Based on APEC, analyze how China can become a growth engine in the Asia Pacific region from six dimensions
2025-11-03
Amidst the rise of unilateralism and protectionism, the 32nd Asia Pacific Economic Cooperation (APEC) Leaders' Informal Meeting was held in Gyeongju, South Korea from October 31st to November 1st. The theme of this conference is "The Sustainable Tomorrow We Build - Connected, Innovative, and Prosperous". China proposes to adhere to the original intention of promoting economic growth and enhancing people's well-being through the Asia Pacific Economic Cooperation. Official data shows that APEC, with 37% of the global population, contributes up to 61% to world economic growth. The proportion of APEC members in the global economy has increased from 57% in 1989 to 61% in 2024. The Asia Pacific Economic Cooperation (APEC), spanning across the Pacific, has not only become the core area of global economic growth, but also the economic cooperation organization with the greatest potential for economic growth. APEC aims to promote economic integration in the Asia Pacific region. However, as a member of APEC, the United States was absent from this year's APEC Leaders' Informal Meeting, making China the largest economy among the participating APEC members. Moreover, China will take over as the rotating chair of APEC in 2026. China is an important engine for promoting common development and prosperity in the Asia Pacific region and even global economic growth. China has always been actively strengthening economic cooperation with other countries to promote common development and prosperity of all countries. According to data, the contribution rate of APEC to world economic growth in 2024 is as high as 61%. Among them, China's contribution rate to world economic growth has exceeded 30% for consecutive years, and China's contribution rate to APEC economic growth is more than half. China's goods trade accounts for 29.2% of APEC's foreign trade, and its services trade accounts for 14.3% of APEC's foreign trade. China is not only the main trading partner of 21 APEC member economies, but also the largest trading partner of 13 APEC economies, and a major trading partner of more than 150 countries and regions in the world. As a major manufacturing country, China's share in the global manufacturing industry has reached 28% by 2024. As the country with the most complete industrial categories, China has 41 major industrial categories, 207 medium industrial categories, and 666 minor industrial categories. China has not only set the goals of peaking carbon emissions before 2030 and achieving carbon neutrality before 2060, but also made efforts to strengthen the transformation and upgrading of China's economic structure. It has not only promoted the accession of more than 190 contracting parties to the Paris Agreement, but also remained committed to promoting carbon reduction and working with other countries to address climate change despite the United States' two withdrawals from the Paris Agreement. In 2019, China officially announced the cessation of new overseas coal-fired power projects, while actively developing new energy sources such as wind and solar power, and vigorously developing new energy vehicles, injecting strong impetus into global energy transformation and sustainable development. China's green development not only provides strong support for sustainable development in the Asia Pacific region, but also makes important contributions to global ecological governance. Promote the modernization of all countries with Chinese path to modernization China is not only a big country of import and export, but also a big country of technology export. By accelerating the development of new quality productivity, China has promoted the digital, green and intelligent transformation and upgrading of traditional industries, accelerated the development of emerging industries and future industries, ranked first in the world in terms of international patent applications for many years in a row, and promoted the development of Chinese path to modernization with the modernization of countries through close ties with countries in the Asia Pacific region, especially in the industrial chain supply chain. As a major country that attracts foreign investment, China has not only attracted over 700 billion US dollars in foreign investment in the past five years, but has also gradually grown into a major country for outward investment, ranking among the top three in the world for consecutive years in terms of outward direct investment, with the Asia Pacific region being China's main investment destination. From the flow of China's outward foreign direct investment in 2024, China's investment in 20 APEC partners including Singapore, Thailand, and the United States accounted for 85% of China's outward foreign direct investment. From the stock of outbound investment as of 2024, China's investment stock in 20 APEC partners including the United States, South Korea, and Japan accounts for 71.9% of China's outbound investment stock. Up to now, China has signed bilateral free trade agreements with at least seven of its APEC partners, including but not limited to the China Korea Free Trade Zone, China Singapore Free Trade Zone, China New Zealand Free Trade Zone, and China Australia Free Trade Zone, in order to promote economic integration in the Asia Pacific region. Over the course of 8 years, China has promoted the establishment of the world's largest free trade zone, the Regional Comprehensive Economic Partnership (RCEP). Through RCEP, China has strengthened its free trade ties with countries such as Japan and the Philippines. Moreover, with the upgrade of the China ASEAN Free Trade Area 3.0, cooperation between China and ASEAN countries has become increasingly close. At the same time, the China Japan South Korea Free Trade Zone is also restarting negotiations. China is actively joining the Comprehensive and Progressive Agreement for Trans Pacific Partnership (CPTPP) and committed to building the Asia Pacific Free Trade Area. The year 2025 marks the tenth anniversary of the implementation of the APEC Connectivity Blueprint. China has not only carried out connectivity docking cooperation with ASEAN, but also actively strengthened cooperation with APEC members to jointly build the "the Belt and Road" initiative. Through the joint construction of the "the Belt and Road" initiative, China has helped Laos achieve its strategic goal of becoming a "land locked country" into a "land linked country". Moreover, the China Laos Railway connects the China Thailand Railway to the south, further extends to the China Malaysia Railway, and then connects to Singapore, becoming the backbone network of the Trans Asian Railway Network, helping Laos and the ten ASEAN countries connect to the large market with a population of 1.4 billion in China, and connecting ASEAN and China into a large market with a population of more than 2 billion. China has also carried out docking cooperation with Vietnam on jointly building the "the Belt and Road" initiative and the "Two Corridors and One Circle" framework. At the same time, China has promoted the docking cooperation with Thailand's "4.0" policy, accelerated the construction of new land and sea channels with Singapore, and connected the active Southeast Asia and developed European countries through the China Europe Train, making great contributions to world economic growth. The Chinese concept contributes to the construction of an Asia Pacific community with a shared future. China recently proposed a global governance initiative to strengthen cooperation among countries at the "Shanghai Cooperation Organization+" conference held in Tianjin, contributing to the elimination of international governance gaps and deficits. China has put forward core concepts such as sovereignty equality, international rule of law, people-oriented, multilateralism, and pragmatic actions to hedge against unilateralism and protectionism. Not only that, China has also proposed a global security initiative, advocating a common, comprehensive, cooperative, and sustainable security concept. Promote development and prosperity while ensuring safety. China has put forward a global development initiative, advocating for strengthening cooperation among countries in poverty reduction, industrialization, digitization, and connectivity. China has also proposed the Global Civilization Initiative, which aims to transcend cultural barriers through cultural exchanges and conflicts through mutual learning among civilizations. China is working with members of the Asia Pacific Economic Cooperation to promote the construction of an Asia Pacific community with a shared future. (Xinhua News Agency) (The author Liu Ying is a researcher at the Chongyang Institute of Finance, Renmin University of China, and an observer of global governance. This article only represents the author's views and is provided for readers' reference.)
Edit:Yi Yi Responsible editor:Li Nian
Source:WWW.CHINANEWS.COM.CN
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