For the common good

China has shown itself to be a responsible member of the Asia-Pacific family

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The 30th Asia-Pacific Economic Cooperation Economic Leaders' Meeting that is being held in San Francisco, the United States, has garnered much attention among the international community due to the region's importance to the global economy and the broad effects of the frictions between the region's two largest economies that are being felt beyond the region.

The conference theme this year is "Creating a Resilient and Sustainable Future for All", whereby "connectivity", "innovation" and "inclusiveness" are prioritized.

The theme and focus reflect the pressing issues faced by the Asia-Pacific economies. They also highlight the importance of green and innovative regional development. Considering the global economic slowdown after the pandemic and the resurgence of regional hot spot issues, APEC is being called on to build an "interconnected", "innovative" and broadly "inclusive" economic development framework, so as to provide solutions for a global economic recovery and stability.

However, as the Asia-Pacific economy enters a key recovery period after the pandemic, the regional environment for economic development appears less than promising. With the US government imposing exclusive economic rules in the name of the "Indo-Pacific Economic Framework for Prosperity", inciting some major economic entities to "decouple "and seeking to erect a "small yard with high fences" by citing economic security reasons, it has severely interfered with the industry and supply chains in the Asia-Pacific region and beyond, driving up inflation and worsening government deficits.

According to economic analysis newly published by the APEC Policy Support Unit (PSU), the overall inflation rate of APEC rose from 2.9 percent in 2021 to 5.9 percent in 2022, with a forecast 4.4 percent this year. Meanwhile, the aggregate government debt of developed economies in 2022 accounted for 112 percent of GDP, reaching the highest on record.

That being said, APEC as the driver of world economic growth should act responsibly. Only by coordinating their economic, fiscal and monetary policies, can they achieve the inclusive economic growth that would benefit the region as a whole. APEC connects the economies across the Pacific; in such trying times, the world economy needs the ties and platforms provided by APEC.What it needs least is the politicization of APEC, and selfish, myopic and irresponsible behavior that speaks in one way while acting in another. Therefore, this year's current APEC Economic Leaders' Meeting is a testing ground for the responsibility and honorability of the US.

APEC came as a legacy of the post-Cold War era, in which international politics and security concerns brought about economic globalization and regional integration. Dedicated to regional economic cooperation, APEC has adhered to the big family spirit, and has secured remarkable achievements under the guidance of the "Bogor Goals".

Today, 30 years after its inception, APEC has new goals and new development plans. Considering the longing for peace, development, prosperity and stability of people across the Pacific, regional countries should keep strategic rationality, stay tuned to the aim of common security, abandon the "small clique "mentality, and create opportunities for growth and cooperation, so as to fully implement the Aotearoa Plan of Action and march toward the goals of the Putrajaya Vision.

The total economic output of China and the US exceeds one-third of the world. Their population accounts for nearly one-fourth of the global population. Their bilateral trade volume accounts for about one-fifth of the world's total trade volume. They respectively play a unique and important role in driving economic growth and promoting regional cooperation in the Asia-Pacific region. The stability and improvement of China-US relations would not only serve the fundamental interests of both countries and their peoples, but also play a constructive role in promoting peace and prosperity in the Asia-Pacific region and the world as a whole.

As a member of the Asia-Pacific family, China has been closely integrating its own development with regional development for many years. To build on the regional development trend and the progress of the times, it has offered a series of proposals and initiatives that align with the reality of the Asia-Pacific region and the need to address common challenges. These demonstrate China's determination to make significant contributions to the Asia-Pacific economy and people's well-being.

In 2022, the trade volume between China and the Asia-Pacific region reached $3.1 trillion, a year-on-year increase of 19.2 percent, accounting for 36.8 percent of China's total foreign trade. In the same period, China has implemented the Regional Comprehensive Economic Partnership agreement with a total import and export volume of 12.95 trillion yuan ($1.78 trillion) with other member countries, an increase of 7.5 percent year-on-year.

Looking ahead, China is bound to contribute more to the healthy development of APEC under the guidance of the Putrajaya Vision.

The author is an associate research fellow at the Institute of World Economics and Politics at the Chinese Academy of Social Sciences and the National Institute for Global Strategy at the CASS. The author contributed this article to China Watch, a think tank powered by China Daily.The views do not necessarily reflect those of China Daily.

Contact the editor at editor@chinawatch.cn.