EQS Newswire / 08/11/2024 / 16:15 CET/CEST

BEIJING, CHINA - Media OutReach Newswire - 8 November 2024 - Since its inception more than three decades ago, the Asia-Pacific Economic Cooperation (APEC) has become a dynamic engine of economic growth and one of Asia Pacific's most important regional forums. Its 21 member economies represent approximately 62 percent of the world GDP and nearly half of world trade.

As the 2024 APEC gathering will commence soon in Peru, Chinese President Xi Jinping, at the invitation of Peruvian President Dina Ercilia Boluarte Zegarra, will attend the 31st APEC Economic Leaders' Meeting in Lima and pay a state visit to Peru from November 13 to 17.

China has been actively involved in APEC cooperation in various fields. According to the Chinese Ministry of Commerce, China's foreign trade with other APEC economies amounted to $3.74 trillion in 2022, representing 59.7 percent of the country's total import and export value.

"President Xi attending the meeting is an important head-of-state diplomatic event carried out by China towards the Asia-Pacific, which demonstrates the great importance China attaches to Asia-Pacific economic cooperation," Chinese Foreign Ministry spokesperson Mao Ning said on Friday, at a regular press conference.

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The First Hunan (Huaihua) RCEP Economic and Trade Expo opens in Huaihua City, central China's Hunan Province, May 5, 2023. /CFP

Closer APEC cooperation

Among China's top 10 trading partners, eight of them are APEC economies. China is the largest trading partner of 13 APEC economies. A total of 15 APEC economies have signed free trade agreements with China.

For decades, China, as a firm supporter and active promoter of Asia-Pacific economic cooperation, has promoted the Regional Comprehensive Economic Partnership (RCEP) agreement to come into force and advanced high-quality Belt and Road cooperation.

In 2023, China's total imports and exports to the other 14 RCEP members reached 12.6 trillion yuan (about $1.8 trillion), an increase of 5.3 percent compared with 2021 before the RCEP came into effect, according to the Chinese Commerce Ministry.

Through the Belt and Road Initiative (BRI), China has pooled strength for the common development of Asia-Pacific countries.

Scheduled to be inaugurated in November, the Chancay Port, an important infrastructure project in Latin America under the BRI, will transform Peru into a major trade hub in the region, and is expected to produce a broad economic impact, helping open new trade routes and enhance the competitiveness of Latin America as a whole.

"China is ready to work with all parties to inject new impetus into pushing regional economic integration and advancing economic growth in the Asia-Pacific and the world, and work together to build an Asia-Pacific community with a shared future," Mao said.

Detailing Xi's state visit to Peru, she said the visit is seen to further deepen practical cooperation in various fields between the two countries and promote China-Peru comprehensive strategic partnership to achieve more positive results.

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A view of Qingdao Port in east China's Shandong Province, November 5, 2024. /CFP

Building Asia-Pacific community

This year marks the 10th anniversary of the proposal of Xi Jinping Thought on Diplomacy, which consists of 10 principles, including building a community of shared future for mankind to safeguard world peace and promote common development, pursuing peaceful development on the basis of mutual respect and win-win cooperation, and steering reform of the global governance system.

Responding to urgent global needs, Xi has also put forward the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative to call on all parties to work together to address global challenges and promote global common development.

Calling for building an Asia-Pacific community with a shared future, Xi has called on all parties to cultivate, nurture, and foster the blossoming flower of common development of the Asia-Pacific.

Over the past 30 years, the Asia-Pacific has cut its average tariff rate from 17 percent to 5 percent and contributed 70 percent of global economic growth. Per capita income in the region has more than quadrupled, and one billion people have been lifted out of poverty, an important contribution to human progress and global sustainable development.

At the forthcoming APEC meeting, President Xi will elaborate on China's policies and proposals on promoting Asia-Pacific cooperation, and work with all parties to promote comprehensive and balanced implementation of the Putrajaya Vision 2040, said Mao.

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News Source: CGTN

08/11/2024 Dissemination of a Financial Press Release, transmitted by EQS News.
The issuer is solely responsible for the content of this announcement.

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