China’s long-established relationship with APEC

The 2014 Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting will be held on Nov 10 and 11 in Beijing. Hosted by China, the event is attracting widespread attention.

APEC is a high-level and influential forum that was established in 1989. It has 21 members who account for approximately 40% of the world's population, approximately 57% of the world's gross domestic product, and about 46% of world trade.

The long-established link between China and APEC began in December of 1991, when China joined APEC. Since then, successive Chinese presidents have attended the APEC Economic Leaders' Meeting. In 2011 the meeting was held in Shanghai; the sight of all the leaders who attended it wearing the traditional Chinese Tang suit was impressive. 13 years later, the 22nd APEC Economic Leaders' Meeting is being held once more in Beijing, China. As the first regional economic cooperation organization that China joined, APEC served as a critical platform for China to further integrate into the Asia-Pacific Region, accumulate market experience, and expand its summit diplomacy. This contributed to China's accession to WTO, the emergence of international and regional new economic order, and China's involvement in international economic cooperation. China has spread its voice to the Asia-Pacific region and the wider world, set up win-win cooperation with many countries and regions, and promoted its image as a responsible major power via its active involvement in APEC.

Meanwhile, China's rise has also injected impetus into the development of APEC. First, China's booming economy and ongoing opening-up helps to expand economic and trade activity in the Asia-Pacific region and to balance the regional economy. 8 of China's top 10 trade partners are APEC members. Second, China has been active in APEC and has put forward many important propositions which are involved in facilitating trade freedom, integrating the Asia-Pacific Region, and promoting regional development and cooperation.

Third, China has also provided APEC with financial support. China set up the "China-APEC cooperation fund", encouraging more Chinese companies to participate in economic and technological cooperation with APEC members.

Asia-Pacific is a fast-growing region with huge potential and active cooperation and thus an important engine for the recovery of the world economy. Both APEC and China can foresee the prospect of development opportunities and a brighter future. "Working together for the future of Asia-Pacific partnership" is the theme of the meeting. Promoting regional integration is a pressing task for APEC, as are starting 'the Asia-Pacific Free Trade Area' (FTAAP) and promoting economic innovation. China will fulfill its responsibilities to APEC by working with the countries of Asia-Pacific region to promote regional economic growth and by contributing to the peace and prosperity of the Asia-Pacific region and the wider world.