Why China is vital in Asia-Pacific development

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By Qian Feng

At the 31st APEC Economic Leaders' Meeting in Peru, Chinese President Xi Jinping stressed the need to promote Asia-Pacific development jointly.

APEC was founded in 1989, as a product of economic globalization, trade and investment liberalization, and regional economic integration. After 35 years of development, APEC has become one of most influential economic cooperation mechanisms in the Asia-Pacific region, covering 38 percent of the world's population, 47 percent of trade and 61 percent of GDP.

APEC has helped create an Asia-Pacific economic miracle. However, as the world is witnessing changes unseen in a century, the global economy is facing various risks and challenges – unilateralist and trade protectionist sentiments are on the rise, certain countries are building walls and breaking chains, and the World Openness Index has been on the decline.

At this historic crossroads, the Asia-Pacific, as the engine of global growth, shoulders the responsibilities of the times. This is why Xi stressed the need to "build an open and interconnected paradigm for Asia-Pacific cooperation," "make green innovation a catalyst for the Asia-Pacific," and "uphold a universally beneficial and inclusive vision for Asia-Pacific development."

Opening-up is a "distinct hallmark of Chinese modernization." In 2014, under China's chairmanship, APEC economies endorsed a roadmap to advance the Free Trade Area of the Asia-Pacific (FTAAP), initially proposed in 2006 in Hanoi, Vietnam. This endorsement has elevated Asia-Pacific regional economic integration to a new level and will give new impetus to the group's efforts toward an open Asia-Pacific economy.

In his speech on Saturday, Xi further demonstrated China's unwavering commitment to high-quality development and high-level opening-up. "Reform and opening-up is a historic process in which China and the world achieve development and progress together," Xi noted.

With its unique advantages in a socialist market economy system, vast market demand, complete industrial supply chain, and a pool of high-quality workers and entrepreneurial talents, the Chinese economy shows strong resilience, boosting the confidence of global investors.

Entrance of the APEC 2024 International Media Center in Lima, Peru, November 13, 2024. [Photo/Xinhua]

Regarding green innovation, China is committed to deepening exchanges and cooperation in artificial intelligence (AI), quantum information, life and health, and other frontier areas. In his speech, Xi pledged to launch a Global Cross-Border Data Flow Cooperation Initiative to secure cross-border data flows.

The country has also put forward initiatives within the APEC framework concerning the application of digital bill of lading, capacity building for green supply chains, exchanges and dialogue on approaches to AI, and the digitalization of food supply chains. These are just part of China's contributions to the high-level development of the Asia-Pacific.

In terms of its development vision, APEC is dedicated to building an open, dynamic, resilient and peaceful Asia-Pacific community by 2040, for the prosperity of all people and future generations. This Vision 2040 aligns closely with China's vision of building a community with a shared future for mankind.

As Xi stated, China is willing to work with others to grow the pie and distribute it equitably. Promoting Global South cooperation and enhancing the capacity to address climate change, energy transition, food security and other global challenges under the APEC framework is of great significance to the world's development.

"A man of virtue, while establishing himself and pursuing success, also works to help others establish themselves and succeed," Xi said in his speech.

For over 30 years, APEC has played an important role in China's integration into global cooperation. After China's accession to the WTO in 2001, APEC has proven to be an effective platform for China to promote high-level institutional openness and respond to a complex global economic environment.

Today, China also welcomes all parties to continue riding the "express train" of its development and grow together with the Chinese economy. From promoting high-quality Belt and Road Initiative projects to implementing the Regional Comprehensive Economic Partnership against high standards, China's constructive role in global economic growth and governance has become more prominent.

Against the backdrop of the complex global economic and geopolitical situations, China has not turned conservative. Instead, it remains committed to high-level opening-up and contributing more public goods. The modernization of all countries, characterized by peaceful development, mutually beneficial cooperation and common prosperity, is what China pursues.

The author Qian Feng is a senior research fellow at the National Strategic Institute, Tsinghua University, and Taihe Institute.