About APEC
As a 21-member forum, APEC seeks to boost free trade and economic cooperation throughout the Asia-Pacific region.
APEC is an inter-governmental organization that works on the basis of non-binding commitments, open dialogue and equal respect for the views of all participants. It now accounts for approximately 55 percent of global GDP, 44 percent of global trade, and 40 percent of the world's population, according to data provided on its official website.
The first APEC Ministerial Meeting was held in 1989 in Canberra, Australia.
At the meeting in 1994 in Bogor, Indonesia, APEC leaders adopted the Bogor Goals that targets free and open trade and investment in the Asia-Pacific by 2010 for industrialized economies and by 2020 for developing economies.
APEC's institutional framework consists of the Economic Leaders' Meeting, the Ministerial Meeting, the Senior Officials' Meeting, a committee and special working groups.
APEC currently groups 21 members, namely Australia, Brunei, Canada, Chile, China, China's Hong Kong, Chinese Taipei, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Thailand, the United States and Viet Nam. The location of the meeting rotates annually among APEC members.
(Source: Xinhua News Agency)
Chinese President Calls for Regional Connectivity
Chinese President Xi Jinping called for building a framework of connectivity across the Asia- Pacific region through a four-point proposal at APEC economic leaders' informal meeting on October 8 in Bali.
First, APEC economies should establish a connectivity network covering the whole Asia Pacific, so as to help bolster the construction of economic corridors in various sub-regions and foster a vast Asia-Pacific market covering 21 economies and 2.8 billion people. Efforts should be made to secure the free flow of production materials in the region and steadily enhance the coordinated development among Asia-Pacific members in order to achieve regional integration.
Second, APEC economies should remove the bottlenecks barring connectivity, and establish investment and financing partnerships with extensive participation from governments, private sectors, and international institutions. China stands ready to explore and expand investment and financing channels for infrastructure construction and proposes the establishment of an Asian infrastructure investment bank.
Third, APEC members should promote connectivity and infrastructure construction within the framework of regional and international cooperation. All members should enhance communication and actively participate in cooperation in the spirit of mutual benefit, complementary advantages, and adhering to the principle of open, transparent, and win-win cooperation.
Fourth, APEC members should take advantage of connectivity to help people in the Asia-Pacific region establish closer links in economy and trade, finance, education, science and culture, and enhance mutual understanding and trust.
Boosting Regional Development
Chinese President Xi Jinping made a three-point proposal on regional development in his key-note speech on October 8 in Bali:
First, APEC members should strengthen coordination on macroeconomic policies and jointly promote regional development.
Second, unremitting efforts should be made to maintain financial stability in the Asia-Pacific region. Countries should prevent financial risks from triggering political and social unrests.
Third, members should deepen economic restructuring to inject more vitality into sustainable development.
(Source: Xinhua News Agency)
