2016年CRI Xi promotes Asia-Pacific FTA at APEC summit

During a keynote speech, President Xi Jinping called for concerted efforts to advance the construction of the Free Trade Area of the Asia-Pacific (FTAAP), noting that it is a strategic choice concerning the long-term prosperity of the region.

The Chinese leader said the move will provide an institutional guarantee for fostering an open regional economy while underlining the need to safeguard a multilateral trade system.

Meanwhile, Xi Jinping advised against closed and exclusive regional trade arrangements, saying that those are not correct choices.

The president noted 1 any regional trade arrangement must be open, inclusive, and benefit all sides, if it is to gain popular support.

"We need a regional cooperation framework that features equal consultation 2, joint 3 participation 4, and shared benefits. Closed and inclusive arrangements are not the right choice. Building a free trade area of the Asia-Pacific is a strategic initiative critical for the long-term prosperity of the Asia-Pacific and it is regarded by the business community as the 'APEC dream'. We should firmly pursue FTAAP as an institutional mechanism 5 for ensuring an open economy in the Asia-Pacific."

APEC brings together leaders whose economies represent 57 percent of global gross domestic product.

In his speech, Xi Jinping reaffirmed that globalization has for the most part served the interests of all parties and joint efforts are needed in addressing new issues in the process.

"We should commit ourselves to building a community with a shared future. And that should oblige us to come closer together rather than growing apart. We should continue deepening and expanding the cooperation in our region. We need to build a common platform, establish common rules and share the results of our development. Any attempt to exclude any of us must be rejected."

The Chinese leader stressed the need to solve the problems of unfairness and injustice 6 and make the globalization process more vigorous, inclusive and sustainable.

The president said globalization measures had to be focused on the reduction of poverty and improving pthe quality of people's lives.

Xi Jinping went on to say that the proposed free trade area that encompasses 7 all 21 APEC members could contribute to that goal.

At the same time, the leader of the world's second largest economy promised his country will provide a more open, relaxed and transparent 8 investment environment for foreign businesses and deeply engage in the economic globalization process.

To realize that, Xi Jinping said China will further ease the access of foreign investment to its market and create more favorable conditions for foreign businesses to share the opportunities brought by its development.

"We are going to give greater access to foreign investment and we are going to continue establishing high standards, pilot zones for free trade in China. We are going to create an environment in line with international standards. We are going to guarantee the existence of an equal playing field for all businesses in China, both domestic and foreign ones."

Since the global financial crisis, China has contributed to 40 percent of global growth.

Statistics show more than 700 million Chinese tourists are expected to fan out across the globe in the coming years, while the country continues to invest billions abroad.