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Asia-Pacific region faces global challenges

(People's Daily Online)

14:42, September 10, 2012

The 20th informal Asia-Pacific Economic Cooperation (APEC) leaders' meeting was held in Vladivostok, Russia from Sept. 8 to Sept. 9. As the most complete, highest-level, and most influential economic cooperation forum in the Asia-Pacific region, the APEC convenes its summit amid the sluggish world economy, which has attracted great attention.

Chinese presidents attended all previous informal APEC leaders' meetings, and put forward many useful and workable ideas and initiatives. It is known to all that instead of adopting a beggar-thy-neighbor policy during the East Asian financial crisis in the 1990s or the 2008 global financial crisis, China, which has always been a responsible country seeking common development, adjusted its macroeconomic policies in a timely fashion, launched a package of plans to expand domestic demand and boost economic growth, and made great efforts to promote the low-carbon economy, energy conservation, and emissions reduction, laying a foundation for the overall economic recovery in the Asia-Pacific region. China has thus been widely considered a key engine of global economic growth, and provided the most cost-effective public goods to APEC members.

China and other Asia-Pacific economies have interwoven interests, and cooperation will benefit all sides. The Asia-Pacific region is important to China’s foreign trade as about 70 percent of the country’s foreign trade volume and foreign direct investment come from APEC members. China has benefited greatly from the regional economy, and in turn promoted the region’s economic growth through its own development and huge market.

According to the 12th Five-Year Plan, China will further integrate into international markets. The deepening Asia-Pacific integration driven by the pursuit of common interests will exert a positive impact on the trade and investment cooperation between China and other Asia-Pacific countries, bring tangible benefits to the people in the region, and promote the development and prosperity of the entire region.

The Asia-Pacific region has become an important growth pole in the world economy, and is reshaping the global economic landscape. The theme of this year's APEC summit is "Integrate to Grow, Innovate to Prosper."

Obviously, the region should rely more on innovation for steady economic growth, and also innovate its cooperation mindset. The zero-sum mentality is outdated, and win-win cooperation is the only way out of the current economic crisis. Only by doing so, can the Asia-Pacific and world economies achieve robust, sustainable, and balanced growth, and can all countries benefit from an Asia-Pacific Century.

Read the Chinese version: “全球性挑战”考验亚太, source: People's Daily Overseas Edition, author: Ruan Zongze

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