Chinese President Xi Jinping’s written speech at the APEC CEO Summit in Lima, Peru, has resonated strongly with business leaders, emphasizing the need for a globally inclusive and interconnected economic future amid turbulent times. Xi called for renewed confidence and collaboration to steer economic globalization toward a more inclusive and sustainable phase, warning against efforts to disrupt interdependence under the guise of protectionism.
In his address, Xi underlined the Asia-Pacific region’s role as a cornerstone of economic globalization, describing it as an interdependent community with shared interests. He cautioned that the global economy faces significant challenges, likening the current period of turbulence to “sailing up a river,” where progress requires forward momentum. “We should see to it that economic globalization generates more positive outcomes and is taken to a new phase that is more dynamic, inclusive, and sustainable,” Xi stated.
Business leaders at the summit immediately praised the speech. Julia Torreblanca, chair of the APEC Business Advisory Council (ABAC) 2024, noted that Xi’s call for cooperation aligns with ABAC’s goals of strengthening commercial ties and advancing economic integration across the Asia-Pacific. Torreblanca said the speech paved the way for collaboration, boosting confidence in regional partnerships.
Fernando Zavala, chairman of the APEC CEO Summit 2024, also lauded Xi’s message, particularly its focus on removing trade barriers and promoting entrepreneurship. “The theme of what we heard today is clear: let’s remove barriers to promote trade and entrepreneurs,” Zavala said.
Xi’s remarks also touched on the critical role of science and technology in global development, advocating for support to help developing countries build capacity in these areas. Han Bicheng, founder and CEO of Zhejiang-based BrainCo, described Xi’s focus on leveraging technological advances for humanity as “deeply encouraging.” Han highlighted the potential for cooperation between China and Latin America, committing to using emerging technologies to improve lives, particularly for people with disabilities.
The speech comes as APEC leaders, including representatives from ABAC, push for decisive action to boost sustainable and inclusive growth in an increasingly interconnected but fragile global economy. Xi’s call for deeper cooperation and technological innovation was seen as a rallying cry for nations to strengthen their economic ties and confront shared challenges collectively.
