Xi Jinpings speech at the APEC summit was widely opposed to protectionism.

category:Finance
 Xi Jinpings speech at the APEC summit was widely opposed to protectionism.


Xi Jinping said novel coronavirus pneumonia is experiencing profound changes in the world and Asia Pacific, and this outbreak has accelerated this trend. The world economy is in a downturn, economic globalization is facing headwinds, unilateralism and protectionism are on the rise, contradictions between equity and efficiency, growth and distribution, technology and employment are more prominent, the gap between the rich and the poor is still widespread, and the global governance system is facing new challenges. For the first time in decades, the Asia Pacific region has experienced overall negative economic growth, and the task of protecting peoples health and realizing economic recovery is arduous. Xi Jinping put forward four points on building the Asia Pacific destiny community: adhere to openness and inclusiveness, adhere to innovation and growth, persist in interconnection and cooperation, and persist in win-win cooperation.

China will consider joining the CPTPP, the Japan economic news said. Chinese President Xi Jinping welcomed the signing of the regional comprehensive economic partnership agreement (RCEP) at the APEC summit and indicated that China would actively consider joining the comprehensive and progressive trans Pacific Partnership Agreement (CPTPP). Beijing expects to exert greater influence in the Asia Pacific region through economic integration.

A week before this years APEC meeting, China and 14 other Asia Pacific countries signed the worlds largest free trade agreement - RCEP, AFP said on the 20th. The United States is not involved in the agreement, and Beijing is setting an agenda for Global trade as Washington retreats. The signing countries hope that the agreement will help to put the economy hit by the epidemic on the road to recovery.

APEC leaders discuss the blueprint for the future, the South Korean economy said on the 20th that APEC is the largest economic cooperation mechanism in the Asia Pacific region, including China and the United States. The 21 economies account for 37% of the worlds population, 48% of the worlds trade volume and 60% of the worlds GDP. Leaders and other countries at the meeting expressed their views on how to strengthen trade and investment. Reuters said the APEC meeting also discussed the organizations vision for cooperation beyond 2020 to replace the Bogor target, which is due to expire at the end of this year to reduce trade and investment barriers.

The meeting issued the Kuala Lumpur Declaration 2020 by APEC leaders and adopted the APEC butragaya vision 2040. Singapores Straits Times said APEC leaders agreed to promote a free and fair trade and investment environment and achieve economic recovery, and expressed support for WTO rules.

The day before, Xi Jinping delivered keynote speech at the APEC industrial and commercial leaders dialogue conference. The guardian said 20 days ago that Xi Jinping would maintain the opening of Chinas super large scale market. He stressed the strong resilience and vitality of Chinas economy, and said that all countries, regions and enterprises willing to cooperate with China will actively carry out cooperation. We will continue to hold high the banner of opening up and cooperation. . Singapore United Morning Post said 20 days that Xi Jinping promised that China would not seek to decouple or shut up its small circle. The analysis points out that Chinas top leaders hold high the banner of opening up and cooperation and explain in detail the new development pattern of double cycle, which is a direct comfort to the international community about Chinas closure. Xi Jinping stressed that opening up is the prerequisite for national progress, and that closure will inevitably lead to backwardness. China will never go back to history.

Many people expressed their opposition to protectionism

During the APEC meeting, many leaders stressed their support for multilateralism, called for expanding trade cooperation and opposing protectionism. Agence France Presse said many leaders warned that the country should not be closed by responding to the epidemic. Since APEC was founded 30 years ago, trade has been the engine of APECs growth and prosperity, New Zealand Prime Minister Aden said. At a time when we face the biggest economic challenge in the region, we must not repeat our historical mistakes and return to protectionism. As the host of the next APEC meeting, Aden called for action as soon as possible to accelerate economic recovery and deal with the impact of climate change. The report also said that in recent years, trade tensions between the United States and China have cast a shadow over the APEC meeting. Leaders failed to agree on a joint statement at the last summit in 2018. It is hoped that under Bidens leadership, the United States can take a more constructive approach.

Novel coronavirus pneumonia and global economic recovery are discussed on Friday by leaders of Asia Pacific region, Reuters said on 20. Many leaders have been calling for more open and multilateral trade, supporting economic recovery and opposing protectionist policies. After taking office in 2017, trump imposed tariffs on a large number of Chinese goods, triggering a trade war between the worlds two largest economies. For the first time in history, at the last APEC leaders meeting held in 2018, the United States and China had differences on Trade and investment issues, and the members of the organization failed to reach an agreement on the joint statement. According to the report, Singapore Prime Minister Lee Hsien Loong said he expected more multilateralism in Bidens administration and would provide more support to APEC and WTO. Lee also said that the U.S. trade policy under Trumps leadership has led to very slow progress in cooperation under the APEC framework.

Singapores Straits Times said that Malaysias prime minister muhidin, the host of the summit, urged APEC members to rededicate themselves to free and open trade and investment, which is also the core objective of the organization. Thai Prime Minister bayou also responded to calls to embrace multilateralism, praising the signing of RCEP as an important moment in the Asia Pacific region.

US President trump also attended the meeting on the 20th. Agence France Presse said that the video background of all the leaders attending the meeting was the official background of the current APEC provided by the host country. There was a huge green dome of Malaysian Prime Ministers office in the picture, except for Trumps background, only the background behind him was beige. A source who arranged for trump to attend the meeting revealed that trump refused to use the official background. This is the second time trump has attended the APEC leaders meeting, the last time in 2017. The US side has not released the contents of Trumps speech to the media for the time being. As an analyst in Singapore, Mr. Hus aim is to report on international affairs. Trump will certainly take advantage of this opportunity to demonstrate his current presidency for the sake of domestic political interests, he said

This is a rare public appearance since trump lost to his opponent in the election. Despite Trumps participation in the meeting, most leaders in the Asia Pacific region expressed the hope that the United States will return to a more multilateral response after Biden takes over from Trump, according to Bloomberg on the 20th. Liu Yongyu, an assistant professor at the Lee Kuan Yew School of public policy at the National University of Singapore, said Trumps attendance was more symbolic than substantive because of his lack of interest in the multilateral system. Its hard to get other APEC leaders to take seriously what trump said, but they will avoid commenting on the internal affairs of the United States, Liu said. Trump wants to show that he is still the president and commander-in-chief of the three services and send the message that he has not lost the election. This has more impact on US domestic politics than on regional or global trade.