President Xi Jinping's speech at the Asia-Pacific Economic Cooperation meeting sends a "good signal" to the region, especially developing economies that stand to benefit from Beijing's commitment to an open economy, free trade and inclusive globalization, international observers said.

Xi, who spoke at the first session of the 32nd APEC Economic Leaders' Meeting in Gyeongju, South Korea, on Friday, noted how the Asia-Pacific region faces growing uncertainties and destabilizing factors in regard to its development. He put forward a five-point proposal to promote a universally beneficial and inclusive economic globalization and build an Asia-Pacific community.

He called on APEC members to stay true to the group's founding mission to promote economic growth and improve people's lives, and champion open development where everyone shares opportunities and emerges a winner.

Goldy Hyder, president and CEO of the Business Council of Canada, welcomed Xi's remarks on multilateralism, adding that "the importance of supply chain integrity is to open the door for engagement with other countries".

Hyder, who was one of the delegates at the business-focused APEC CEO Summit, said that countries "have to challenge each other from time to time, but we also need to collaborate".

Lee Jung-nam, a professor and director of the Center for Chinese Studies at the Asiatic Research Institute of Korea University in Seoul, the capital of South Korea, said it is important that Xi talked about multilateralism and that the international community should not move further toward protectionism.

Awang Azman Awang Pawi, a professor at the University of Malaya's Academy of Malay Studies, said Xi's address at the APEC meeting focused on cooperation, multilateralism and shared prosperity.

The Chinese president's five-point proposal is redefining globalization centered around the Asia-Pacific community, he said, adding that the speech "signals the dawn of a pluralist economic order where competing visions of globalization will define the geopolitical landscape of the next decade".

Maarij Farooq, deputy editor-in-chief at Pakistan Economic Net and Daily Ittehad Media Group, said Xi's five-point proposal is "a road map for collective growth, with a strong emphasis on fairness, multilateralism and technological innovation, principles that resonate with the spirit of APEC's founding mission".

Farooq said Xi's address at the APEC meeting stood out as "a speech of vision, depth and true statesmanship".

"In an era of mounting global uncertainty, his call for an inclusive and open Asia-Pacific economy underscored both wisdom and leadership grounded in experience … setting a tone of cooperation, inclusiveness and shared prosperity," he said.

Mehmood Ul Hassan Khan, president of the Center for Knowledge and Public Policy in Pakistan, said Xi's five-point proposal is a "complete package" that includes greater regional connectivity, global inclusive development, digitalization, artificial intelligence, modernization and openness that can benefit all countries.

Ian Yoong Kah Yin, a private equity investor and former investment banker in Malaysia, commended Xi's speech, noting that China is "assuring the world that it will do its utmost in doing its part in building an open world economy".

"China has done much to the extent of implementing zero-tariff on all products from the least-developed countries, notably those on the African continent," he said.

Kim Wan-joong, a special adviser to the 2025 APEC CEO Summit Secretariat, said China is the engine of global growth, and if the Chinese market opens more, it means more opportunities for other countries.

Xu Weiwei in Hong Kong contributed to this story.

Contact the writers at prime@chinadailyapac.com