President Hu discusses strengthening economic integration, expanding trade

Chinese President Hu Jintao waves as he arrives for the APEC leaders’ meeting in Honolulu, Hawaii, on Sunday.[Agencies]

HONOLULU — Asia-Pacific leaders said they are committed to building a seamless regional economy through a host of joint efforts, said a declaration of commitment entitled “Toward a Seamless Regional Economy” posted on the official website of the Asia-Pacific Economic Cooperation (APEC) on Sunday.

“We meet at a time of uncertainty for the global economy. Growth and job creation have weakened in many economies, and significant downside risks remain, including those arising from the financial challenges in Europe and a succession of natural disasters in our region,” according to the statement.

“These challenges have only strengthened our commitment to cooperation as the way forward. Building on the Yokohama Vision, we firmly resolve to support the strong, sustained, and balanced growth of the regional and global economy.”

Leaders of the 21-member APEC said that they recognized that further trade liberalization was essential to achieving a sustainable global recovery in the aftermath of the global recession of 2008-2009.

President Hu Jintao attended the leaders’ meeting on Sunday. He was expected to speak at the meeting. He would also introduce China’s stand on the topics and call for “improving global economic governance, shifting the growth methods, promoting economic globalization and regional economic integration,” Chinese diplomats said before the opening of the meeting, Xinhua News Agency reported.

Hu was also expected to join other APEC leaders in meeting with the APEC Business Advisory Council (ABAC), which presents recommendations to APEC leaders in an annual dialogue and advises APEC officials on business sector priorities and concerns.

During this year’s dialogue, APEC leaders were expected to discuss regional economic integrity, the development of small- and medium-sized enterprises, food security and other issues with ABAC representatives.

This year’s APEC meeting convenes at a time when the global economic recovery is fraught with instability and uncertainty, and encounters growing risks and challenges.

Some major economies are experiencing an economic slowdown, while in the eurozone, sovereign debt risks are rising in some countries. High inflationary pressure is a problem in emerging economies, including some in the Asia- Pacific region. Protectionism in various forms is mounting.

In face of the challenges, the APEC leaders will look for effective measures to stimulate the global economy, regional economic integration, free trade and investment, and economic and technological cooperation.

China hopes the APEC members will implement the economic growth strategy agreed on last year, striving to achieve a balanced, inclusive, sustainable, innovative and safe economic growth, said Wu Hailong, assistant foreign minister of China, at a press briefing last week.

He said that China expects the APEC members to comprehensively promote regional trade and investment liberalization, adding that all members should fulfill their commitments and oppose all forms of trade protectionism.

APEC should strengthen economic and technical cooperation to enhance the ability of the developing members to develop further, and therefore to achieve common prosperity, said the senior diplomat.

Chinese Assistant Commerce Minister Yu Jianhua told reporters last week that China hopes the meeting will further promote the liberalization and facilitation of trade and investment in the Asia-Pacific region, push forward economic and technology cooperation, support multilateral trade systems, and oppose trade protectionism, so as to inject vitality into world economic recovery and growth.

APEC is the premier economic forum in the Asia-Pacific region.

Since APEC’s founding in 1989, it has grown to encompass 21 members, and represents the most economically dynamic region in the world, accounting for approximately 40 percent of the world’s population, around 50 percent of the world’s GDP and about 44 percent of world trade.

US President Barack Obama said on Sunday that leaders from the APEC forum have made progress to facilitate trade, promote green growth and streamline regulations.

 Obama made the statement after concluding the annual consultations of the APEC leaders earlier in the day, which he chaired this year.

The leaders focused their discussions on strengthening economic integration and expanding trade, promoting green growth and advancing regulatory convergence and cooperation.

Xinhua News Agency