APEC SOM Chair: APEC Benefits China's Economic Development

APEC SOM III Related Meetings Continue in Dailian

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Enhancing the role of the Asia- Pacific Economic Cooperation (APEC) and tightening contacts with other APEC member economies are beneficial to China's reform and opening-up and economic growth, vice-foreign minister Wang Guangya said Friday.

The Third Senior Official Meeting (SOM III) of APEC, to be held in Dalian, this coastal city in northeast China during August 23-24, is the last SOM before the APEC Economic Leaders' Meeting (AELM) scheduled for Shanghai in October.

Wang, also APEC SOM chair, said that during the SOM III, senior officials from all APEC member economies will seriously discuss issues and yield results that would lead to possible achievements at the AELM.

He stressed that there are three objectives for China in hosting the APEC meetings this year: first, as an important country in the Asia-Pacific region, China has the responsibility and obligation to promote regional economic cooperation; secondly, to enhance ties between China and other APEC economies; thirdly, to show the world its latest achievements since the reform and opening-up began two decades ago.

It was a "wise choice" to select Dalian as the host of the APEC SOM and relevant meetings, as the city has set a good example in the reform drive, as well as in developing economic relations with other APEC economies, he pointed out.

As a renowned coastal city, Dalian is not only known for excellent urban facilities, but also for the high quality of local residents, which has deeply impressed participants of relevant meetings of APEC SOM III.

Wang said that the major task of China is to develop its economy, so as to enhance its comprehensive strength and elevate China's status in the international arena. However, in order to develop its economy, China has to strengthen exchanges with countries across the world, especially with those in the Asia- Pacific region.

Statistics show that the population of the 21 APEC economies accounts for 45 percent of the world's total, the gross domestic product accounts for 55 percent of the total, and trade, 46 percent of the total.

Last year, the trade volume between China and other member economies of APEC amounted to 344.55 billion U.S. dollars, accounting for 72.6 percent of China's total.

APEC has set three long-term objectives: to promote trade and investment liberalization; to enhance cooperation among APEC economies and improve their capacity to develop their economies; and to enhance financial cooperation among APEC economies after the Asian financial crisis.

Wang said that the economic development level of APEC economies varies between members. As China is a developing country, the economic cooperation among the APEC economies is helpful to China' s economic expansion.

In the meantime, China is willing to help those economies who have more economic difficulties, so as to make its due contributions to the APEC process, he added.