From talking shop to action

The 'APEC effect' shows China is playing a key role in propelling greater regional cooperation and global economic development

In November, Beijing successfully hosted two big events: the Asia-Pacific Economic Cooperation Economic Leaders' Meeting and the summit between Chinese President Xi Jinping and US President Barack Obama. The better-than-expected achievements that resulted have given rise to a powerful "APEC effect," which will be of great significance to the region and the world as a whole.

The Beijing meeting helped lift APEC out of its persistent doldrums. Before the meeting, APEC had been labeled a talking shop, because the organization failed to make substantive contributions to pushing forward Asia-Pacific regional cooperation. The enthusiasm among its members to participate in relevant agendas was also waning. Furthermore, the Trans-Pacific Partnership Agreement and Regional Comprehensive Economic Partnership mechanisms, which have emerged in the past three years, posed big challenges to the influence of APEC.