China’s Minister of Commerce, Wang Wentao, conveyed President Xi Jinping’s message during the APEC CEO Summit 2024, stating that rampant unilateralism and protectionism, coupled with the growing fragmentation of the global economy, pose significant risks of reversing trends in economic globalization.
Following this statement, Wang emphasized that economic globalization is an objective requirement for the development of society’s productive forces and a natural outcome of scientific and technological progress. “Obstructing economic cooperation under various pretexts and persisting in dividing an already interdependent world is akin to reversing the course of history,” he remarked.
Furthermore, he added that to guide the course of economic globalization, it is imperative to reject the path chosen by a few countries in their pursuit of dominance and hegemony.
To promote universally beneficial and inclusive economic globalization, it is crucial, first and foremost, to persist in taking innovation as the driving force behind robust global economic growth.
Secondly, Wang Wentao emphasized the need to reform the global economic governance system to better reflect the new realities of the global economic landscape, fostering an open system while safeguarding the stability and smooth operation of global industrial and supply chains.
Thirdly, he stressed the importance of adopting a people-centered approach to address development imbalances. “In economic development, ensuring people’s well-being and cultivating an inclusive and universally beneficial environment are essential,” he noted.
On China’s economic growth targets, the minister expressed confidence in achieving them. In the first half of the year, both high-tech manufacturing and service industries posted double-digit growth, he confirmed.
Green Development
Wang Wentao highlighted that China is advancing its path of green development, providing significant momentum for the global green transition.
“In recent years, China has increased the ‘green coefficient’ of its socioeconomic development and became the first country in the world to achieve zero net growth in degraded land. The newly afforested area in China accounts for one-quarter of the world’s total. China actively promotes the development of green energy industries and international cooperation in green mining, positioning itself as one of the fastest countries to reduce energy intensity,” he explained.
Moreover, through its eco-electric and photovoltaic products, China has helped other countries reduce carbon dioxide emissions by approximately 810 million tons and gain access to clean, reliable, and affordable energy, the minister mentioned.
No More Restrictive Measures
This year, China has completely eliminated restrictive measures on foreign investment access in the manufacturing sector and introduced, for the first time nationwide, a negative list management system for cross-border trade in services, Wang announced.
He also noted that China would roll out more voluntary and unilateral openness policies and expand its free trade zone network.
“China’s development will bring greater benefits to this region [Asia-Pacific]. I am extremely pleased to note that the route from Shanghai to Chancay has become popular in Peru. This demonstrates that as long as we embrace the spirit of openness and connectivity, the Pacific Ocean will serve as a pathway to prosperity and growth,” concluded President Xi Jinping’s message, delivered through his Minister of Commerce, Wang Wentao.
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