China President Xi Jinping is expected to set out his country's policies and plans to promote regional cooperation at the Asia-Pacific Economic Cooperation (Apec) Economic Leaders' Meeting here from Wednesday to Saturday.
Mao Ning, a spokesman for China's Foreign Ministry, said Xi would work with all quarters to ensure that the implementation of the Putrajaya Vision 2040 was comprehensive and balanced, in line with the region's aspirations for sustainable and inclusive development.
The Putrajaya Vision 2040, unveiled during the 2020 Apec summit in Malaysia, sets a long-term goal to create a more prosperous and harmonious Asia-Pacific.
There are three main priorities in the vision: trade and investment; innovation and digitalisation; and balanced, secure, sustainable and inclusive growth.
Through this vision, Apec aims to create a trade environment that is free and just, stimulate economic innovation, as well as spur comprehensive and environmentally-friendly development.
Since its formation more than 30 years ago, Apec has played an important role in Asia-Pacific economic development, with its 21 member states' economies making up more than 60 per cent of the world economy and almost half of global trade.
China's presence at the forum has become even more significant, especially as its trade with other Apec economies has reached US$3.74 trillion in 2022, or 59.7 per cent of China's total import and export value.
Mao said Xi's participation in the summit signalled China's intent to strengthen Asia-Pacific cooperation.
China has also signed free trade agreements with 15 Apec countries and is a major trading partner for 13 member states, strengthening its position as a prime mover of regional trade.
In line with its Belt and Road Initiative, China has also developed infrastructure projects in Apec countries, such as Chancay Port in Peru, set to be officiated this month.
The port is expected to open new trade routes to South America and has the potential to become a major trading hub in the region.
The 10th anniversary of the Xi Jinping Thought on Diplomacy will also be a key marker in China's vision to create a regional community based on peace and mutual development.
Through numerous global initiatives, including the Global Development Initiative and Global Peace Initiative, China is inviting all countries to collectively tackle global challenges and promote universal development.
Apart from supporting open and innovative trade, Apec is also recognised for its achievements in reducing the average tariff rate in Asia-Pacific from 17 per cent to five per cent, thus contributing to 70 per cent of the global economic growth.
Through the implementation of the Putrajaya Vision 2040, this Apec summit is hoped to further strengthen economic and social cooperation in the region, with a goal of a more inclusive and sustainable development for the Asia Pacific.