China vows to address common challenges, and push forward the sound and stable development of Asia-Pacific cooperation at the 26th Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting. 

The exterior view of the International Convention Center, one of the venues for the upcoming Asia-Pacific Economic Cooperation (APEC) summit, in Port Moresby.  (File photos: VCG)

Experts believe that Chinese President Xi’s Pacific tour will inject impetus to APEC's economy and trade connectivity by deepening cooperation on regional economic integration. Regional background makes it the right choice to put win-win strategy, inclusive growth and digital economy as the top priority for the event’s agenda.  

Sun Xingjie, deputy dean of Jilin University’s School of International and Public Affairs, noted that the Asia-Pacific region is in the middle of transformation in his recent research. 

Sun believes that China has practiced its own answer to the question by maintaining a multilateral free trade system in response to some of the negative effects of globalization with further opening-up. 

The recently concluded China International Import Expo (CIIE) closed deals worth $57.83 billion. 

Shao Yu, chief economist at Shanghai-based Oriental Securities, told the People’s Daily that the central government takes necessary measures to rein in financial risks through supply-side structural reforms, de-capacity, de-stocking and de-leveraging. 

From Shao’s point of view, the trade frictions initiated by the US led to redefining trade relations with China. 

To maintain and enhance the multilateral cooperation mechanism, China’s opening-up is meant to expand the scale of the world market. The gesture could be the most powerful response to protectionism, Sun added. 

CIIE has shown the world the potential of China’s market, which is still attractive to regional investment. China might offer more market access to partners in East and Southeast Asia, which will position the country for sustainable growth. 

Shao said that China will provide the capacity and funds for infrastructure construction and funding support, with the Asian Infrastructure Investment Bank (AIIB)’s support in place. 

While there are many changes in the international economic environment, China's cooperation and opening-up is also an extension of experience gained from reform and opening up on the international stage, Sun added. 

Shao pointed out that China hopes to collaborate with neighboring economies to develop together and unleash advantages gained in technology and the service industries.

Meanwhile, China has benefitted from e-commerce and payments sectors, such as digital technology, and will help explore the regional market through the integrated and convenient payment for sound development of the economy. 

Cover image: The Finance Ministers of the economies of Asia-Pacific Economic Cooperation (APEC) 25th meeting in Port Moresby on October 16, 2018.