BEIJING: As the COVID-19 pandemic is still sweeping through the globe, with the Asia and Pacific region hit hard by the contagion, growth uncertainties are clouding economies to varying degrees.
Economic activity in the Asia and Pacific is expected to contract by 2.3 percent in 2020, and to grow by 6.7 percent in 2021, compared to a contraction of 5.8 percent in 2020 and a growth of 3.9 percent in 2021 for advanced economies, according to the International Monetary Fund (IMF).
China, whose economy saw positive overall growth in the first three quarters this year, shared its vision for continuing to foster domestic economic recovery and mutual beneficial cooperation with Asia-Pacific economies, as Chinese President Xi Jinping delivered a keynote speech at the Asia-Pacific Economic Cooperation (APEC) CEO Dialogues on Thursday via a video link in Beijing. APEC, Asia-Pacific’s premier economic forum, was established in 1989 to leverage the region’s growing interdependence and boost regional prosperity through initiatives promoting free and open trade among member economies.
The Malaysia delegation of the APEC Business Advisory Council (ABAC) is hosting the forum for setting priorities in the aftermath of COVID-19, as Malaysia is the host of APEC this year.
Addressing leaders of Asia-Pacific’s business community, Xi said that China’s sound economic recovery has proven the resilience and vitality of the Chinese economy and he is confident that “steady unleashing of the China market potential will create vast business possibilities for other countries” and create stronger impetus for maintaining stable growth of the global economy.
As science and technology have been playing an even more significant role in boosting social productivity, Xi said to achieve high-quality growth driven by domestic demand, China will vigorously boost scientific and technological innovations in the country.
–The Daily Mail-CGTN
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