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.

The unprecedented Beijing meeting, however, put forward initiatives such as the Free Trade Area of the Asia-Pacific, the Blueprint on Connectivity and the global value chains, which will jointly play a leading role in driving interconnected and dynamic growth. The meeting and the initiatives will help rejuvenate and speed up Asia-Pacific economic integration, while injecting new impetus and purpose into APEC, whose role had become obscure in the past few years. It is no exaggeration to describe the Beijing meeting as a "turning point" for APEC, marking the end to its waning role and the beginning of a rebound.

The success of the meeting was thanks to colossal input from the host. China's goal is to share the fruits of its economic development with all member economies, not just seek its own interests. To ensure the complete success of the APEC meeting, China made great efforts and invested an enormous amount of money. During the meeting, China made commitments to donate $10 million to support APEC institutional and capacity building, and invested $40 billion to establish the Silk Road Fund, which will provide investment and financing support for countries along the Silk Road Economic Belt and the 21st Century Maritime Silk Road to undertake infrastructure projects. At the meeting, more than half of the initiatives that were finally adopted were proposed by China. This is a clear indication that China is both willing and capable to serve and assist Asia-Pacific cooperation, and can play an admirable role in the global economy and politics.