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Xi Jinping Attends Dialogue Between APEC Leaders and ABAC Representatives, Stressing That China is a Beneficiary and More an Active Advocator and Promoter of Regional Cooperation

On November 10, 2014, President Xi Jinping attended in Beijing the Dialogue between Asia-Pacific Economic Cooperation (APEC) Leaders and APEC Business Advisory Council (ABAC) Representatives. Xi Jinping stressed that China enjoys a sound development prospect. China is a beneficiary and more an active advocator and promoter of regional cooperation. We are willing to actively advance liberalization and facilitation of regional trade and investment, speed up regional economic integration and join hands to push forward development and prosperity in the Asia-Pacific region.

When arriving at the meeting venue, Xi Jinping and leaders of other economies were warmly welcomed by the participants. Xi Jinping delivered a speech at the plenary meeting. Xi Jinping pointed out that currently the Asia-Pacific region is embracing important development opportunities as well as broad development prospect, and also facing multiple unstable and uncertain factors. As an important economic cooperation mechanism in the region, APEC should understand the new characteristics of global and regional situations, grasp the future development direction of cooperation in the Asia-Pacific region and of the world economy, and add more vigor to economic growth in the Asia-Pacific region and the world.

Xi Jinping stressed that China has taken the important mission as the host country for APEC this year, and stands ready to take this opportunity to actively promote liberalization and facilitation of regional trade and investment, accelerate regional economic integration, and strengthen the members' capability in economic and technical cooperation, so as to jointly push forward development and prosperity in the Asia-Pacific region and build an Asia-Pacific partnership for the future.

Xi Jinping pointed out that the business circle is the major driving force for Asia-Pacific economy, and it is hoped that all parties contribute positive energy to APEC's long-term development.

Following that, Xi Jinping attended the grouping discussion and communicated and interacted with representatives of the business circle.

As to the practical results to be yielded from the meeting hosted by China this year, Xi Jinping noted that first is to launch the process of Free Trade Area of the Asia-Pacific (FTAAP) and chart the course for Asia-Pacific cooperation. Second is to issue the declaration for commemorating the 25th anniversary of the establishment of APEC, summing up historical experience and blueprinting the prospect. Third is to advance innovative development in economy, reform and growth, injecting new vigor into the long-term development in the Asia-Pacific region. Fourth is to blueprint connectivity, laying a solid foundation for all-round connectivity in the Asia-Pacific region. China is willing to join efforts with all parties to build an Asia-Pacific partnership featuring mutual trust, inclusiveness, cooperation and win-win results.

With regard to the relations between the FTAAP and other regional free trade arrangements, Xi Jinping pointed out that the FTAAP is a strong aggregation of existing free trade arrangements. To advance the construction of the FTAAP, we should cement the integration process and define long-term goals. The FTAAP is no contradiction to the existing free trade arrangements, and the latter ones serve as a feasible path to realize the FTAAP.

With respect to infrastructure and connectivity construction in the Asia-Pacific region and the establishment of the Asian Infrastructure Investment Bank (AIIB), Xi Jinping stated that infrastructure and connectivity construction are a basic issue bearing on economic development, and also important means for regional economic integration. The establishment of the AIIB enjoys good timing, geographical convenience and strong social basis, and corresponds with the building of the Silk Road Economic Belt and the 21st Century Maritime Silk Road, serving as a multi-win measure benefiting all parties. The AIIB will work with other multilateral development institutions to contribute to Asia-Pacific economic integration and development.

In regard to whether China is able to get through the "middle-income gap", Xi Jinping expressed that for China, the "middle-income gap" is bound to be crossed, and the key is when it will happen and how to better move forward after that. We have confidence in balancing reform, development and stability as well as steady growth, structure adjustment, improvement of people's livelihood and promotion of reform, advancing China's economy in a steady and long-term manner.

In relation to China's economic development prospect, Xi Jinping stressed that China is comprehensively deepening reforms and opening-up, speeding up transformation of economic development mode, intensifying adjustment of economic structure and implementing the innovation-driven strategy, therefore, its economy will maintain a medium-to-high growth for a fairly long period and its economic quality will improve constantly. We welcome personages of Asia-Pacific business circle to actively participate in the process of China's economic and social development, and together share the opportunities and results brought by China's reform and development.

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