Xi's APEC remarks herald better future of regional common development

Chinese President Xi Jinping addresses the APEC CEO summit in Manila, the Philippines, Nov 18, 2015. [Photo/Xinhua]

MANILA -- Against the backdrop of fragile global recovery and potential challenges facing Asia-Pacific development, Chinese President Xi Jinping on Wednesday expounded on his suggestion for regional growth and expressed confidence in China's economy.

In a keynote speech addressing an Asia-Pacific Economic Cooperation (APEC) CEO summit, Xi briefed business leaders on China's current economic situation and direction of reform.

Noting some current and potential difficulties and challenges in the region, the Chinese president urged to accelerate regional economic integration and enhance connectivity in the Asia-Pacific.

Confidence in Chinese economy

As the world's second largest economy, China's economic performance has always been in the limelight.

"With global growth slowing down, China is working vigorously to overcome difficulties and meet challenges by strengthening macro regulation and effectively advancing reforms," said the Chinese president.

Xi said the overall economy has operated within the reasonable range and maintained steady and fairly rapid growth, achieving a growth rate of 6.9 percent in the first three quarters this year and contributing about 30 percent to global economic growth.

Xi's address conveyed China's confidence in its economy, especially at a time when the global economy is confronted with some difficulties and challenges, said Huang Wei, a researcher with the Chinese Academy of Social Sciences.

The slowdown in China's economic growth is not out of control, Huang said, adding that the country is focusing more on economic structure optimization and sustainable development.

Referring to the proposal on China's 13th Five-Year Plan (2016-2020) recently adopted, Xi said China will step up reform and innovation, accelerate the shift of growth model and economic restructuring, address the difficult issues in development, cultivate new drivers and new edges for development.

Tang Guoqiang, chairman of the China National Committee for Pacific Economic Cooperation Council, said the CEOs spoke highly of Xi's remarks on China's economic proposals and believed the Chinese government can promote a healthy development of the country's economy, which would bring more opportunities to the Asia-Pacific region.