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China leads economic integration of Asia-Pacific

Editor: Li Kun 丨CCTV.com

11-20-2015 18:05 BJT

By Gu Jianjun, post doctorate of Central Compilation and Translation Bureau

Chinese President Xi Jinping attended the 23rd Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Manila, Philippines on Nov.17-19.

 

Xi delivered a speech entitled, "Deepening partnerships and promoting common prosperity of Asia-Pacific region" and stressed the region is still the locomotive driving the world economy and China would continue to support economic integration of the region.

From Antalya to Manila: China drives economic growth for whole world

The G20 Summit and APEC meetings had focused on the economy, recognizing the whole world is facing major economic challenges. When the global economy was at its most difficult moments, China had shouldered its responsibility to inject a new impetus.

Xi said the national economy would achieve about a seven percent GDP (gross domestic product) growth this year, which is an increase based on 10 trillion US dollars and would contribute over 30 percent to global economic growth.

As the "engine" driving global economic growth, China remains confident to maintain medium-high economic growth speed rates. Xi expounded on Beijing's proposal of innovative, coordinated, green, open and shared development adopted at the Fifth Plenary Session of the 18th Communist Party of China (CPC) Central Committee at the end of October.

Beijing would nurture innovation and new opportunities during the 13th Five-Year Plan (2016-2020). China is to forge a community of common interests and destiny of the Asia Pacific region with its neighbors.

From Beijing to Manila: China leads economic integration in Asia-Pacific region

As the top-level cooperation mechanism in the Asia-Pacific, the 21-member APEC has played a crucial role to advance trade liberalization and facilitate economic integration, while boosting connectivity. Last year, APEC members endorsed a roadmap to launch the Free Trade Area of the Asia-Pacific (FTAAP) at the APEC meeting in Beijing.

The FTAAP has become a new objective for APEC regional integration, laying a political foundation for Asia-Pacific countries to conduct economic and trade cooperation, along with comprehensive exchanges. As leader of the Asia-Pacific, Beijing initiated the FTAAP that favors regional infrastructure construction.

Calling the Asian Infrastructure Investment Bank (AIIB) an important platform to form regional connectivity, Xi said China and other related countries are accelerating preparations for the bank, which is expected to be launched by the end of this year.

The Silk Road Economic Belt and 21st Century Maritime Silk Road, known as China's ‘Belt and Road’ initiative, is making steady progress, while the Silk Road Fund project is already in operation.

Negotiations on the Regional Comprehensive Economic Partnership (RCEP), a free trade pact involving the 10-member ASEAN and six other countries including China, have entered a critical phase.

Beijing has made outstanding contributions to boost cooperation in the region. During the Manila summit, Xi elaborated on Beijing's cooperation in the Asia-Pacific region and  expressed a willingness to work with relevant parties to promote regional economic integration and to forge an open economy.

China, as the world's second largest economy and engine of the regional economy, endorses economic integration for development of the whole world.

 

( The opinions expressed here do not necessarily reflect the opinions of Panview or CCTV.com. )

 

 

Panview offers a new window of understanding the world as well as China through the views, opinions, and analysis of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

Panview offers an alternative angle on China and the rest of the world through the analyses and opinions of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

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