China is urging Asia-Pacific Economic Cooperation countries to explore new rules to promote inclusive growth in the Asia-Pacific region and around the world, a senior government official said Friday.
APEC needs to accelerate regional integration for growth to benefit all groups. “Further liberalization and facilitation of trade and investment is imperative in order to achieve a region-wide free trade agreement,” said Wang Shouwen, vice minister of trade.
Wang said China supports the development of an action plan for APEC Putrajaya Vision 2040, which will outline specific programs for inclusive growth.
The vision identifies inclusive growth as one of three economic engines for the next two decades. There will be more opportunities for micro, small and medium-sized enterprises and women to contribute to and benefit from economic growth, while harnessing the region’s growth potential, he said.
Wang did this at a workshop in Tianjin to promote economic integration through trade and investment in the Asia-Pacific region.
Rodrigo Yanez Benitez, Deputy Commerce Minister of Chile’s Foreign Ministry, said the COVID-19 crisis has made the challenges of inclusive growth more pressing than ever.
“We need to focus our efforts on promoting inclusive trade policies that can ensure a fast and sustainable economic recovery, and mitigate these effects so that the pandemic does not limit, among other things, entrepreneurship, innovation and the economic empowerment of women,” he said.
As the global economy continues to face many uncertainties, such as unilateralism, the Chilean official urged APEC members to remain true to their fundamental belief that regional cooperation, open markets, integration, innovation, and inclusive, secure and sustainable growth are key to regional development. …
As many APEC countries take new measures to tackle the fallout from the pandemic, Liu Chengyang, director of the APEC China Research Center at Nankai University in Tianjin, said it would make sense for APEC economies to advance and pursue the digital economy. a new driver of inclusive growth in the coming years.
He said it is vital for developing countries to bridge the digital divide and unleash the innovative power of the digital economy and e-commerce to include women and micro, small and medium-sized enterprises in the global value chain.
China has already ratified the Comprehensive Regional Economic Partnership and will favorably consider joining the Comprehensive and Progressive Agreement on the Trans-Pacific Partnership, said Wang of the Commerce Department.
“As the two main routes leading to the Asia-Pacific Free Trade Area, RCEP and TPCC have made significant progress. China encourages APEC members to work together to make progress in the free trade area for the benefit of the people in our region, ”he added.
Business leaders said that China’s signing of the RCEP and interest in the SPCCI open up great opportunities for international companies to expand their presence in China and partner countries.
China’s entry into CPTPP will support the growth of “inter-regional trade, cross-border e-commerce and related industries” and create a more stable and open investment environment for global companies investing in the Asia-Pacific region, said Johnny Chow, chairman and CEO of Best Inc, an integrated logistics provider. and logistics services in Hangzhou, Zhejiang Province.
The Chinese company has already benefited from growing business operations in the APEC region. Supported by over 5,000 foreign employees, the company has established service offices in Japan and Australia, as well as a logistics network in five countries including Vietnam, Thailand and Malaysia.
“We are encouraged by the expanding global collaboration and better business ties between China and other parts of the world,” said Farrell Wang, managing director of consumer health at Johnson & Johnson China, a US pharmaceutical company.
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