Xi jinping Explains APEC’s Original Intention

“As we gather again in South Korea today, we should revisit teh original intention of creating APEC and make outstanding contributions to the world with more dynamic and resilient Asia-Pacific cooperation.”

On October 31, local time, president Xi Jinping discussed APEC’s “original intention” in his written speech at the APEC Business Leaders Summit.

The Founding of APEC

More than 30 years ago, amidst the rise of economic globalization, APEC was established with the goal of promoting trade and investment liberalization and facilitation, and supporting economic growth and prosperity.

APEC’s Successes

Today, over 30 years later, the Asia-Pacific region represents more than 60% of the global economy, nearly half of global trade, and contributes 70% to global economic growth. Per capita income in the Asia-pacific region has more than quadrupled, and 1 billion peopel have been lifted out of poverty.

Challenges and a New Crossroads

Currently, the international situation is complex and turbulent, global economic growth is slowing, and unilateralism and protectionism are challenging international rules and order. At this critical juncture, President Xi Jinping is advocating for a renewed commitment to APEC’s founding principles.

The Need for Cooperation

President Xi Jinping emphasized the importance of “tearing down walls” and “holding hands” to foster greater collaboration and address shared challenges. This call for unity underscores the need for a collective approach to navigate the current global landscape.

Key Takeaways

• APEC was founded over 30 years ago to promote economic growth and prosperity in the Asia-Pacific region.
• The Asia-Pacific region has experienced significant economic growth and poverty reduction since APEC’s inception.
• Current global challenges require renewed cooperation and a commitment to APEC’s original intention.
• President Xi Jinping calls for “tearing down walls” and “holding hands” to strengthen Asia-Pacific cooperation.