2015年CRI President Xi Calls for Closer Regional Integration in APEC CEO Summit

In his keynote speech, President Xi Jinping first reviewed the world economy, saying that it may take a long time for the global economy to regain 1 complete health.

As such, Xi Jinping called for the Asia-Pacific area to initiate 2 reform and innovation.

"We must push ahead with reform and renovation 3. Addressing underlying 4 problems in the world economy, carrying out the monetary 5 stimulus 6 policies alone is not enough. We must make greater efforts in promoting the economic structural 7 reform and make the supply system better adapted to the changing demand structure. The Asia-Pacific region should go ahead in the world, in that aspect."

The latest statistics suggest growth among the 21 APEC economies has softened 8 to 3.1 percent in the second quarter of this year, down 0.3 percent from a year ago.

That is one of the reasons why the APEC leaders have gathered in Manila on Thursday to address their common challenges under the theme of "Building Inclusive Economies, Building a Better World."

Meanwhile, President Xi Jinping reassured 9 global business leaders that China's economy is proving resilient despite strong downward pressure.

"Overall, the enduring, positive trend of China's economic development has not changed. The characteristics of the economy being resident, full of potential, with ample room for maneuvering 10 have not changed. The fundamentals and conditions supporting the continuing growth of the Chinese economy have not changed."

His words come as the world's second largest economy has reported a 6.9 percent GDP growth in the third quarter of this year. This is the lowest since the 2nd quarter of 2009.

As China undergoes economic transition, President Xi says Beijing is planning to ease restrictions 11 for foreign investors 12 as one of the key financial reform measures.

"We will step up reforms of the foreign investors management system, substantially cut restrictions on market access for foreign investment, improve intellectual property rights protection, and foster an open, transparent 13, fair and highly efficient market environment."

At the same time, President Xi Jinping has urged APEC members to push forward the process of setting up an Asia-Pacific Free Trade Area, or known as FTAAP.

Last November, APEC members reached consensus 14 on a roadmap to launch the study into the FTAAP during the 2014 APEC Leaders' Summit in Beijing.

This was seen as a historic step for APEC members to boost the openness of the Asia-Pacific economy and safeguard multilateral trade systems.

The Chinese President says nothing should be allowed to disrupt the development of the Asia-Pacific region and each member needs to resolve their differences through dialogue and consultation 15.

For CRI, I am Wang Mengzhen.