Xi: Chinese economy will remain the major driver of global growth

Chinese President Xi Jinping said the Chinese economy will remain the main driver of global growth as China recorded an average annual growth of 7.2 percent over the past four years and contributed 30 percent to the global economy.

Chinese President Xi Jinping delivers a keynote speech at the 25th Asia-Pacific Economic Cooperation (APEC) CEO Summit in Da Nang, Vietnam, November 10, 2017. [Photo: Xinhua/Li Tao]

Xi made this remark while delivering a keynote speech at the 25th Asia-Pacific Economic Cooperation (APEC) CEO Summit in Vietnam's central city of Da Nang. 

Globalization as an 'irreversible historical trend'

In his keynote, Xi emphasized the importance of following globalization, calling it an "irreversible historical trend" as the world economy has undergone and is undergoing profound changes. 

"Development is a journey with no end and we should follow the trend of the global economy," said Xi. "We should uphold multilateralism, pursue shared growth through consultation and collaboration, forge and build a shared future for mankind."

Xi said that the economic globalization needed to be made "more open, more inclusive, more balanced, more equitable and more beneficial to all," which requires effort from all countries.

Xi said China will keep opening up to adapt to the "irreversible historical trend" of globalization and work with other countries to create new drivers of common development through the launch of Belt and Road Initiative.

Chinese President Xi Jinping delivers a keynote speech at the 25th Asia-Pacific Economic Cooperation (APEC) CEO Summit in Da Nang, Vietnam, November 10, 2017. [Photo: Xinhua/Wang Hua]

China won't slow steps in opening up to the world

During his speech, Xi called for more efforts to build the Free Trade Area of the Asia-Pacific (FTAAP), which is a "long cherished dream" of business sectors in the region.

To achieve that, China will increase its input into innovation, nurture new driver growth, enhance connectivity with Asia-Pacific countries and, more importantly, strengthen its effort on opening up.

"China will not slow its steps in opening up itself ... and will have an even larger market and more comprehensive development in the next 15 years," said Xi. 

He said China will significantly ease market access restrictions and treat all foreign businesses in the country as equals, with the launch of Belt and Road Initiative providing the Asia-Pacific region with a broader, more vigorous cooperation platform.

China is estimated to import 24 trillion US dollars' worth of goods in the next 15 years, attract 2 trillion dollars' of inbound direct investment and make 2 trillion dollars' of outbound investment during the same period, according to Xi.

Chinese President Xi Jinping delivers a keynote speech at the 25th Asia-Pacific Economic Cooperation (APEC) CEO Summit in Da Nang, Vietnam, November 10, 2017. [Photo: Xinhua/Wang Hua]

China 'knows well' its responsibility in Asia-Pacific development

In the speech, Xi reaffirmed China's responsibility in the development of the Asia-Pacific region as the world's second largest economy, while also calling for "real action" by all the members. 

"As the world's second largest economy, China knows fully well its responsibility."

The responsibility, as Xi refers is to enable more countries to "board the express train of China's development" as he pinpointed China's achievements in multiple areas over the past five years, including the poverty alleviation project,  improvement in the environment and regional cooperation.

Poverty alleviation in China

Xi said China will continue its efforts to pull more people out of poverty and secure a better life for its people. Xi said China is proud of what has been achieved in poverty alleviation. Over the past five years, China has lifted more than 60 million people out of poverty and the poverty head count ratio has declined, and rural income per capital in poor areas has maintained double digital growth. 

After the speech, Xi will attend a dialogue with representatives of the APEC Business Advisory Council later Friday afternoon, as well as an informal dialogue with leaders of the Association of Southeast Asian Nations.

APEC 2017 under the theme of "Creating New Dynamism, Fostering a Shared Future," ends November 11.