The Asia-Pacific dream of shared development, prosperity and progress

At the 30th APEC Leaders’ Informal Meeting in San Francisco on November 17, President Xi Jinping delivered a speech titled “Staying True to APEC Founding Mission and Enhancing Unity and Cooperation to Jointly Promote High-Quality Growth in the Asia-Pacific”. Xi highlighted the original spirit of Asia-Pacific cooperation in addressing the current challenges through collective efforts and envisioned an Asia-Pacific community of shared future characterized by openness, vitality, resilience, and peace.

Illuminate the way forward with lessons learned in the past

The extraordinary Asia-Pacific journey over the past 30 years offers profound inspiration for its future.

Adhere to openness and inclusiveness: APEC upholds open regionalism, promotes trade and investment liberalization and facilitation, and enhances regional economic integration. Over the past 30 years, the average tariff level in the Asia-Pacific region has decreased from 17% to 5%. China, as an active participant, has implemented the Regional Comprehensive Economic Partnership (RCEP), actively pursued accession to the Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPTPPA), organized the Belt and Road Forum for International Cooperation, and hosted the China International Import Expo (CIIE). Additionally, China has announced the complete abolition of restrictions on foreign investment in the manufacturing sector, setting an exemplary model for open regionalism.

Pursue common development: Development remains the perpetual focus of the Asia-Pacific region, leading to more than a quadrupling of per capita income in the past 30 years. China stands out as a crucial engine for regional economic growth. According to recent reports, the International Monetary Fund predicts a 4.6% annual economic growth for the Asia-Pacific region this year, with China contributing significantly. The Asian Development Bank notes that China’s contribution to the region’s economic growth in the first half of this year reached 64.2%. China’s proactive initiatives, including the Belt and Road Initiative, the Global Development Initiative, and the Global Security Initiative, have played a substantial role in elevating the Asia-Pacific region and advancing the collective well-being of humanity.

Seek common ground while reserving differences: Given the diverse histories, cultures, and developmental stages of Asia-Pacific economies, it is essential to uphold the common goal of shared development, foster a partnership spirit that seeks common ground while respecting differences and extend support to one another. This approach will transform the sheer size of APEC membership into a cooperative driving force, thus promoting synergy and collective growth. Given the current international landscape, China’s initiative to champion the common values of humanity and global civilization serves as a crucial guideline. It encourages Asia-Pacific members to respect and learn from one another in a peaceful, harmonious, and friendly environment conducive to regional cooperation.

Build an Asia-Pacific community poised towards future development

The APEC Putrajaya Vision 2040, adopted in 2020, proposes to build an open, dynamic, resilient and peaceful Asia-Pacific community in 2040, and to realize common prosperity for the people of the Asia-Pacific and future generations, which represents the universal aspiration of the people in the region, and resonates with the core essence of Xi’s proposal of an Asia-Pacific community of shared future. The 2023 APEC Leaders’ Golden Gate Declaration adopted at the meeting reaffirms the commitment to building an Asia-Pacific community following the guidance of the APEC Putrajaya Vision 2040, which attests to the appeal of the concept of building an Asia-Pacific community of shared future.

Building an Asia-Pacific community of shared future is the banner that China holds to lead Asia-Pacific cooperation. On the 10th anniversary of the important concept of a community of shared future for mankind, President Xi pointed out in his speech at this year’s APEC Business Leaders’ Summit that China is willing to work with Asia-Pacific parties to implement the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative, so as to build a world with lasting peace, universal security and common prosperity, a world that is open, inclusive, clean and beautiful.

President Xi’s important remarks have set a long-term goal and a grand blueprint for Asia-Pacific cooperation, which will surely lead to more fruitful results, transform the region into an important engine of world economy, and help realize the Asia-Pacific dream of shared development, prosperity and progress.

Contributed by Chen Wenbing, a research fellow from the Research Center of Xi Jinping Thought on Diplomacy.