Chinese President Xi Jinping has said that amid an unusual time in history for humanity due to Covid-19 pandemic, meeting challenges through cooperation is the only way forward for the international community. Delivering his keynote speech at APEC CEO Dialogues titled “Fostering a New Development Paradigm and Pursuing Mutual Benefit and Win-win Cooperation”, the Chinese president said pandemic once again shows that the interests of all countries are closely interwoven and that humankind shares a common stake. “Indeed, our world is an indivisible community with a shared future. To beat the virus and promote global recovery, we in the international community must close ranks and jointly respond to this crisis and meet the test,” he said. “All countries should act in the spirit of partnership and get through this tough time together. We need to step up policy communication and coordination, intensify all-round global cooperation against Covid-19 and keep global economy open,” he added. Xi said from next year on, China will embark on a new journey toward fully building a modern socialist country. “We will develop a full understanding of the new development stage, and apply the new development philosophy. We will foster a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other,” he said. “The new development paradigm is a strategic decision we have made based on the current stage and conditions of development in China and with full consideration given to economic globalization and changes in the external environment,” he added. “First, we will expand domestic demand as a strategic priority and ensure smooth flow of economic activity. Second, we will vigorously make scientific and technological innovations to foster new growth drivers. Third, we will continue to deepen reform and energize the market,” he said. “China is already deeply integrated into the global economy and the international system. We will not reverse course or run against historical trend by “decoupling” or forming a small circle to keep others out,” he added. Xi said the new development paradigm will enable China to open up wider and share more opportunities for common development with other countries. “China is committed to opening-up, which is its fundamental policy, a policy that will not change at any time. The world economy has faced more instability and uncertainty this year. Protectionism and unilateralism are mounting. Yet China has not stalled in its pursuit of opening-up,” he said. “As a matter of fact, we have taken many policy steps to open the country still wider. It includes the following: The Foreign Investment Law and its supporting rules and regulations have been fully implemented. The negative list for foreign investment has been further cut. Access to the financial market has been steadily eased. A master plan has been drawn up for the development of the Hainan Free Trade Port. Reform and opening-up in Shenzhen and Pudong have been further advanced. And more pilot programs have been conducted for creative promotion of trade in services,” he added. “The Asia-Pacific is our shared home. To sustain peace, stability, development and prosperity in the region meets the interests of us all. As Asia-Pacific economies are connected by the same ocean, we benefit from close interactions between our peoples and geographic proximity,” Xi said. “We should follow market trends, seize opportunities created by economic globalization and regional economic integration and become forerunners driving global growth. The development of the Asia-Pacific and greater economic cooperation in our region represent an underlying historical trend, and such development and cooperation will continue to be imbued with strong vitality, because they respond to the call of the people in our region,” he added. “Last year, I proposed building an Asia-Pacific community with a shared future featuring openness, inclusiveness, innovation-driven growth, greater connectivity and mutually beneficial cooperation. This year, thanks to participation of all economies concerned, the APEC Post-2020 Vision has been formulated, which sets out ambitious goals and important guidelines for our future cooperation,” he said. “Let us not forget that we are a community with a common stake, and let us move toward closer regional economic integration. We need to accelerate innovation-driven growth, enhance regional connectivity, and realize inclusive and sustainable development. Step by step, we can surely turn our vision into reality and deliver a better life for people in the region,” he added. “The Asia-Pacific business community is an engine driving economic growth. You have witnessed development and cooperation in our region; and indeed, you have contributed to it every step on the way. You have an important role to play in shaping the future of our region, and there is no doubt you will benefit from its development. Asia-Pacific cooperation has entered a new historical stage at a time when the world is facing multiple challenges,” he said. “The business community needs a broader vision, greater resilience and stronger entrepreneurship. With them, I am sure you will create greater prospects for business development. I hope you will contribute your share to promoting openness and development. You may work to advance trade and investment liberalization and facilitation, and ensure the security and stability of industrial and supply chains of our region; and your work will enable the Asia-Pacific to take the lead in achieving economic recovery and prosperity,” he went on to say. “The day will come when we finally beat COVID-19 and win victory in this fight. Let us work in solidarity and weather the storm together. Let us stay true to openness and cooperation and make development and circulations at home and overseas reinforce each other. Together, we can surely deliver a brighter future for all of us, both here in the Asia-Pacific and across the world,” he concluded.