In his speech, Xi also said the multilateral trading system must be much better, while emphasizing shared growth through consultation in addition to collaboration
“We should continue to foster an open economy which benefits all. Openness brings progress while self-seclusion leaves one behind,” he said.
The Chinese leader added which his country will continue to open up in addition to reform.
Xi’s speech came just after China on Friday announced major steps to open its financial sector, which has a vice finance minister saying the country will remove all equity ownership limits in many financial sectors after three years.
“China will not slow its steps in opening up itself. We will work together with different countries to create completely new drivers of common development through the launching of the ‘Belt in addition to Road’ Initiative,” he said, referring to China’s massive plan to connect Asia, Europe, the Middle East in addition to Africa which has a vast logistics in addition to transport network.
“We will adopt policies to promote high standards of liberalization in addition to facilitation of trade in addition to investment,” he added.
The summit which year is usually focused on regional trade with particular attention on the Trans-Pacific Partnership deal, coming from which Trump removed the U.S. early in his White House tenure.
Experts say which move elevated the importance of another regional trade deal, the Regional Comprehensive Economic Partnership (RCEP), which’s spearheaded by China in addition to excludes the U.S.
During his speech, Xi said China will move to conclude the RCEP trade pact talks speedily.
He also said he’s looking ahead to the advancement of the Free Trade Area of the Asia-Pacific, an agreement among the 21 APEC economies.
After three decades of breakneck growth, China’s global influence has expanded significantly. For its part, the East Asian giant maintains which’s not a threat to any country, as Xi has pledged peaceful development on the international stage.
Xi also stressed China’s environmental goals during his Friday address, stepping up China’s global rhetorical leadership on which front since the U.S. abandoned the Paris climate accord earlier which year.