World tuning in to buzzwords of APEC Beijing meetings

The just-concluded series of Asia-Pacific Economic Cooperation (APEC) meetings here have introduced a number of fresh buzzwords to the world, such as the FTAAP, the Belt and Road, regional connectivity and the Asia-Pacific Dream. [Special coverage]

Experts, analysts, scholars and political and business leaders across the world have tuned in to these new terms, which not only enjoy high-end phraseology but also hold rich pragmatic connotations.

Former Australian Prime Minister Bob Hawke, who was the first to publicly broach the idea of APEC in 1989, said he was deeply impressed by the viable proposals put forward by the Chinese leadership.

"Obviously, Asian states will achieve more if they cooperate more closely and give scope to huge regional advantages," Hawke said in an interview with Xinhua last week.

THE FTAAP

Roberto Azevedo, director-general of the World Trade Organization (WTO), said that if the Free Trade Area of the Asia-Pacific (FTAAP) could be realized successfully, it would be compatible with multilateral trade systems and complement the WTO.

Los Angeles City Mayor Eric Garcetti said launching the FTAAP is very conducive to eliminating trade barriers and enhancing international economic and trade exchanges.

At present, half of the Chinese exports to the United States are channeled through Los Angeles, Garcetti said.

As a crucial port linking China-U.S. trade, Los Angeles looks forward to being engaged in the 21st Century Maritime Silk Road to continue to elevate bilateral economic and trade cooperation so as to further benefit the city's economy, he added.

THE BELT AND ROAD

During the APEC meetings, Chinese President Xi Jinping pledged 40 billion U.S. dollars to set up a Silk Road fund for investing in infrastructure, resources and industrial and financial cooperation, and other projects related to connectivity for Asian countries.

The Belt and Road notion refers to the Silk Road Economic Belt, which runs from China via Central Asia and Russia to Europe, and the 21st Century Maritime Silk Road, which runs through the Malacca Strait to India, the Middle East and East Africa.

The two initiatives, raised by Xi a year ago, have become the bedrock of China's efforts to improve regional interconnectivity as well as economic and trade cooperation.

At the APEC Beijing meetings, the Belt and Road plans were warmly endorsed by leaders of other countries.

Singaporean Prime Minister Lee Hsien Loong said his country will fit in the establishment of the Belt and Road. Pakistani Prime Minister Nawaz Sharif threw his country's support behind the proposals.

Cambodian Prime Minister Hun Sen said he hopes his country could take this opportunity to drive infrastructure construction and economic development.

Bangladeshi President Abdul Hamid pointed out that his country wishes to seize the chance to promote trade with China and connectivity with other countries.