The 17th APEC Economic Leaders’ Meeting Opens in Singapore

Hu Jintao Attends the First Session and Makes Introductory Statement on the Topic of Supporting the Multilateral Trading System

On November 14, 2009, the 17th APEC Economic Leaders’ Meeting opened in Singapore. Chinese President Hu Jintao attended the first session of the meeting and made an introductory statement on the topic of supporting the multilateral trading system. He stressed that to maintain the stability of multilateral trading system and accelerate and promote the success of Doha Round negotiations against the background of international financial crisis would help to increase the opening of international trade, curb trade protectionism and boost world economic recovery, have critical meaning to the efforts of all member economies, especially developing ones of handling the crisis and comply with their common interest.

In the “Garden City” Singapore, flowers bloom like pieces of brocade and trees shade the streets. At 13:30, Singaporean Prime Minister Lee Hsien Loong announced the opening of the Meeting in Istana. With the theme of “sustaining growth, connecting the region”, the Meeting this year mainly discussed topics of tackling the international financial crisis, climate change, opposing trade protectionism, supporting multilateral trading system, promoting regional economic integration and future development of APEC.

At the first session, participating leaders mainly exchanged opinions on how to “connect the region”. Hu Jintao made an introductory statement on the topic of supporting the multilateral trading system.

He pointed out that various forms of trade protectionism are clearly on the rise recently. In order to cope with the international financial crisis and boost the complete recovery of world economy, our commitment to opposing protectionism cannot waver and actions should not be relaxed. We should fulfill our promises, resolutely oppose trade protectionism in whatever form, guard and correct all kinds of hidden protectionism, resolve trade frictions through dialogue and consultation and create a sound environment for the complete recovery and long-term development of world economy.

He noted that China, as a firm supporter for trade and investment liberalization and facilitation, is committed to building a fair, reasonable and non-discriminatory multilateral trading system and has been participating in the Doha Round negotiations in a constructive attitude. We are willing to join hands with all parties concerned to resolve the remaining issues, bring a complete and balanced conclusion to the Doha Round negotiations and realize the Development Round goals as soon as possible on the basis of locking the progress achieved to-date and respecting the Doha mandate.

He stressed that APEC itself, after 20 years of development, faces new challenges and problems. Reviewing the past and looking into the future, we believe that APEC keep progressing with the times, adapt to the situation, continue with reform and improvement and raise cooperation efficiency in order to fully play its functions and role, maintain its vigor and dynamism and raise its status and influence. First, we should highlight APEC’s unique features and continue to push forward trade and investment liberalization and facilitation. APEC is the advocator and trailblazer of trade and investment liberalization in the region. It should promote regional economic cooperation relentlessly, push forward regional economic integration and support economic development of member economies. China supports APEC in taking the realization of Bogor Goals by its developed members as scheduled as its immediate priority. Second, we should increase input to push for greater achievements of economic and technological cooperation. Economic and technological cooperation is a major guarantee for trade and investment liberalization and facilitation and a necessary channel of narrowing down the development gap and realizing common prosperity among members. We should increase economic and technological input, actively explore new ways of cooperation under new circumstances, effectively help developing members in capacity building, expand technology transfer and raise the quality of economic and technological cooperation. The Chinese government will earmark US$10 million to establish the China-APEC Cooperation Fund aiming at encouraging and supporting related Chinese agencies and businesses to participate in APEC’s economic and technological cooperation. Third, we should reform and make innovations to inject vigor into APEC. APEC should actively adapt to new situation, cope with new challenges, continuously advance reform and institutional construction, improve efficiency and increase cooperation effectiveness so as to make greater contributions to boosting the regional economic and social progress and improving people’s living standards.

Following the first session, Hu attended the dialogue between participating leaders and members of APEC Business Advisory Council. Breaking out into different groups, the participating leaders exchanged opinions with Council members on such topics as resisting trade protectionism, advancing investment facilitation, promoting negotiations on climate change and accelerating regional economic integration.

At noon, Hu attended the welcome luncheon hosted by Lee Hsien Loong for APEC leaders.

APEC Economic Leaders’ Meeting is the highest-level event of the organization. Since 1993, the meeting has been held annually among its members in rotation.