Closer ties with APEC members beneficial to both sides, world
8 Dec 2021


The Chinese business community will further push forward the agenda of the Asia-Pacific Economic Cooperation and continue firmly to promote investment and free and open trade to support the global economy and multilateral trading system, said a top official of the China Council for the Promotion of International Trade.

The Chinese business community will also support APEC in exploring an innovative development approach and promote sustainable and inclusive growth, said Gao Yan, chairwoman of the CCPIT, China's foreign trade and investment promotion agency.

"After more than 30 years of development, facing the new opportunities brought by the new technological revolution and industrial transformation, APEC cooperation has expanded from the two traditional pillars-trade and investment liberalization and facilitation, and economic and technological cooperation-to new fields such as scientific and technological innovation, digital economy, sustainable development and inclusive growth," Gao said.

"China is expecting closer ties with APEC economies to practice true multilateralism, which is beneficial to all people in the region, and build jointly the Asia-Pacific community with a shared future," she added.

China joined APEC in 1991, marking the nation's first of joining a regional economic cooperation organization. In 2020, China's trade volume with APEC economies reached $2.87 trillion, accounting for 62 percent of its total foreign trade, the CCPIT said.

The nation attracted $124.6 billion of investment from APEC economies and invested $112.3 billion in the region last year. The region contributed to 86 percent and 73 percent of China's foreign investment and outbound investment in 2020, respectively.

The Chinese business community is a strong supporter in promoting the Free Trade Area of the Asia-Pacific, and China will make full use of APEC's roles as "incubator "and "test field", to continuously improve trade and investment liberalization and facilitation in the Asia-Pacific region, while deepening the Asia-Pacific economic integration, Gao said.

The Chinese business community should leverage industrial advantages in digital innovation to deepen ties in the fields of innovation and digitalization under APEC, as sci-tech innovation and the digital economy will have a significant structural impact on future economic growth, Gao added.

Home to some 3 billion people and representing about half of global trade and 60 percent of the world's GDP, APEC economies can inject fresh impetus into a global economic recovery by accelerating regional economic integration, experts said.

"Economies in the Asia-Pacific region have quite different development levels. Their strengthened economic cooperation will help offset the anti-globalization sentiment and rising protectionism," said Bai Ming, deputy director of the international market research department at the Chinese Academy of International Trade and Economic Cooperation.

"Deepened APAC economic integration can better support multilateralism and free trade and facilitate global economic growth," Bai added.

As the common prosperity of APAC people relies on harmonious economic and social development, the Chinese business community should help APEC create a better natural and resource environment, and a more inclusive cultural and social business environment, Gao said.

The Chinese community should help the APEC economies in bettering their soft and physical infrastructure by actively promoting all-round connectivity and cooperation, and achieve comprehensive, high-quality and sustainable economic development, she added.


Source: China Daily