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Xi Jinping's presence at APEC 2015 shows a success story

Editor: Li Kun 丨CCTV.com

11-19-2015 18:30 BJT

By Wang Zhenyu, Director/Associate Research Fellow, China National Committee for Pacific Economic Cooperation

According to Chinese protocol, it is impolite if a visit is not repaid. However, this does not justify Chinese President Xi Jinping’s presence at the ongoing APEC Economic Leaders' Meeting in Manila. As head of the most populous economy in the world and the second biggest economy, which has contributed to over one-third of the world's economic growth, Xi has many priorities.

 

It is not unusual for APEC leaders to fail to attend the annual gathering. However, China, as the leading exporter, second biggest importer, biggest FDI (foreign direct investment) destination, and ranked third in outbound FDI in the Asia Pacific region, Xi's absence would have been a major setback to APEC.

Currently, the region has become the driving force for global economic growth, but it's inundated with various economic risks and uncertainties.

The presidents of Indonesia and Russia were absent at the summit. If Xi were to be absent, it would set an unfortunate precedent. That would be a bad omen for developing partners.

Accordingly Xi did attend to the relief of the host and his fellow leaders. Opportunity-hungry entrepreneurs were happy to greet him. He lived up to their expectations. On November 18th, he delivered an informative speech at the ABAC CEO Summit. He proposed to tackle challenges facing the world, including the Asia Pacific region.

He said the world's economic recovery has a long way to go. He called for more reform and innovation, opening up policy, support for a sustainable development agenda and connectivity.

He emphasized the sustainable development agenda, proposing inclusive and harmonious growth.

In regard to the trend that some economies seek to add non-economic issues to APEC, he reiterated Beijing's view that APEC should pursue development as its main cause with a peaceful environment. APEC should tread on the correct path featuring win-win cooperation, respecting diversity and consensus.

This appears to be the bottom line of China's diplomacy for Asia Pacific economic cooperation. Given the general worries of the international society about China’s economic prospects, Xi offered an objective description of the domestic economy.

In the first three quarters, China's economy grew by 6.9 percent, contributing about 30 percent to global growth.

Xi said, China's economic scale stands at over ten trillion U.S. dollars,  such a result has not come easily in the process of economic restructuring and transformation.

In accordance with APEC 2015 priorities, Xi introduced the 13th Five-year Plan that highlight deepening reform and economic transformation.

He advocated for quality of economic output in response to the quality growth strategy as proposed by the host, innovation-driven economy in response to structural reform, green development in response to building sustainable and resilient communities, and reform and opening in response to regional economic integration.

And just when developed economies were building exclusive trade agreements and over-politicized FTAs, he advocated open regionalism and inclusive attitudes to promote the Belt & Road Initiative and the Asia Infrastructure Investment Bank (AIIB). He proposed to build an open, inclusive, balanced and all-win cooperation framework.

The success of APEC 2015 is expected to promote bilateral economic relations between China and the Philippines. However, the rapprochement depends on a change of attitudes with Manila over South China Sea tensions and whether the neighbor could head back to the right track of bilateral dialogue.

( The opinions expressed here do not necessarily reflect the opinions of Panview or CCTV.com. )

 

 

Panview offers a new window of understanding the world as well as China through the views, opinions, and analysis of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

Panview offers an alternative angle on China and the rest of the world through the analyses and opinions of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

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