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24th APEC Economic Leaders' Meeting

The 2016 Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Lima, Peru, on Nov. 19-20 adopted a declaration on advancing quality growth and human development. The declaration describes policy commitments for APEC members to take forward in pursuit of this objective.

Focus is on addressing challenges and opportunities for free trade and investment in the current global context. The statement said, "we reaffirm our commitment to keep our markets open and to fight against all forms of protectionism." The leaders also pledged to "refrain from competitive devaluation" of their currencies.

China renewed its call for pushing forward the building of a Free Trade Area of the Asia-Pacific (FTAAP).

"The FTAAP is a strategic initiative critical for the longterm prosperity of the Asia-Pacific," said Chinese President Xi Jinping in a keynote speech at the APEC CEO Summit before the leaders' meeting. He called on the 21 APEC member economies to promote an open and integrated economy, enhance connectivity to achieve interconnected development, boost reform and innovation to create more internal driving force and promote win-win cooperation to forge strong partnership.

Acknowledging that economic globalization is a "double-edged sword" faced with skepticism these days, the leader of the world's second largest economy said he nonetheless believes that economic globalization is in keeping with the laws of economics and delivers benefits to all.

"We need to actively guide globalization, promote equity and justice, and make globalization more resilient, inclusive and sustainable, so that people will get a fair share of its benefits and will see that they have a stake in it," Xi said.