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China Daily Website

China in APEC: a mutually beneficial endeavor

Updated: 2011-11-12 10:39
( Xinhua)

BEIJING - China, one of the most dynamic economies in the Asia-Pacific region, has played an active and constructive role in promoting the Asia-Pacific Economic Cooperation (APEC) goals on reducing trade barriers and achieving regional integration.

At the same time, the world's second largest economy has also benefited a lot from closer economic and trade ties with other members of the APEC.

Joining the regional club in 1991, China has always attached great importance to working with the organization to achieve its goals. Chinese heads of state have attended the leaders' meeting every year, proposing many positive, balanced and appropriate policy suggestions that have won approval from fellow member economies.

In the 21-member regional organization composed of divergent economies, China respects the differences between the individual members and views regional integration as a step-by-step process.

The "Shanghai Accord," adopted at the 2001 APEC leaders' meeting in the Chinese city of Shanghai, proposed to reduce trade transaction costs by 5 percent, a target successfully reached in 2006.

As an open, responsible and constructive country that actively seeks to facilitate free and open trade and investment as well as fight protectionism, China has reduced its general tariff rates from nearly 40 percent in 1991 to 9.8 percent at the end of 2010.

In addition, China announced the creation of a $10-million APEC cooperation fund in 2009 to encourage and support Chinese agencies and enterprises to participate in APEC economic and technical cooperation.

Against the background of the global financial crisis, China's huge domestic market provides strong support for regional and global economic recovery.

The inclusion of China in APEC has proved conducive for promoting win-win cooperation and achieving regional prosperity.

As a fast-growing emerging economy, China has benefited enormously from joining the APEC, the most inclusive and influential regional economic cooperative framework in the Asia-Pacific.

According to the Ministry of Commerce, China's trade volume with APEC members amounted to two thirds of total trade volume in recent years, and the foreign direct investment from APEC members accounted for over 60 percent.

Joining the APEC makes China more closely integrated into the world economy, and better prepared to cope with globalization and international competition.

The APEC's agenda, such as regional economic integration, liberalization of trade and investment, green growth and energy security, suits China's inherent needs to materialize its scientific outlook on development and build a harmonious society.

The trans-Pacific nature of the regional organization also gives China a valuable platform to seek broader economic and political consensus with developed economies as well as emerging economies regarding international and bilateral issues.

As a major economy in the world, China will work together with other members of the APEC to ensure lasting peace and common prosperity in the Asia-Pacific region.