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APEC Ministerial Meeting Opens With Vow to Tide Over Slump
The 13th Asia-Pacific Economic Cooperation (APEC) ministerial meeting opened here Wednesday with an upbeat note to enhance steady economic growth and restore market confidence amid a general slowdown in the Asia-Pacific region and the world.
Opening the two-day session, Chinese Foreign Minister Tang Jiaxuan said the ministers would focus their discussion on trade and investment liberalization, economic, technical and financial cooperation, e-APEC strategy and human resource development.
"We should take effective fiscal and financial measures to stabilize the market, restore confidence and facilitate growth so as to enable all the APEC economies to come out, as soon as possible, of the economic slowdown and the shadow of the September 11 terrorist attacks and onto the road to a sustained and steady growth," he said.
Tang described the past decade as "one of rapid expansion of regional cooperation and remarkable achievements of APEC," and noted that APEC has become one of the "most important economic forums in the region and even in the world."
Tang said APEC has provided rare opportunities for dialogue and exchange of views by leaders of member economies and for discussions on frontier issues related to the global and regional economy and has played a guiding role in the formulation of policy frameworks on many issues.
"Therefore, APEC has made positive contribution to maintaining peace and stability in the Asia-Pacific region and enhancing its economic prosperity and development," he said.
Commenting on the first day of the Ministerial Meeting, Wang Guangya, chair of APEC Senior Officials Meeting, said that all participants demonstrated a sense of urgency for an early launch of a new round of global trade talks following the September 11 terrorist attacks on the U.S.
Ministers or their representatives from APEC's 21 members also discussed the global economic downturn and the economic impacts of the terror attacks, said Wang, who is also China's vice foreign minister.
Also on Wednesday, Li Rongrong, chairman of China's State Economic and Trade Commission, told a press conference that China had taken active measures in face of the global economic slowdown to help maintain a steady economic growth and contribute to economic stability in the Asia-Pacific region.
Li said that China's gross domestic product (GDP) went up by an encouraging 7.6 percent from January to September, higher than the 7 percent growth target for the year.
The official attributed the GDP growth to the Chinese government's correct judgment on the world economic situation and proper and effective policies and measures it has taken.
He said, the fact that China has maintained a 7 percent-plus economic growth rate is a great contribution to the Asia-Pacific regional economy and the world economy as a whole.
Next year, China will continue its policy of expanding domestic demand, the official said. "This is to ensure that the Chinese economy will continue to grow during the year and the policy is also intended to offset the impact on the Chinese economy of a slowing down world economy and the September 11 terrorist attacks in the United States," he said.
Measures being taken by the Chinese government in response to the global economic downturn include: continuing to implement a pro-active fiscal policy, speeding up economic reforms, stimulating consumption, and further increasing incomes for urban and rural people.
The official also called on all APEC member economies to exert concerted efforts to reduce the adverse impact of the September 11 incident to the minimum, noting this will benefit the Chinese economy, the Asia-Pacific regional economy and the world economy as a whole.
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