Innovation 'holds the key to progress'

Deepening economic reform and a heavier dependence on emerging growth engines such as the Internet and green energy will provide strong upward momentum for the global economy while the risk of a worldwide recession still looms large, member economies of APEC concluded on Tuesday. [Special coverage]

For the Asia-Pacific region to steer the world economy, APEC members should press forward with innovation and identify new sources of growth, according to an annex issued on the final day of the 22nd APEC Economic Leaders' Meeting in Beijing.

APEC members will promote closer cooperation in five areas - economic reform, new economy, innovative growth, inclusive support, and urbanization, according to the annex

The members pledged to tap the growth potential of emerging sectors such as the Internet, the oceans and green economies for more-sustainable growth drivers.

China and other emerging economies in the Asia-Pacific region are seeing the Internet as a thriving driver of domestic consumption.

On the day APEC encouraged development of the Internet economy, roughly half a billion Chinese netizens were busy shopping online, as Nov 11 marks the biggest online shopping festival in the country. The amount spent in transactions in the one-day shopping spree was on track to top 100 billion yuan ($16.3 billion).

"The Internet creates new shopping demands for emerging markets where traditional retail networks are not big enough to feed the growing demand," said Wang Jianlin, chairman of real estate giant Dalian Wanda Group Co.

A cross-border e-commerce technology exchange program is also underway.

The members also agreed to build a more-thorough communication pipeline so that all markets can share economic policies and experiences in areas that include new energy, maritime resource exploration and pollution control.

Intellectual property protection is the foundation of deeper innovation collaboration among APEC members. US President Barack Obama said on Monday that a better patent protection system will accelerate a technology shift among Asia-Pacific economies.

China is working on IP protection and is mulling tougher regulations on patent infringement.

The annex also underscores the importance of adopting a more efficient way to use fossil fuels while realizing that most members will still consume sizable amounts of oil and coal in the foreseeable future. The members agreed to reduce energy intensity by 45 percent from2005 levels by 2035.

They also pledged to work toward a more integrated, sustainable, inclusive and mutually favorable partnership through ocean-related cooperation in the region.