China’s President Xi Jinping gave a speech to business leaders on the topic “inclusion in the age of disruption: charting a common future” ahead of the APEC Economic Leaders’ Meeting. Below are excerpts.

1.On global trends

The world today is going through major development transformation and change. While economic globalisation surges forward, global growth is shadowed by protectionism and unilateralism.

The reform of the global governance system is gathering momentum, but improving its efficiency remains a major challenge.

2. On the success of APEC

In the Asia Pacific, the establishment of APEC is a success story. Its birth and growth recall the … trend of openness and integration, our region’s fervent desire for development and our people’s need to meet challenges through cooperation.

Today’s Asia Pacific has the world’s most dynamic and promising economy which is also recognized as a key engine in driving global growth.

3. On steering a course for global economic development

We should remain committed to openness so as to create more space for development. Economic globalisation is the sure way for the human society to achieve development and the multilateral trading system has created opportunities for us all.

4. On pursuing a Free Trade Area of the Asia Pacific

APEC is a pioneer in building an open global economy. As the Bogor Goals are set for 2020, we should set our sights on post-2020 cooperation and endeavour to build a Free Trade Area of the Asia Pacific.

5. On the need for new innovative growth drivers

We should pursue innovation to tap new sources of growth. Breakthroughs are being made one after another in frontier areas such as information technology, life sciences, smart manufacturing and green energy. The future is already with us.

If we do not move proactively to adapt to the surging tide of new scientific revolution and industrial transformation, we risk missing valuable opportunities or even falling behind the times.

6. On cooperation on innovation to boost development and growth

What we should do is lose no time in making every effort to explore new growth drivers and development paths and remove all institutional obstacles holding back innovation. We should boost innovation and market vitality and deepen international exchanges and cooperation on innovation so as to better meet our respective and common challenges in development.