KUALA LUMPUR: China will continue to open its doors to the world, while advancing trade and investment liberalisation and facilitation, said its president Xi Jinping.
Xi said the initiative can be done through negotiation, high-standard free trade agreements with more countries, and to actively engage in bilateral, multilateral and regional mechanisms for trade and investment cooperation.
"China is already deeply integrated into the global economy and the international system. We will not reverse course or run against historical trend by 'decoupling' or forming a small circle to keep others out," he said in his keynote address at the virtual Asia Pacific Economic Cooperation (Apec) CEO Dialogues 2020 today.
By fostering a new development paradigm, Xi said China would not be pursuing a closed-door circulation, but opening and mutually reinforcing domestic and international circulations.
"China will further cut tariffs and government-instituted transaction costs, and open a number of demonstration zones for creative promotion of import trade to increase import of quality goods and services.
"I am confident that the steady unleashing of the China market potential will create vast business possibilities for other countries, and this will create stronger impetus for maintaining stable growth of the global economy," he said.
Xi said the Covid-19 pandemic had accelerated changes unseen in a century in the world as the global economy fell into deep recession, with its industrial and supply chain were disrupted and governance, trust, development and peace deficits continue to grow.
"Mounting unilateralism, protectionism and bullying as well as backlash against economic globalisation have added to risks and uncertainties in the world economy.
"However, peace and development remain the underlying trend of our times. Meeting challenges through cooperation is the only way forward for us in the international community," he said.
Xi said the pandemic had shown that the interests of all countries were closely interwoven and that humankind shared a common stake.
"Indeed, our world is an indivisible community with a shared future. To beat the virus and promote global recovery, we in the international community must close ranks and jointly respond to this crisis and meet the test," he said.
Xi said all countries should act in the spirit of partnership and get through this tough time together, while stepping up policy communication and coordination, intensifying all-round global cooperation against Covid-19 and keeping global economy open.
"By doing so, we can defeat the virus at an early date and achieve robust, sustainable, balanced and inclusive growth for all. Openness enables a country to move forward, while seclusion holds it back.
"In today's world where economic globalisation has become an irreversible trend, no country can develop itself by keeping its doors closed," he stressed.
Xi said China would continue to firmly support the multilateral trading system, get more actively involved in reforming the system of global economic governance, and play its part to make this system fairer and more equitable.
"China will take a more active part in the international division of labour, get more effectively integrated into global industrial, supply and value chains, and more enthusiastically expand exchanges and cooperation with other countries.
"We welcome cooperation with every other region, country, or company that wants to do so. China will remain committed to openness and cooperation, and adhere to multilateralism and the principle of extensive consultation, joint contribution and shared benefits," he said.
Meanwhile, he said China would work to pursue high-quality Belt and Road cooperation with its partners, and seek greater complementarity between the development strategies and connectivity plans of regions and countries concerned.
"The Asia Pacific is our shared home. To sustain peace, stability, development and prosperity in the region meets the interests of us all.
"As Asia Pacific economies are connected by the same ocean, we benefit from close interactions between our peoples and geographic proximity."
He urged Apec economies to follow market trends, seize opportunities created by economic globalisation and regional economic integration and become forerunners driving global growth.
"The business community needs a broader vision, greater resilience and stronger entrepreneurship. With them, I am sure you will create greater prospects for business development. I hope you will contribute your share to promoting openness and development.
"We may work to advance trade and investment liberalisation and facilitation, and ensure the security and stability of industrial and supply chains of our region, thus enabling the region to take the lead in achieving economic recovery and prosperity," he added.
