On the morning of October 31 local time, Session I of the 32nd APEC Economic Leaders’ Meeting was held at the Gyeongju Hwabaek International Convention Center in the Republic of Korea. President Xi Jinping attended the meeting and delivered important remarks entitled “Building an Inclusive Open Asia Pacific Economy for All.”

President Xi Jinping was warmly greeted by President of the Republic of Korea Lee Jae Myung upon his arrival at the venue.

In his remarks, President Xi Jinping pointed out that over the past 30-plus years since its founding, APEC has been spearheading the region’s rise to the forefront of global open development, and has made the Asia Pacific the most dynamic part of the global economy. Currently, changes unseen in a century are accelerating across the world. The Asia Pacific faces growing uncertainties and destablizing factors in its development. The rougher the seas, the more we must pull together. We should stay true to APEC’s founding mission to promote economic growth and improve people’s lives, and champion open development where everyone shares opportunities and emerges a winner. We should promote a universally beneficial and inclusive economic globalization, and build an Asia Pacific community.

President Xi Jinping made five proposals.

First, we should work together to safeguard the multilateral trading system. We must practice true multilateralism, and enhance the authority and effectiveness of the multilateral trading system with the WTO at its core. We should update international economic and trade rules to reflect the changing times, so as to better protect the legitimate rights and interests of developing countries.

Second, we should work together to build an open economic environment in the region. We should keep promoting trade and investment liberalization and facilitation, deepen fiscal and financial cooperation, and steadily push for regional economic integration. We should help the RCEP and the CPTPP align with each other and progress together so as to inject impetus into the development of the FTAAP.

Third, we should work together to keep industrial and supply chains stable and smooth. We must join hands rather than part ways, and strengthen our links rather than sever them. We should vigorously expand our common interests, and support the open development of supply chains. We should strive for concrete and tangible results in physical, institutional and people-to-people connectivity so as to further consolidate the foundations for open development in our region.

Fourth, we should work together to advance the digital and green transformation of trade. We should make digital technologies a strong catalyst for cross-border trade. We must remove various green barriers, and expand cooperation in green industries, clean energy and green minerals.

Fifth, we should work together to promote universally beneficial and inclusive development. We should adhere to the people-centered development philosophy, focus on imbalances in development, and foster an economic globalization that is more inclusive, sustainable, and beneficial to all peoples in the region. China is working with various parties to promote the high-quality development of the Belt and Road Initiative, and will continue to strive for common development and shared prosperity with all nations.

President Xi Jinping stressed that China always pursues the basic state policy of opening up, and has taken real steps to promote an open world economy. The Recommendations for Formulating the 15th Five-Year Plan were adopted at the fourth plenary session of the 20th Central Committee of the Communist Party of China. China will take this opportunity to further deepen reform comprehensively and expand high-standard opening up, and create new opportunities for the Asia Pacific and the world through the latest achievements of Chinese modernization.

The meeting was chaired by President of the Republic of Korea Lee Jae Myung under the theme “Building a Sustainable Tomorrow.”

Wang Yi attended the above event.