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World hopes APEC can kick-start economy

By Zhu Feng (People's Daily Overseas Edition)

15:06, November 11, 2011

Edited and Translated by People's Daily Online

Beijing, Nov.11 (People's Daily Online) --The 19th Informal Meeting of Asia-Pacific Economic Cooperation (APEC) Leaders will be held in Hawaii, one of the top tourist destinations in the United States, from Nov. 12 to Nov. 13.

All major economies in the Asia-Pacific region have developed close and stable relations with one another, and the world’s economic center of gravity has shifted to the Asia-Pacific region. The 21 APEC members account for 54 percent of the world’s total GDP and 44 percent of the world’s population.

There are three major questions concerning the upcoming APEC summit in Hawaii.

The first question is how APEC members will further improve the regional cooperation pattern.

Given the overlapping ASEAN+1, ASEAN+3 and ASEAN+6 mechanisms as well as the nine-member Trans-Pacific Partnership (TPP), APEC members should make efforts to reach a consensus on a unified cooperation mechanism in order to avoid duplication and overlap.

The second is whether the APEC can become a new force promoting the free trade worldwide.

If the APEC can find new dynamics to promote the course during the meeting in Hawaii, the new practices of the Asia-Pacific regional economic cooperation will help upgrade the free world trade system despite the stalemate of the WTO Doha Round trade talks, showing APEC's significant power.

The third is whether the APEC conference in Hawaii can switch on a new engine to help the world economy emerge from the downturn.

Against the backdrop of the global economic downturn, the APEC should defy "carbon tariffs" imposed by a few developed countries and take actual actions to lower tariffs on "green products," which will help the economies in the Asia-Pacific region to take the lead in the world in deepening the cooperation in terms of developing a "green economy."

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kut at 2011-11-1486.183.163.*
The question on whether the APEC conference in Hawaii can switch on a new engine to help the world economy emerge from the downturn.All depends on oil prices now, and if we look back at the 1970s world recession, mainly due to the five percent cut on oil supply by the OPEC.Today, we are facing the problem of Peak Oil. Let us take the oil price per barrel at $100 for example, given adjusted for inflation from 1970s, the world quickly recover when OPEC lifted the ban. But oil price today is well over $100 and increasing due to Peak Oil, the world is being kept in recession by high oil prices.

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