Philippine VP hails Xi's keynote speech at APEC CEO meeting

MANILA - Philippine Vice-President Jejomar Binay praised Chinese President Xi Jinping's address delivered at the Asia-Pacific Economic Cooperation (APEC) CEO Summit Wednesday as "a good speech", wishing all proposals could see tangible results.

Binay agreed with Xi's comments on the slowdown trend which the world economy has been witnessing and expressed confidence in China's GDP recovery in the near future.

"There are always problems and solutions as well. I am very confident that China would recover its GDP growth rate," the vice-president said on Wednesday.

Chinese President Xi delivered a keynote speech at the APEC CEO summit, calling for concerted efforts to promote connectivity in the Asia-Pacific region and speed up the construction of the Free Trade Area of the Asia-Pacific (FTAAP).

He also called for efforts to boost the openness of the Asia-Pacific economy and uphold the multilateral trade regime.

Binay concurred with Xi's proposals while saying there still existed challenges and obstacles for the trade liberalization.

Citing the Association of Southeast Asian Nations (ASEAN) as an example, Binay said, "There are rich countries and there are poor countries" among all ASEAN member states.

The gap between the rich and the poor would hamper the efforts in achieving an inclusive growth, said the vice president.

He eulogized President Xi for his highlights on the inclusive growth, saying "No one should be left behind".

Binay said building an inclusive economy is the theme of the APEC meeting, because "quality economy will benefit everyone."

On the China-initiated Asian Infrastructure Investment Bank (AIIB), Binay said his country had been involved in the AIIB project and would benefit from the scheme.

The Philippine leader, whose country is hosting the APEC Economic Leaders' Meeting, expressed his willingness to attract more investment from foreign countries, in particular from China.

He suggested Chinese enterprises invest in sectors of mining, tourism and agriculture.

Over 800 delegates from across the region and beyond participated in the CEO Summit and 11 APEC leaders, including Chinese President Xi Jinping, U.S. President Barack Obama and Russian Prime Minister Dmitry Medvedev, addressed the forum.