Xi urges open regional economy

President vows to speed up efforts, foster new drivers for development

President Xi Jinping called on members of the Asia-Pacific Economic Cooperation to advance regional integration so as to build an open economy in the region.

He also reaffirmed that China will continue to open up by significantly expanding market access, better protecting intellectual property rights, and making the investment and business environments more attractive.

Xi made the remarks in a speech on Sunday delivered at the APEC Economic Leaders' Meeting in Port Moresby, Papua New Guinea.

"We have reached a crossroads of history when we must have a keen appreciation of global trends and take the pulse of the world economy," he said.

APEC members should continue to promote trade and investment liberalization, although the road to a Free Trade Area for the Asia-Pacific will not be smooth, Xi said.

The global economic environment is fraught with risks, and uncertainties such as protectionism and unilateralism are resurfacing. This puts the multilateral trading system under assault, the president said.

"We need to firmly uphold the rules-based multilateral trading system and say no to protectionism," he said, noting that efforts should be undertaken to make economic globalization more open, inclusive, balanced and beneficial for all.

As this year marks the 40th anniversary of China's reform and opening-up, Xi said China will pursue continued reforms with resolve across the board.

"We will speed up efforts to improve our socialist market economy and put in place a modern economic system," he said.

Reprinted from Xinhua