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Xi Jinping Attends 21st APEC Economic Leaders' Meeting and Delivers Important Speech

Xi Jinping Attends 21st APEC Economic Leaders' Meeting and Delivers Important Speech

Proposing That APEC Should Play a Leading Role in Maintaining and Advancing an Open World Economy

On Oct. 7, 2013, the 21st APEC Economic Leaders' Meeting was held in Bali, Indonesia. President Xi Jinping attended the meeting, and delivered an important speech, expounding the view on the current world economy, stressing that APEC is moving into a new development period, and should strengthen macroeconomic policy coordination, maintain the stability of Asia-Pacific economy and finance, drive members to deepen economic restructuring, promote Asia-Pacific economic integration, maintain and develop an open world economy, and help the Asia-Pacific region continue to play the role as an engine for the recovery of the world economy.

The first session of the meeting focused on APEC's role in strengthening the multilateral trading system in the current global economic situation. Leaders at the meeting exchanged views around the issues under discussion, jointly discussed the world economy, and planned for Asia-Pacific cooperation in the future.

President Susilo Bambang Yudhoyono of Indonesia, which is the host country, hosted the meeting. After finishing the opening remarks, he first invited Xi Jinping to make a speech. Xi Jinping then made an important speech “APEC Should Play a Leading Role in Maintaining and Advancing an Open World Economy”.

Xi Jinping said that at present, the overall world economy is developing towards a good direction, but unstable and uncertain factors remain outstanding, and achieving full recovery and healthy growth of the world economy still faces severe challenges. APEC should show courage and determination, play a leading and coordinating role in maintaining and advancing an open world economy, and promoting the Asia-Pacific Region to continue to play the role as an engine for the recovery of the world economy.

Xi Jinping put forward a three-point proposal for this purpose.

First, to strengthen macroeconomic policy coordination, and to jointly promote Asia-Pacific common development. We will uphold the spirit of openness, inclusiveness, cooperation and mutual benefits, and promote an open development pattern, featuring policy coordination, interconnected growth and converging interests.

Second, to maintain economic and financial stability in the Asia-Pacific Region through factual assessment of the situation and cool-headed response to the challenges. We must prevent risks from piling up and causing major economic and financial turbulence in the Asia-Pacific Region, use social policies to underpin economic policies, and prevent economic and financial risks from evolving into political and social issues. At the same time, we should see that the common wish of seeking peace and stability, and promoting the development in the Asia-Pacific Region has not changed, that the rising trend of the region’s position and role in the world’s political and economic landscape has not changed, and that the power and potential of the sustained and rapid economic growth have not changed. We have reasons to maintain confidence in Asia-Pacific development prospects.

Third, to take a long-term perspective, and to drive members to deepen economic restructuring to inject more vitality into the sustainable development of the Asia-Pacific Region. We need to change the economic development pattern, to promote reform and innovation, to release the potential of domestic demand, innovation power, and market vitality, to deepen the integration of industrial and value chains, and to help the Asia-Pacific Region take the lead globally in forming new industrial clusters for growth.

About the free trade arrangement and multilateral trading system in the Asia-Pacific Region, Xi Jinping stressed that first, to join forces to promote the Asia-Pacific economic integration. China holds an open attitude to any mechanisms and arrangements that are good to Asia-Pacific regional integration, and the relevant arrangements should learn from each other, promote each other, integrate with each other, and complement each other. APEC members should uphold the principle of being open, inclusive and transparent, show flexibility, and build and launch information exchange mechanism of free trade zone as soon as possible. Second, to be committed to open development, and to firmly oppose to trade protectionism. We should uphold the spirit of the Bogor Goals, and developed members should set up a good example on further opening the market. Third, to have firm confidence, injecting new vitality to the multilateral trading system. We should have the courage to take on responsibilities, and send a strong political message to promote the Doha Round negotiations to achieve early harvest, and to ensure the negotiated specific roadmap can be fully completed.

In the end, Xi Jinping pointed out that APEC is entering a new period of development. Standing on the new historical starting point, let’s join hands, uphold the spirit of openness, inclusiveness, cooperation and mutual benefits, and help APEC play a bigger role.

Other leaders at the meeting said that APEC should strengthen macroeconomic policy coordination, carry out responsible macroeconomic policies, support the multilateral trading system and achieve the Bogor Goals, oppose trade protectionism and trade distorting measures, and maintain the regional economic and financial stability. APEC should play a leading role in regional economic integration, build closer connectivity, and carry out the policy dialogue on various regional free trade arrangements. APEC should build an open economy through cooperation, based on development and innovation, interlinked growth, and interest integration, transform the growth pattern, and promote economic structural adjustment. We are full of confidence in the Asia-Pacific economic development prospects, and will take a long-term perspective, adapt to the changing needs, and jointly be committed to injecting new vitality into the Asia-Pacific development, promoting the recovery of the world economy.

On the morning of that day, Xi Jinping also attended a dialogue between APEC leaders and representatives of the APEC Business Advisory Council, exchanging views with the delegates on the economic situation in the Asia-Pacific Region, and introducing the thought on China hosting the APEC Economic Leaders' Meeting next year.

On the same day, President Xi Jinping’s wife Peng Liyuan attended the activity held by President Susilo Bambang Yudhoyono’s wife Ani Bambang Yudhoyono for the leaders’ spouses of APEC member economies.

Ani Bambang Yudhoyono greeted Peng Liyuan at the entrance, and personally fastened Indonesian traditional clothing Sarong for Peng Liyuan. Peng Liyuan took group pictures with leaders’ wives of other APEC member economies, and greeted them. They watched together the Bali folk life show, the local traditional dance and folklore performances. The folklore was about a story that Chinese merchant ships arrived in Bali in the 12th century, and the king of Bali married a Chinese girl, reflecting that the friendly exchanges between the Chinese and the Indonesian people enjoy a long history.

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