectively plan, build, and share benefits while amplifying the voice of the Global South. Ensuring equality in economic cooperation is essential, he said, for achieving a balanced global system.

Xi also emphasized a people-centered approach to global development, suggesting that true prosperity is only attainable through common growth. Imbalances in wealth distribution, where the rich become wealthier while others remain impoverished, hinder global stability. He urged efforts to create equal opportunities so that all nations and communities can share in the fruits of development.

The Asia-Pacific region’s success, Xi said, is rooted in its commitment to peace, multilateralism, and openness. Stressing its role as a driving force for global economic integration, he advocated for further advancements to foster a green and digital economy within the region. China, he stated, remains committed to high-quality development and green initiatives, pledging deeper reforms and a stronger commitment to global economic growth through initiatives like the Belt and Road.

China’s future path, Xi asserted, is entwined with the Asia-Pacific’s prosperity, calling for enhanced collaboration to tackle global challenges and shape a brighter future for all.