Asia-Pacific Partnership of Mutual Trust, Inclusiveness, Cooperation, and Win-Win Progress

Asia-Pacific Partnership of Mutual Trust, Inclusiveness, Cooperation, and Win-Win Progress*

November 11, 2014

We are all APEC members. It meets the common interests of us all to foster an open economy in the Asia-Pacific featuring innovative development, interconnected growth, and converging interests. To achieve this goal, all the economies in the region need to work together to build an Asia-Pacific partnership of mutual trust, inclusiveness, cooperation, and win-win progress, and this will inject new energy into the economic development of both the Asia-Pacific and the wider world.

First, we should join together in charting the course for future development of the Asia-Pacific – it is vital to the interests of every APEC member. Having reached consensus on launching the process of the Free Trade Area of the Asia-Pacific (FTAAP), promoting connectivity, and pursuing innovative growth, we should now translate that consensus into action. We should draw up the development blueprint for the next 5, 10 or even 25 years and implement it step by step.

Second, we should meet global challenges as one. In the post-financial crisis period, we need to focus on the core task of sustaining growth and enhance macro policy coordination. We should also effectively address global issues such as epidemics, food security, and energy security. We should know each other better through sharing of information, share best practices through exchange of experience, facilitate collective actions through consultation and coordination, and boost regional cooperation through mutual assistance.

Third, we should work together to build cooperation platforms. Partnership means pitching in together on common goals and major initiatives. We should build APEC into an institutional platform for promoting integration, a policy platform based on experience sharing, an open platform against trade protectionism, a development platform to intensify economic and technical cooperation, and a communication platform for boosting connectivity. A stronger and more dynamic APEC is possible only with support from all its members.

I wish to announce here that China will donate US$10 million to support APEC in building its institution and capability, and in conducting practical cooperation in various fields.

Fourth, we should all pursue interconnected development. Partnership also means win-win cooperation and mutual learning. Some developing economies in the Asia-Pacific are now facing difficulties. If they cannot achieve individual development, wider development of the whole Asia-Pacific will not be sustainable. We need to increase financial and technical support to developing members, give full rein to the diversity among the Asia-Pacific economies, draw on each other's strengths, better leverage the amplifying effects of interconnected actions, and achieve common development.

Over the next three years, the Chinese government will provide 1,500 training opportunities to APEC developing members in support of capacity-building projects in trade, investment and other fields.

* Part of the opening speech at the 22nd APEC Economic Leaders' Meeting.

(Not to be republished for any commercial or other purposes.)