Framework for openness and cooperation

For too long, the leaders of major economies have not spoken with one voice in support of free trade and climate actions. The 31st APEC Economic Leaders' Meeting in Lima, Peru, has changed that.

As shown by the Lima meetings' outcome documents — a statement of the APEC leaders, the "Lima Roadmap to Promote the Transition to the Formal and Global Economies (2025-40)", and the "Ichma Statement on a New Look at the Free Trade Area of the Asia-Pacific Agenda" — the leaders have taken advantage of the invaluable opportunities for face-to-face talks to focus on issues of common interest under the theme of "Empower, Include, Grow".

Among the multiple important bilateral meetings held on the sidelines of the APEC Economic Leaders' Meeting on Saturday were those between President Xi Jinping and the leaders of the United States, Japan, the Republic of Korea, New Zealand, Thailand, Chile and Singapore respectively. In the meetings, the leaders not only unanimously acknowledged China's important role as a world growth engine and a key player in the Asia-Pacific and beyond, but also expressed their common wish to maintain the development of their economic and trade ties with China on a healthy track believing it serves the common interests of the region and the world.

The series of consensuses and common understandings these meetings have yielded, including those on the necessity and urgency of resolving disputes through negotiations and talks, are conducive to reinforcing regional efforts to foster inclusive economic globalization and steer it in the right direction for the benefit of all. As Xi said in a written speech addressing the APEC CEO Summit, the Asia-Pacific region is deeply woven into the fabric of economic globalization, and is now an interdependent community with common interests. Backpedaling on globalization, under whatever pretext, makes regional development an uphill struggle.

Encouragingly, the Lima APEC gatherings have given a firm and resolute answer to the question on where the Asia-Pacific will head at this crossroad of history.

As agreed by all the APEC economic leaders, all economies in the region should pool their efforts to see to it that economic globalization generates more positive outcomes and is taken to a new phase that is more dynamic, inclusive and sustainable. To that end, they should take innovation as the driving force for stronger, inclusive and balanced growth of the regional and world economy, including the less-developed economies.

To make that happen, they need to reform the system of global economic governance, following the principles of "plan together, build together and benefit together", as Xi advocated, to make sure the representation and voice of the Global South are effectively and continuously enhanced.

President Xi correctly pointed out that global prosperity and stability cannot be achieved when the rich get richer and the poor poorer, noting true development means the common development of all countries. All countries should be entitled to equal rights, equal opportunities and equal rules in conducting international economic cooperation in the process of building an open world economic system. That's why he urged the Asia-Pacific economies to pursue economic globalization that is people-centered and delivers more balanced development and more equal opportunities.

A major reason why the Asia-Pacific has maintained robust growth and created its remarkable development miracle is that the regional economies share a commitment to peace and stability and have acted accordingly.

The Asia-Pacific should remain the locomotive of economic globalization in the future. While further burnishing its hallmark openness and inclusiveness, the region should make new efforts to foster a green and digital Asia-Pacific, build an Asia-Pacific community with a shared future, and usher in another 30 golden years of development for the region.