The Asia-Pacific region continues to be a powerhouse for global economic growth. According to the International Monetary Fund, the region is set to contribute approximately 60 percent to worldwide economic expansion in 2024.
However, the path forward isn't without its challenges. Rising geopolitical tensions, increasing unilateralism, and growing protectionist measures are testing the resilience of Asia-Pacific cooperation.
In response, Chinese Premier Xi Jinping made a compelling call to action at the 31st APEC Economic Leaders' Meeting in Lima, Peru. \"We must act in solidarity and cooperation to meet the challenges, fully deliver on the Putrajaya Vision 2040, build an Asia-Pacific community with a shared future, and start a new era in Asia-Pacific development,\" Xi declared.
China’s Strategic Proposals
Premier Xi outlined three key proposals aimed at deepening collaboration within the region:
- Building an Open and Interconnected Asia-Pacific: Xi emphasized the importance of maintaining a commitment to multilateralism and an open economy. Highlighting China's role as the largest trading partner for 13 APEC economies, he underscored initiatives like the China-ASEAN Free Trade Area, the Regional Comprehensive Economic Partnership (RCEP), and China's applications to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement.
- Driving Green Innovation: Positioning green innovation as a catalyst for regional growth, Xi called for coordinated digital and green transformations. China is spearheading the Global Cross-Border Data Flow Cooperation Initiative and promoting projects in green agriculture, sustainable urban development, low-carbon energy transitions, and marine pollution prevention.
- Promoting Inclusive Development: With data revealing that China contributes 64.2 percent to the region's economic growth, Premier Xi advocated for initiatives aimed at increasing residents' incomes and fostering the development of small and medium-sized enterprises (SMEs) through industrial clusters. These efforts aim to ensure that Asia-Pacific growth benefits all members universally and inclusively.
Commitments to Future Growth
Looking ahead, China announced it will host the next APEC Economic Leaders' Meeting in 2026. Premier Xi reiterated China's dedication to continued reform and opening up, emphasizing the introduction of more policies for voluntary and unilateral openness, the expansion of high-standard free trade areas, and a broader welcoming stance towards global partners.
As the Asia-Pacific region navigates a complex global landscape, China's leadership and strategic initiatives at the APEC Summit signal a strong commitment to fostering sustainable, inclusive, and innovative growth for the years to come.
Reference(s):
Starting a new era in Asia-Pacific development amid global uncertainty
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