Busan: China is poised to further open its economy, creating new opportunities for the Asia-Pacific region and the world, as President Xi Jinping pledged at the Asia-Pacific Economic Cooperation (APEC) meeting. Amidst rising protectionism, Xi emphasized China's longstanding commitment to an open world economy and announced initiatives to reduce tariffs and enhance diplomatic ties.
According to Nam News Network, Xi underscored China's zero-tariff policy for the least developed countries with diplomatic relations with China and extended this offer to all African nations maintaining such ties. This announcement comes during Xi's first overseas trip after the fourth plenary session of the 20th Communist Party of China Central Committee, which resulted in the adoption of a significant document outlining China's development strategy through 2030.
The newly adopted five-year plan focuses on reform and innovation, with initiatives to enhance indigenous innovation and introduce an AI Plus initiative aimed at empowering industries. In a written speech to the APEC CEO Summit, Xi highlighted the potential for global business opportunities, fostering a favorable business environment, promoting innovation, and supporting green growth in China.
Xi asserted that investing in China equates to investing in the future. Over the last five years, China has emerged as the largest trader in goods and the second largest in services globally, attracting over 700 billion U.S. dollars in foreign investment. China's outbound investment has grown annually by more than five percent.
Former Slovenian President Danilo Turk praised China's long-term vision embedded in its five-year plan, noting its potential to stabilize both China's development and the global economy. He remarked on how new and green technologies are becoming central to China's development strategy, with a global impact.
Data from the China Association of Automobile Manufacturers indicates a 35.2 percent surge in China's new energy vehicle output, reaching over 11.24 million units in the first nine months of 2025, with sales rising by 34.9 percent to 11.23 million units.
Lee Hee-sup, secretary-general of the Trilateral Cooperation Secretariat, has observed China's transformation towards high-tech and green industries, driven by national strategies focusing on digitalization, AI, and scientific innovation.
President Xi's APEC speech, his first public remarks after meeting U.S. President Donald Trump in Busan, South Korea, emphasized China's focus on internal development while sharing growth opportunities globally. Xi proposed a five-point plan to promote inclusive economic globalization and build a cohesive Asia-Pacific community, emphasizing multilateralism and stable supply chains.
Lawrence Loh, a professor at the National University of Singapore, stated that Xi's speech outlined essential principles for economic progress in the Asia-Pacific region. He highlighted the importance of multilateral and open economic systems in building a unified community that benefits the region and the world.
South Korean President Lee Jae-myung, who chaired the meeting, called for increased cooperation and solidarity to tackle new global challenges, aiming for shared prosperity. Julia Roknifard, a senior lecturer at Taylors University, noted APEC's role in positioning the Asia-Pacific at the forefront of global open development, making it the world's most dynamic economic region.