At the recent 31st APEC Economic Leaders’ Meeting in Peru, Chinese President Xi Jinping emphasized the importance of joint efforts to promote development in the Asia-Pacific region. His remarks come at a pivotal time as the world faces unprecedented changes and challenges, including rising unilateralism and trade protectionism.
Founded in 1989, the Asia-Pacific Economic Cooperation (APEC) has been instrumental in driving economic growth and integration in the region. With 38 percent of the world’s population, 47 percent of global trade, and 61 percent of global GDP, APEC’s influence is significant. Over the past 35 years, it has contributed to what many describe as the Asia-Pacific economic miracle.
However, the current global economic climate poses new risks. Some countries are erecting barriers and promoting protectionist policies, leading to a decline in the World Openness Index. In this context, President Xi’s call for an “open and interconnected paradigm for Asia-Pacific cooperation” is particularly timely.
Xi highlighted three key areas for the region’s development: openness and connectivity, green innovation, and inclusivity. He stressed that opening-up is a “distinct hallmark of Chinese modernization” and reaffirmed China’s commitment to high-quality development and high-level opening-up.
In 2014, under China’s chairmanship, APEC economies endorsed a roadmap to advance the Free Trade Area of the Asia-Pacific (FTAAP), initially proposed in 2006 in Hanoi, Vietnam. This initiative aims to elevate regional economic integration and inject new momentum into building an open Asia-Pacific economy.
China’s economic resilience, driven by its socialist market economy system, vast market demand, comprehensive industrial supply chain, and skilled workforce, continues to bolster global investor confidence. As the Asia-Pacific region stands at a historic crossroads, China’s leadership and commitment to cooperation are seen as vital for navigating the challenges ahead and sustaining the region’s role as the engine of global growth.
Reference(s):
cgtn.com
