As this year’s host country and an influential member of APEC, China is committed to the duty of contributing to cooperation and the explora­tion of new areas of growth in the Asia-Pacific region.

 

To this end, China has pro­posed the 2014 APEC theme “Shaping the Future through Asia-Pacific Partnership” and identified three priority areas of cooperation.

 

The first is to advance regional economic integra­tion. Since the establishment of APEC, China has been working hard on relevant institutions. It hosted the 2014 Meeting of APEC Min­isters Responsible for Trade and released the Qingdao Statement, which provided guidance in establishing the FTAAP.

 

The second goal is to promote innovative devel­opment, economic reform and growth. For most APEC members, their main reason for participating in the Asia- Pacific partnership is to seek new opportunities for growth.

 

Since APEC began to turn its attention to matters of growth, new concepts such as inclusive, green, balanced and innovative growth have been introduced. In fact, these exactly reflect the challenges that APEC is facing in terms of achieving sustainability.

 

The third arena of coop­eration is to strengthen com­prehensive connectivity and infrastructure development. The proposition of connectiv­ity indicates that all APEC members are aware of the fact that underdeveloped in­frastructure can be an imped­iment to economic growth. In particular, China has stressed infrastructure development, which is a necessary choice given the economic status quo in the region, especially in East Asia.

 

In addition, China advo­cates the establishment of the FTAAP, through which it believes more consensus will be reached. It also insists on building a new type of Asia- Pacific partnership under the international political and economic framework of the 21st century with an open, inclusive and cooperative at­titude as well as an emphasis on mutual benefit.

 

Apart from this, China is also a champion for the Re­gional Comprehensive Eco­nomic Partnership, which was first put forward by the ASEAN countries. Though it only includes part of APEC’s membership, it is believed that the Regional Comprehen­sive Economic Partnership, like the Trans- Pacific Part­nership, paves the way for the FTAAP.

 

Though the high admis­sion criteria of the TPP pre­vent China from participat­ing in TPP negotiations in the short term, China agrees that the type of high-standard free trade zone exemplified by the TPP represents the fu­ture of regional cooperation.

 

This is why China is conducting reforms in an attempt to conform to the stringencies of the TPP. For instance, in establishing Shanghai Pilot Free Trade Zone, the nation has paid attention to important issues put forward by the TPP, such as offering foreign investors the same treatment as national enterprises.

 

The exploration of new growth models has become the core task of reforms in China. Though it has made remark­able achievements in more than 30 years of reform and opening up, China is now suffering from environmental pol­lution and excess capacity brought by a long period of overdevelopment.

 

Moreover, after years of serving as the so-called fac­tory of the world, China has become overly dependent on external markets and was greatly affected when economic recession hit devel­oped countries.

 

In response, the Chinese government has lowered its economic targets, launched industrial restructuring and continues to explore innova­tive, green and sustainable approaches to growth. The national government asserts that because of China’s eco­nomic power, it is imperative to maintain the stability and growth of its own economy in order to make a significant contribution to that of the region.

 

Wang Yuzhu is the director and research fellow of the Center for APEC & East Asian Cooperation, CASS

 

The Chinese version appeared in Chinese Social Sciences Today, No. 666, November 7, 2014                                                 

Translated by Ren Jingyun

Revised by Justin Ward