Xi tells APEC prosperity means working together
Print Edition
Chinese President Xi Jinping told Asian business and political leaders yesterday that his country only aspires to peace and that he was confident China’s growth would remain robust despite a recent slowdown.
Xi said China and Asia could only prosper by working together.
“China cannot develop in isolation of the Asia-Pacific and the Asia-Pacific cannot prosper without China,” Xi said at an Asia-Pacific Economic Cooperation forum in Bali, Indonesia.
“China will firmly uphold regional peace and stability,” he said in a speech to APEC business leaders. “Without peace, development is out of the question, like water without a source or a tree without roots.”
Xi said China’s economy was on a smooth and controlled slowdown, emphasizing that there was no reason to fear a hard landing.
“I want to emphasize that I am fully confident about the future of China,” Xi said in a keynote address at the CEO conference on the sidelines of the annual APEC summit.
“I am deeply convinced the Chinese economy will sustain its sound growth.”
Xi acknowledged that there had been concerns around the world about China’s economy, after growth slid from 9.3 percent in 2011 to 7.6 percent in the first half of this year.
“Some wondered whether there will be a hard landing, whether sustained healthy growth was still possible, how China will deal with the situation and what impact this will have on the Asia-Pacific,” he said.
The president said China’s current expansion was “within the reasonable and expected range,” while emphasizing that even the slower growth experienced this year was still an enviable performance. “In fact the growth rate of 7.6 percent makes the Chinese economy the fastest-growing among major economies,” he said.
Xi said economic planners were prepared to accept lower growth numbers to ensure a more sustainable model.
“To fundamentally ensure long-term economic development, China has to press ahead with structural reforms even if this means some sacrifice of economic growth,” he said.
“We are focusing more on improving the quality and efficiency of growth,” said Xi, likening the process to finding one’s way to a “new village.”
“China must undergo structural reforms, even if it involves a sacrifice of speed,” Xi said. “Draining a pond to catch fish is no formula for sustainable development.”
Xi underscored China’s intention to foster stability in the region.
“The Asia-Pacific is a big family,” he said. “A family of harmony prospers. China is ready to live in amity with others.”
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