The international community of business and trade, academia, industry insiders and critics responded warmly to President Xi Jinping's call for universally beneficial, inclusive economic globalization, believing joint efforts in this direction will benefit not only the Asia-Pacific region, but the whole world.

In a written speech addressing the APEC CEO Summit 2024 on Friday in Lima, Peru, Xi said the entire Asia-Pacific is deeply woven into the fabric of economic globalization, and is now an interdependent community with common interests and a shared future.

He also said economic globalization is an objective requirement of growing social productive forces, and a natural outcome of advancement in science and technology. Despite headwinds and undertows, economic globalization has always been the general trend, Xi noted.

Xi has exemplified the virtue of inclusive and open cooperation as a basis for country interactions, particularly in the Asia-Pacific, said Lawrence Loh, director of the Center for Governance and Sustainability at the National University of Singapore Business School.

"In the coming times with even more expected tensions in geopolitics, trade and technology, countries will have to abide by the norms of mutual respect and collective trust," Loh said.

"Free trade is the best way to do it," said Michael Daly, CEO of Executant Ventures. "China is a very good competitor and they are learning."