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APEC must find new areas of growth: China
August 20, 2014, 7:09 am

Chinese State Councilor Yang Jiechi addresses the opening ceremony of the third Senior Officials' Meeting (SOM3) of the APEC 2014 in Beijing, capital of China, Aug. 20, 2014 [Xinhua]

Chinese State Councilor Yang Jiechi addresses the opening ceremony of the third Senior Officials’ Meeting of the APEC 2014 in Beijing, capital of China, Aug. 20, 2014 [Xinhua]

China on Wednesday called on APEC leaders to “promote reform”, and “find new areas of growth”. Last month the IMF warned richer nations in particular faced the risk of economic stagnation unless they took steps to foster sustainable growth.

“China is willing to build an Asia-Pacific partnership with APEC members that will lead future cooperation in the region,” said Yang Jiechi, Chinese state councillor with responsibility for foreign policy on Wednesday.

With 40 per cent of the world’s population, 57 per cent of the total world economy and 46 per cent of the total global trade, the 21 APEC members have established all-round, multi-level and wide-ranging cooperation which plays an active role in promoting common prosperity, said Yang, who holds a post senior to that of foreign minister.

Yang was speaking at the opening ceremony of the third Senior Officials’ Meeting of the APEC 2014 in Beijing on Wednesday.

Leaders from the 21 APEC member economies including US President Barack Obama, Japan’s Prime Minster Shinzo Abe and Russian President Vladimir Putin are scheduled to gather in Beijing in November.

Chinese President Xi Jinping invited India earlier in July to attend a summit of the APEC trade group in November. India has never attended an APEC summit before.

Meanwhile, on Wednesday in Beijing, China’s top diplomat Jiechi said the Asia-Pacific economies will play “an increasingly important role in promoting world peace and development”.

China is confident it will be a good host for the 2014 Summit, he said.

Beijing is hosting the Senior Officials meeting and related preparatory meets for the APEC summit in Beijing from Aug. 6-21, including some 100 sessions covering topics such as trade, investment, agriculture, food and anti-corruption.

With the theme of “Shaping the Future through Asia-Pacific Partnership”, the 22nd APEC Summit will be held in Beijing on Nov. 10 to 11.

China’s role in APEC has grown considerably since it joined the organisation in 1991. Some 60 per cent of China’s current foreign trade is with fellow APEC member economies, while at least 60 per cent of its foreign direct investment comes from within the 21-member grouping.

 

TBP and Agencies

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