China Keeps Close Economic Ties with APEC Members

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Last updated at: (Beijing Time) Thursday, October 24, 2002

China Keeps Close Economic Ties with APEC Members

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Figures from Chinese customs show the trade volume between China and other Asia-Pacific Economic Cooperation (APEC) members grew 18.6 percent to 287.12 billion US dollars, accounting for 74.9 percent of China's total foreign trade, in the first eight months this year.

Of the 43.97 billion US dollars of contracted overseas investment in China in the first half year, 31.08 billion came from APEC members, up 34 percent from the same period of last year, according to figures from the Ministry of Foreign Trade and Economic Cooperation (MOFTEC).

The Chinese mainland's major trade partners, including Japan, the United States, Hong Kong, the Association of Southeast Asian Nations (ASEAN), the Republic of Korea, Taiwan Province, Russia, Australia and Canada, are APEC members.

Since China joined APEC in 1991, its trade with other APEC members has accounted for over 70 percent of its total foreign trade, and more than 60 percent of overseas direct investment in China came from APEC members, official sources with MOFTEC said.

As the largest organization for regional economic cooperation, APEC includes developed and developing members, and it is vital for China to participate in regional economic cooperation and to study the experience of other members in order to promote domestic reform and opening-up, MOFTEC officials said.

Since its accession to the World Trade Organization, China has taken a more active part in APEC activities through promoting cooperation in trade, investment and technology as well as pushing forward the new round of WTO negotiations in a healthy way, according to the sources.

China holds that together with other APEC members, it is willing to actively push forward the new round of WTO negotiations to balance the interests of developing and developed members.

China also believes that the capabilities and confidence of developing members should be strengthened through APEC to ensure they participate equally in negotiations, official sources said.

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