President Xi Jinping on Wednesday said China will significantly reduce restrictions on foreign investment and called for the establishment of a Free Trade Area of the Asia-Pacific (FTAAP). [Special coverage]
"We will step up reforms in the foreign investors management system, substantially cut restrictions on market access for foreign investment, improve intellectual property protection, and foster an open, transparent, fair and highly efficient market environment," Xi told the Asia-Pacific Economic Cooperation (APEC) CEO meeting in Manila.
Xi said Asia-Pacific economies must "participate fairly in and fully coordinate" free trade arrangements to boost the integration of regional economies and improve openness and inclusiveness in the region.
New free trade arrangements continue to surface, but they have caused concerns over the potential of fragmenting regional economies, Xi said, while seeking to accelerate the establishment of the FTAAP, an initiative proposed at the APEC meeting in Beijing last year.
Xi said China is part of the Asia-Pacific region, and will continue to pursue open and inclusive regional cooperation through initiatives such as the "Belt and Road" and the Asia Infrastructure Investment Bank (AIIB), according to a transcript of his speech published by the Xinhua News Agency.
Experts said Xi's comments on the FTAAP are aimed at the US-led Trans-Pacific Partnership (TPP), of which the world's second-largest economy has been excluded.
"The TPP is relatively exclusive so far and China wants a more open and inclusive Asian market," said Xu Hongcai, director of the Economic Research Department under the China International Economic Exchanges.
Resilient Chinese economy
In Wednesday's speech, Xi, who arrived in Manila Wednesday after attending the G20 summit in Antalya, Turkey, reassured other leaders that the world's second largest economy is still strong and resilient, despite a sluggish global economy.
Some economic indicators have been fluctuating on a monthly or quarterly basis, but the economy is still operating within the proper range and maintaining "stable and relatively fast growth," Xi said.
In the first three quarters of the year, the Chinese economy has maintained a 6.9 percent growth rate, according to Xi, who said it was not easily achieved because of a sluggish world economy and structural adjustments and changes in the growth pattern in the Chinese economy.
Going forward, China will put greater focus on efficiency, quality and innovation and build a more fair, just, open and green economy, Xi said.
Experts said Xi's comments could boost confidence in the Chinese economy, and with the new five-year plan, opportunities will prosper in the country.
Asia must lead
Xi also said world leaders at the summit agree that while the global economy enjoys a "stable" recovery, it still lacks a "solid" foundation and continues to face challenges, and Asia-Pacific countries must take the lead to boost economic growth.
"Facing turbulent currents … all economies in the Asia-Pacific region must take on the task, pull together and strive to push the global economy forward," Xi said.
Since many countries in the region haven't achieved a high-income status, focusing on economic development should still be the priority of APEC meetings, said Huang Wei, a director of the Institute of World Economics and Politics of the Chinese Academy of Social Sciences.
"For APEC, instead of getting bogged down by politics, focusing on economics may be a better option," said Huang.
US President Barack Obama has been using the event to hype up the South China Sea issue. He boarded a Philippine naval frigate on Tuesday and offered to transfer two US ships to the Philippines as part of a larger package the US is providing to its ally to shore up its maritime capabilities.
