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APEC meeting: China eyes open, inclusive development for Asia-Pacific, urges regional economic upgrading

2022-11-18 09:34:15       source:CGTN

November 17, 2022

Inflation, heightened geopolitical tensions, and the once-in-a-century pandemic have all contributed to the lowered forecasts for the Asia-Pacific region. The International Monetary Fund (IMF) cut its growth forecasts for the region to 4 percent this year and 4.3 percent next year, by 0.9 and 0.8 percentage points, respectively, from its April forecasts.

Yet observers say the region remains a relatively bright spot in an increasingly dimming global economy. At the ongoing Asia-Pacific Economic Cooperation (APEC) CEO Summit, Chinese President Xi Jinping voiced his confidence in the region's economic vitality, calling it "the most dynamic growth belt." 

In facing current difficulties and obstacles, Xi proposed three paths of development including "peaceful development," "openness and inclusiveness" and "solidarity" in a written speech at the summit.

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