BEIJING: As President Xi Jinping embarks on a visit to the Republic of Korea to attend the 32nd APEC Economic Leaders’ Meeting, observers said the international community is paying close attention to signals of dialogue and cooperation amid mounting challenges to multilateralism and sluggish global economic growth.
China is expected to continue working with all parties to discuss plans for regional prosperity and development, foster consensus on unity and cooperation, address global challenges and jointly chart a new chapter for Asia-Pacific development, they said. During the three-day trip beginning on Thursday, Xi will deliver remarks at the APEC Economic Leaders’ Meeting and hold bilateral talks with leaders of relevant economies. He will also pay a state visit to the ROK.
Xi, as the Chinese president, has attended every APEC Economic Leaders’ Meeting since 2013, showing China’s support and the active and constructive role the country plays in the region’s highest-level, most extensive and most influential economic cooperation mechanism. Cui Fan, a professor of international trade at the University of International Business and Economics in Beijing, said that at each of these meetings, the Chinese president has underscored the importance of advancing regional economic integration.
“It is expected that Xi will once again call for continued efforts in this regard in his remarks this year,” Cui said, adding that this will reaffirm China’s steadfast commitment to multilateralism at a time when economic globalization faces headwinds and protectionism is on the rise.
The Asia-Pacific region, which is home to one-third of the world’s population, now accounts for more than 60 percent of the global economy and nearly half of world trade. It is the world’s most dynamic growth engine and a prime example of regional economic integration.
Liu Chenyang, director of the APEC Study Center at Nankai University in Tianjin, said that holding the APEC meeting against the backdrop of growing uncertainty demonstrates the mechanism’s vital role in bridging differences and maintaining dialogue across the Asia-Pacific region.
He said that the consensus to be reached among the leaders, if any, on issues such as trade and investment liberalization, innovation, the digital economy, and inclusive and sustainable growth will reflect the shared commitment of member economies to maintaining the regional economic order and promoting common prosperity.
“Since its establishment more than 30 years ago, APEC has effectively responded to challenges such as the financial crisis and the COVID-19 pandemic, and has played an important role in strengthening the cohesion of Asia-Pacific cooperation,” Liu said.
“Compared with the past, Asia-Pacific cooperation faces greater challenges this year,” he added. “What the international community is watching now is whether APEC can continue to put economic and trade cooperation at the forefront and build consensus despite differences.”
Carlos Kuriyama, director of the Policy Support Unit at the APEC Secretariat, said in a news release that trade growth this year across the Asia-Pacific is expected to moderate after last year’s strong performance.
“Sustaining momentum will depend on reducing policy uncertainty by sending clear signals to the business community, including those in digital and AI-enabled sectors,” he said, noting that this year’s APEC Economic Leaders’ Meeting offers a critical opportunity to deepen cooperation and promote more inclusive and resilient growth.
Observers noted that small and medium-sized enterprises, which account for 97 percent of all businesses in APEC economies, are more likely to be affected by challenges such as protectionism and unilateralism.
According to Liu, from Nankai University, the upcoming meeting will once again highlight APEC’s unique role as a “safe harbor” and a platform for members to strengthen solidarity and jointly cope with uncertainties. –The Daily Mail-China Daily news exchange item
