Beijing, May 26: The recent APEC Trade Ministers’ meeting concluded in Suzhou, Jiangsu Province, China. Participating nations achieved a joint declaration and established a new roadmap for the service sector, marked by ‘1+1′ practical economic and trade accomplishments. This sets a significant foundation for the informal APEC leaders’ meeting scheduled for the end of the year in Shenzhen.
This year marks the 35th anniversary of China’s participation in APEC and the third time it has hosted the event. Amid global challenges such as instability, rising unilateralism, protectionism, and slowing economic growth, these achievements hold particular significance.
According to Liu Chanyang, director of the APEC Research Center at Nankai University, these outcomes provide precise solutions to major issues related to regional development. They will inject new energy into the Asia-Pacific economy and send a clear message that the region is committed to multilateralism and mutually beneficial cooperation. This also demonstrates that open regionalism and genuine multilateralism are the real needs of the people.
As a key member of the Asia-Pacific family, China has prioritized ‘openness, innovation, and cooperation’ as its three main focus areas for APEC this year. The meeting’s results widely included China’s proposals for cooperation, giving new momentum to APEC’s economic and trade collaboration. It also highlighted China’s commitment to advancing economic growth in the Asia-Pacific and globally through modern achievements.
A major aspect of this year’s meeting was the active exploration of new areas for cooperation. The Suzhou Declaration emphasized both traditional issues like the multilateral trading system and emerging fields such as digital trade, green trade, and artificial intelligence. This has increased the potential for new pathways in regional cooperation.
Significant progress was made during the meeting regarding the APEC Digital Trade Cooperation Framework. All parties committed to reducing the digital divide and enabling small and medium-sized economies to share the benefits of digital transformation. This has created new opportunities for collaboration for many developing member countries.
China’s digital economy now accounts for over 10.5% of its GDP, while its artificial intelligence industry has surpassed 1.2 trillion yuan. China’s innovative development capacity is providing solid collaboration opportunities for other Asia-Pacific economies.
Another important outcome of the meeting was the revised service roadmap, which presents a ten-year development plan for the Asia-Pacific service sector. Its aim is to strengthen the service industry as a key foundation for regional economic growth and employment. As a major global service trade nation, China is continuously expanding and upgrading its service industry. This expansion of “Chinese services” will also open up new opportunities for extensive cooperation with Asia-Pacific countries.
China believes that the more turbulent the times, the more essential cooperation between countries becomes. During APEC’s ‘China Year,’ China will work with all parties to promote openness and mutually beneficial cooperation, strengthen the construction of the Asia-Pacific community, and strive to remain a cornerstone of stability and development in the region through concrete actions.
(Source: China Media Group, Beijing)
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