Innovation 'holds the key to progress'

Deepening economic reform and a heavier dependence on emerging growth engines such as the Internet and green energy will provide strong upward momentum for the global economy while the risk of a worldwide recession stilllooms large, member economies of APEC concluded on Tuesday.

For the Asia-Pacific region to steer the world economy, APEC members should press forward with innovation and identify new sources of growth, according to an annex issued on the final day of the 22nd APEC Economic Leaders' Meeting in Beijing.

APEC members will promote closer cooperation in five areas - economic reform, new economy, innovative growth, inclusive support, and urbanization, according to the annex