2024-11-18 04:06:00
Over the decades, the Asia-Pacific region has been a key driver of global economic growth. In October, the International Monetary Fund predicted the region would contribute around 60 percent of global economic growth in 2024.
At the same time, Asia-Pacific cooperation faces challenges such as increasing geopolitical trends, unilateralism and protectionism. In this context, Chinese President Xi Jinping on Saturday called on the heads of state and government of the members of the Asia-Pacific Economic Cooperation (APEC) to take more responsibility.
“We must act in solidarity and work together to overcome the challenges of fully implementing Putrajaya’s Vision 2040, building an Asia-Pacific community with a shared future, and ushering in a new era of Asia-Pacific development,” Xi said while attending 31st APEC Economic Leaders Meeting in the Peruvian capital Lima.
China’s proposal
To deepen cooperation in the Asia-Pacific region, the Chinese president made three proposals on Saturday.
First, Xi emphasized the need for an open and interconnected paradigm for cooperation in the Asia-Pacific region. He called for continued commitment to multilateralism and an open economy.
China has made great efforts towards an open Asia-Pacific economy. According to the Chinese Foreign Ministry, China is the largest trading partner of 13 APEC economies and has actively promoted the construction of the China-ASEAN Free Trade Area, promoted the high-quality implementation of the Regional Comprehensive Economic Partnership (RCEP), and sought to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement.
Second, Xi emphasized the need to make green innovation a catalyst for the Asia-Pacific region. APEC economies should advance coordinated digital and green transformation and development to create new impetus and new drivers for the development of the Asia-Pacific region.
China develops new, high-quality productive forces taking into account current conditions and deepens cooperation with interested parties in the field of green innovation. Xi announced on Saturday that China will launch a global initiative to cooperate on cross-border data flows.
China has put forward initiatives for cooperation among APEC member countries in green agriculture, sustainable urban development, green and low-carbon energy transition, and marine pollution control and prevention.
The Chinese president also called for maintaining a vision for the development of the Asia-Pacific region that is beneficial and inclusive to all. Data released by China’s Foreign Ministry shows that China accounts for 64.2 percent of the region’s economic growth, 37.6 percent of the growth in goods trade and 44.6 percent of the growth in services trade.
Xi told APEC leaders that through the APEC platform, China will push forward initiatives to increase residents’ income and promote the development of small and medium-sized enterprise industrial clusters to achieve mutually beneficial and inclusive development of the Asia-Pacific reach economies.
China’s obligations
China will host the APEC economic leaders meeting in 2026, Xi announced on Saturday, saying China welcomes all parties to continue riding the “express train” of its development and grow together with the Chinese economy.
The Chinese President reiterated China’s commitment to reform and opening-up. “Reform and opening-up is a historic process in which China and the world achieve development and progress together,” he said.
The 20th Central Committee of the Communist Party of China put forward systematic plans for further deepening reforms in all areas at its third plenary session in July. It introduced more than 300 reform measures related to building a high-standard socialist market economy, promoting high-quality economic development, promoting high-standard opening-up, improving people’s quality of life and building a beautiful country.
In his written speech at the APEC CEO Summit on Friday, Xi also said China will introduce more voluntary and unilateral opening-up measures, expand its globally-focused network of high-standard free trade zones and open its door to the world even further.
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**Interview with Dr. Elena Huang, Expert in International Relations and APEC Affairs**
**Interviewer:** Thank you for joining us today, Dr. Huang. The recent APEC Economic Leaders Meeting highlighted the Asia-Pacific region’s significant role in global economic growth for 2024. Can you elaborate on the implications of the IMF’s prediction that the region will contribute around 60 percent of global economic growth?
**Dr. Huang:** Thank you for having me. The IMF’s forecast underscores the Asia-Pacific’s critical position in the global economy. If the region contributes 60 percent to global growth, it indicates a shift in economic power dynamics, where Asia-Pacific countries will increasingly influence global economic policies and trade. This growth is buoyed by factors like technological advancement, a youthful workforce, and increasing domestic consumption across several member countries.
**Interviewer:** Chinese President Xi Jinping emphasized the need for cooperation among APEC members during the recent summit. What were the main challenges he referred to?
**Dr. Huang:** Xi highlighted several significant challenges, such as rising unilateralism, protectionism, and geopolitical tensions. These challenges threaten economic cooperation and integration in the region. There is a growing concern that countries may prioritize national interests over collective growth, which could destabilize the cooperative frameworks that have underpinned economic development in the Asia-Pacific for decades.
**Interviewer:** Xi proposed three key initiatives to strengthen cooperation in the region. Can you break down these proposals for us?
**Dr. Huang:** Certainly. Firstly, Xi called for an open and interconnected paradigm, emphasizing the importance of multilateralism and open economies. This approach aims to encourage collaborative trade practices and reduce barriers. Secondly, he proposed making green innovation a catalyst for growth, advocating for coordinated efforts in digital and green transformations. This reflects a global trend towards sustainability, and APEC economies would benefit greatly from transitioning to greener practices. Lastly, Xi stressed the importance of an inclusive development vision that benefits all, reflecting China’s commitment to ensuring that growth does not leave marginalized communities behind.
**Interviewer:** China has been proactive in fostering trade relationships within APEC. How significant is this for member economies?
**Dr. Huang:** China’s role as the largest trading partner for 13 APEC economies is immensely significant. It demonstrates China’s influence and its commitment to fostering interdependence through trade. Initiatives like the China-ASEAN Free Trade Area and the pursuit of participation in agreements like the CPTPP are crucial in shaping a cooperative economic landscape. Such collaboration can drive economic resilience and stability, especially during challenging times of global uncertainty.
**Interviewer:** Lastly, what do you think will be the potential outcomes of the proposals put forth by Xi Jinping for the Asia-Pacific region?
**Dr. Huang:** If implemented effectively, Xi’s proposals could lead to a more integrated and collaborative Asia-Pacific region. By prioritizing multilateralism and focusing on green innovation, member economies could experience sustainable growth while addressing the critical issue of climate change. Ultimately, these efforts could pave the way for a new era of economic opportunity and shared prosperity for all APEC countries. However, it will require a unified commitment from all member states, which might be challenging given the current geopolitical climate.
**Interviewer:** Thank you, Dr. Huang, for your insightful analysis. It’s clear that the Asia-Pacific region holds significant promise, but challenges remain. We appreciate your time today.
**Dr. Huang:** Thank you. It was a pleasure to share my thoughts.
