Translation. Region: Russian Federation –
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
Moscow, November 1 (Xinhua) — The rise of protectionism globally can be countered by a new model of economic cooperation. The five-point initiative announced by Chinese President Xi Jinping at the informal APEC Economic Leaders' Meeting essentially calls on countries in the region to join efforts to advance a new type of globalization. This is how Russian experts interviewed by Xinhua commented on the informal meeting of APEC economic leaders in Gyeongju, South Korea.
"Protectionism has gained momentum globally. Today, the only countermeasure to protectionism is a new model of economic cooperation. And China supports the development of this new mechanism, this new model of cooperation," said Vasily Koltashov, Russian economist and director of the Institute for the New Society.
According to him, this mechanism relies on economic growth and the development of mutually beneficial cooperation, free from various restrictions, facilitating the formation of new connections, new supply chains, and new mutually favorable regimes, now known as free trade agreements. "This process is currently underway in countries of the East and the Global South," noted V. Koltashov.
"Chinese President Xi Jinping's speech at the informal meeting of APEC economic leaders, in which he put forward a five-point initiative, essentially constitutes a call for countries in the region to join efforts to promote a new type of globalization," said Andrei Ostrovsky, chief researcher at the Institute of Oriental Studies of the Russian Academy of Sciences.
"China has been a key driver of global economic growth for many years. Over the past four years, despite all the challenges, China has managed to maintain GDP growth at around 5.5 percent. This is a very good indicator," he noted.
The next five-year period is a crucial stage in China's modernization, the Russian expert believes. China's reforms will deepen during this period through accelerated scientific and technological progress, innovation, digitalization, the development of artificial intelligence, and robotics. Innovative potential has become a powerful driver of economic growth.
APEC's share of China's foreign trade is growing, and China's total foreign trade volume exceeds $6 trillion, A. Ostrovsky noted. China will increase its foreign trade volume, primarily through the Asia-Pacific region. This is why China calls for ensuring the stability and continuity of global production and supply chains in the APEC region, developing mutually beneficial regional economic integration, and advancing the creation of a free trade area in the Asia-Pacific region.
"President Xi Jinping raised important issues and outlined priorities at the informal APEC Leaders' Meeting. I believe these Chinese initiatives will be discussed and likely formalized in one way or another at the next informal APEC Leaders' Meeting next year, which will be held in China," concluded A. Ostrovsky.
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