Xi warns against rising protectionism, unilateralism at APEC CEO summit

Chinese President Xi Jinping delivers a keynote speech titled Jointly Charting a Course Toward a Brighter Future while attending the Asia Pacific Economic Cooperation (APEC) CEO Summit in Port Moresby, Papua New Guinea, on Nov. 17, 2018. [Photo: Xinhua/Ju Peng]

Chinese President Xi Jinping has delivered a keynote speech to the Asia-Pacific Economic Cooperation CEO Summit in Port Moresby on Saturday, using the opportunity to warn against protectionism and unilateralism.

During his speech, President Xi Jinping praised the openness and cooperation among APEC economies, calling for a continued commitment to this working relationship.

He said that only openness and cooperation can bring more opportunities and create more space for development.

"Economic globalization is the irreversible trend for the human society to achieve development, and the multilateral trading system has created opportunities for us all. In today's world, countries' interests are so closely intertwined, and the global supply chain, industrial chain and value chain are so closely connected. Each of us is a link of the global chain of cooperation. Increasingly, we are becoming a community with shared interests and a shared future."

The Chinese leader said to embrace globalization is a natural law of economics, and that all countries should cope with new challenges in a responsible and rule-based way.

"If someone attempts to erect barriers and cut the close economic ties among countries, he is working against the laws of economics and the trend of history, and is running counter to the shared desire of people around the world; he is shortsighted, and is doomed to failure."

The Chinese President suggests protectionism should not be a solution to problems whenever they arise.

"Resorting to old practices such as protectionism and unilateralism will not resolve problems. On the contrary, it can only add uncertainty to the global economy. Only openness and cooperation can bring more opportunities and create more space for development."

In addition, Xi Jinping expressed China's determination of opening-up and listed some measures taken by the government to attract foreign investment.

"With the new round of tariff cuts coming into effect on Nov. 1, China's overall tariff rates have been reduced to 7.5 percent. This rate is lower than the commitment China made upon its accession to the WTO. It is also lower than that of most developing countries."

Papua New Guinea is the first stop of the Chinese President's ongoing Asia-Pacific tour. He will later visit Brunei and the Philippines.