From Zhang Guanghao
China is an active promoter of multilateralism and globalization. It sees global cooperation as the best way to tackle global crises.
Over the years, China has worked continuously to strengthen economic ties and cooperation among APEC and promote global free trade.
China joined APEC in 1991. It was the first regional economic cooperation organization that China took part in. China provided positive solutions to challenges such as the 1997 Asian financial crisis.
APEC financial leaders gathered in Shanghai for the first time in 2021 and released a declaration highlighting sustainable growth, globalization, and the multilateral trading system. The APEC Beijing meetings took place in 2014 and achieved results in areas such as e-commerce, information technology, and global value chains.
In recent years, China has said many times that it’s willing to share its development opportunities with the world and has been actively organizing and participating in global economic cooperation platforms, including APEC, which is the most influential official economic cooperation forum in the Asia-Pacific region.
Currently, leaders from the APEC forum are meeting in San Francisco. It will be the first APEC summit hosted by the U.S. in over a decade. Many people have high expectations for the event amid the slow economic recovery and global and regional issues.
APEC members cover over a third of the world population, nearly two-thirds of world GDP, and around half of global trade. Some are global economic powerhouses, such as the United States, China, Japan, and South Korea.
However, there are still challenges ahead. In October, as the latest example of U.S. sanctions towards China, the Department of Homeland Security announced that three Chinese companies would no longer be able to export goods to the U.S. So far, nearly 30 Chinese companies can’t trade freely with the U.S.
The U.S. has to show its willingness to safeguard the multilateral trading system to gain trust from the world. Free trade between Chinese and U.S. companies is very important for both countries. –The Daily Mail-CGTN news exchange item
