Day: November 19, 2022

BEIJING, Nov. 18, 2022 /PRNewswire/ — “As a Thai proverb goes, ‘You reap what you sow.’ We have jointly sown the seed of the Putrajaya Vision. It is time for us to cultivate, nurture and foster the blossoming flower of common development of the Asia-Pacific!” Chinese President Xi Jinping said at the 29th Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting in Thailand on Friday.

In 2020, APEC leaders adopted the Putrajaya Vision 2040, a new long-term blueprint, to replace the “Bogor Goals” – a commitment APEC leaders made in their 1994 Bogor Declaration to achieve free and open trade and investment by 2010 for industrialized economies and 2020 for developing economies in the Asia-Pacific.

The Bogor Goals helped APEC economies achieve pronounced progress in trade, investment, and economic integration – within 26 years, regional trade value increased by 5 times, two-way investment increased by 12 times, and nearly half of products enjoy zero tariffs.

When they were “due” in 2020, China’s trade volume with APEC economies reached $2.87 trillion, accounting for 62 percent of its total foreign trade. The country’s imports increased nearly 18 folds, the average tariff dropped from 23.6 percent to 7.5 percent, and free trade agreements amounted to 19 from zero, the Ministry of Commerce data showed.

China has also shared its vast market with the Asia-Pacific region and the world, through annual trade-promoting events, such as the China International Import Expo.

New chapter

With the Putrajaya Vision 2040, APEC economies envision “an open, dynamic, resilient and peaceful Asia-Pacific community by 2040, for the prosperity of all our people and future generations.”

Based on the progress made in the Bogor goals, the new blueprint focuses on furthering regional free trade, fostering innovation and digitalization, and achieving “strong, balanced, secure, sustainable and inclusive growth.”

China’s goal of promoting high-standard opening-up has set the tone for its future contribution to the implementation of the Putrajaya Vision 2040.

In the report to the 20th National Congress of the Communist Party of China, Xi said China will steadily expand institutional opening-up, accelerate its transformation into a trader of quality, foster a world-class business environment, and endeavor to preserve the diversity and stability of the international economic landscape as well as economic and trade relations.

“We will advance a broader agenda of opening up across more areas and in greater depth, follow the Chinese path to modernization, put in place new systems for a higher-standard open economy, and continue to share our development opportunities with the world, particularly with the Asia-Pacific region,” Xi said on Friday.

Speaking at the APEC Economic Leaders’ Meeting last year, Xi said openness is the lifeline of Asia-Pacific cooperation. “We need to uphold open regionalism, follow the guidance of the APEC Vision 2040 in advancing regional economic integration, and work for the early realization of a high-standard Free Trade Area of the Asia-Pacific (FTAAP).”

China, which was among the first to ratify the Regional Comprehensive Economic Partnership (RCEP) agreement that came into effect on January 1, 2022, is seeking to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The duo represents two important paths to achieving the FTAAP.

As the digital economy is of increasing importance for the region, China has applied to join the Digital Economy Partnership Agreement (DEPA) for further regional economic integration. The country’s digital economy has been the second largest in the world.

To contribute to inclusive and sustainable development, China is striving to peak carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060.

The country will support developing countries in developing green and low-carbon energies, and work with partner countries to advance high-quality Belt and Road cooperation, Xi said.

https://news.cgtn.com/news/2022-11-18/China-will-continue-to-drive-implementation-of-Putrajaya-Vision-2040-1f3KsxA49bO/index.html

BEIJING, Nov. 18, 2022 /PRNewswire/ — With the theme of “Open, Connect, Balance,” the 29th APEC Economic Leaders’ Meeting kicked off on Friday, in Bangkok, which is the first such in-person meeting since 2018.

The voice of China is in the limelight as the country’s membership of APEC has not only boosted its own development but also greatly contributed to the regional and world economies.

Highlighting that the Asia-Pacific is “our home as well as the powerhouse of global economic growth,” Chinese President Xi Jinping stressed building an Asia-Pacific community with a shared future when delivering a speech during Friday’s meeting.

Asia-Pacific community with a shared future

“Today the world has come to another historical crossroads, and this has made the Asia-Pacific region even more important and prominent in its standing and role,” Xi said.

Calling for joint efforts in building an Asia-Pacific community with a shared future, he stressed several aspects — peace and stability, prosperity for all, cleanliness and beauty, and a shared future.

He also underlined upholding international fairness and justice, adhering to openness and inclusiveness, seeking green and low-carbon development, and being committed to cooperation so as to reach the goal.

The region’s status is of great significance in the world. With a combined population of 2.9 billion, the 21 APEC economies account for over 60 percent of the world’s total gross domestic product (GDP) and about half of world trade.

APEC is working on areas such as trade and investment liberalization, business facilitation, and economic and technical cooperation, aiming to achieve sustainable growth and prosperity in the Asia-Pacific region.

In the latest Regional Economic Outlook Report for Asia and Pacific, the International Monetary Fund (IMF) lowered its growth forecasts for the Asia-Pacific region to 4 percent this year and 4.3 percent next year, by 0.9 and 0.8 percentage points, respectively, from its April forecasts.

Despite the growth cut, Asia remains a relatively bright spot in an increasingly dimming global economy, said Krishna Srinivasan, director of the IMF’s Asia and Pacific Department.

China committed to regional partnerships

Since joining APEC 31 years ago, China has been firmly committed to regional partnerships and free trade and investment, making significant contributions to a multilateral trading system and an open world economy.

“China will work with other parties on the full and high-quality implementation of the Regional Comprehensive Economic Partnership (RCEP),” Xi told the APEC meeting.

The country will continue working toward joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA), he added.

The RCEP, the world’s largest free trade deal, covers 10 member states of the Association of Southeast Asian Nations and its five free-trade agreement partners: China, Japan, the Republic of Korea, Australia and New Zealand. China was among the first to ratify the RCEP agreement last year.

Both the RCEP and CPTPP are believed to be viable pathways toward the wider Free Trade Area of the Asia-Pacific (FTAAP), which the 21 APEC members aim to establish.

China will consider holding the third Belt and Road Forum for International Cooperation next year to provide fresh impetus for the development and prosperity of the Asia-Pacific and the world, according to the Chinese president.

Echoing the theme of the 2022 APEC, Beijing has promised a high-standard opening up with the fifth China International Import Expo in Shanghai yielding great results earlier this month.

Tentative deals with a total worth of $73.5 billion were reached during the import-themed event, a testament to China’s gigantic market and numerous business opportunities.

As the 20th National Congress of the Communist Party of China last month set the blueprint for the country’s development for now and beyond, the president also stressed that Beijing will advance a broader agenda of opening up across more areas and in greater depth.

He underlined that following the Chinese path to modernization, the country will build new systems for “a higher-standard open economy,” and share development opportunities with the world, particularly with the Asia-Pacific region.

https://news.cgtn.com/news/2022-11-18/China-stresses-Asia-Pacific-community-in-addressing-global-challenges-1f3LalyTRGU/index.html