China Promotes Inclusive, Innovative Asia-Pacific Vision
Speaking at the first gathering of senior officials from the Asia-Pacific Economic Cooperation (APEC) forum in the southern city of Guangzhou, Foreign Minister Wang Yi highlighted innovation as a key engine for future growth across APEC economies.
China currently holds the rotating chairmanship of the 21-member APEC grouping, marking the third time the world’s second-largest economy will host the organization’s annual summit since 2001.
Wang pointed to the mixed impact of globalization, saying, “While economic globalization has fueled trade prosperity and economic growth, it has also brought about uneven development as a result of global resource allocation.”
He said APEC members “should act on the principle of universal benefit and inclusiveness, explore paths to regional economic integration that is more balanced and sustainable, and push economic globalization forward along a healthy track.”
Emphasizing the importance of stability and prosperity in the region, Wang called on member economies to foster a more open and connected Asia-Pacific. He stressed that “Our vast landmass and the expansive ocean offer limitless space for economic cooperation; openness is the lifeblood of APEC economies.”
APEC economies together represent about 40 percent of the global population, account for more than 60 percent of worldwide economic output, and generate nearly half of global trade.
Wang also noted that global economic momentum is increasingly shifting toward the Asia-Pacific, saying economic activity was “gravitating toward the Asia-Pacific” region.
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