TOKYO, Aug. 7 (Xinhua) -- The Asia-Pacific Economic Cooperation (APEC) forum highlighted the need for structural reforms and cooperation with the Group of 20 major economies to realize balanced growth in the region during a high-level meeting in Beppu in southwestern Japan, local media reported on Saturday.
The idea was agreed on by the representatives of the 21-member economies as they gathered in Oita Prefecture for a two-day discussion on a long-term comprehensive growth strategy, which is aimed to secure balanced and sustainable economic growth in the region following the global financial crisis triggered in 2008, Kyodo News reported.
Balanced growth aims to unwind imbalances within and across APEC economies through macroeconomic policies and structural reforms and is part of the five aspects the strategy would focus on. The four other pillars are inclusive, sustainable, innovative and secure growth, according to Kyodo News.
APEC involves such members as Australia, China, Japan and the United States. It accounts for more than half the world's economic output and 44 percent of its trade by value.