Login With Google
In APEC speech, Xi touts China’s economy as base of free trade
Why is it in news?
- President of China, Xi Jinping has addressed the Asia-Pacific Economic Cooperation (APEC) forum
Major Points from his address:
- China as the pivot point for global free trade on Thursday, vowing to keep its “super-sized” economy open for business and warning against protectionism as the world battles the COVID-19 pandemic.
- Asia-Pacific is the “forerunner driving global growth” in a world hit by “multiple challenges.”
- He vowed “openness” to trade and rejected any possibility of the “decoupling” of China’s economy.
About APEC:
- The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific.
- Aim: To create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative and secure growth and by accelerating regional economic integration.
- It brings together 21 Pacific Rim countries, accounting for about 60% of global GDP.
- India is not the part of this group.