Daily Times

Business Advisory Council Malaysia hosted two days global APEC CEO Dialogues with the theme “APEC Re-Imagined: Priorities in the Aftermath of COVID-19” from 19-20 November 2020. In this important economic forum Presidents, Prime Ministers and leading CEOs especially from the 21 Asia Pacific countries are participating to the discuss about the immense challenge that the world is facing today.

The Asia Pacific Economic Cooperation, established in 1996, hosting APEC CEO Summit every year since 2014 where the global business leaders engage with the key heads of states and ministers from across the region to dialogue and discuss way forward in economic sphere. Every time the event is hosted through physical interaction however this time with searing pandemic across the globe, the summit was hosted virtually. The APEC forum is meant to promote the economic cooperation and trade. Each year the APEC CEO Summit is hosted by the member economy. The highlight of this event was the presence and speech made by President Xi Jingping representing People’s Republic of China at the forum sharing vision, insights and experience especially the in-depth new and innovative development vision and paradigm for the Asia Pacific region.

The presence of Chinese President was also significant as recently China led one of the largest trade deal RCEP or Regional Comprehensive Economic Partnership in the history where fifteen countries of the world formed largest trading bloc covering nearly third of the global economy. Through this deal China is all set to take the center stage in the global arena with significant and important presence by developing inclusiveness, partnerships, regional integration, innovation and effective use of technology for economic growth in the region and beyond.

With Asia Pacific as a shared region, China is contributing towards peace, stability, development and prosperity in the region and beyond

In his speech President Xi Jinping highlighted various contours of China’s engagement especially related to the economic dimension of foreign policy of the world’s largest economy. Globally as a result of the COVID-19, the disruption of the world economic activities including the deep recession as a result, China with the extensive realization of the challenges is outreaching to the global partners to counter the unilateral approach, protectionism, bullying in order to help build a sense of togetherness. As President Xi highlighted in his speech that the global challenge of pandemic can only be dealt with the unifying and comprehensive approach rather than working in isolation. There is a need to improve and speed up the policy coordination and communication and create robust mechanisms to build strength together. President Xi has solidify the fact before the regional partners that only through the spirit of partnerships challenges as huge as COVID-19 can be resolved.

President Xi has highlighted that as a result of the strong togetherness of 1.4 billion Chinese people, China has been able to fight the virus and brought back the life to normal. Chinse are resilient in achieving their dreams especially the aim to build the moderately prosperous society in all aspects. The Fifth Plenary Session of the 19 th Central Committee, Chinese Communist Party of China adopted the progressive and robust China’s 14 th Five year plan where China will be able to achieve its goals through fully building modern socialist country. With internal sustainability, China has opened up and building its pace towards taking the driving seat at the global stage with its own ways and models especially through strong economic cooperation and integration. At the domestic level, China is expanding its domestic growth and stability.

With domestic consumption as main driving force of its growth, China is promoting domestic and international economic circulation through its own model of creating domestic driven higher stage of well- adjusted balance between demand and supply. President Xi highlighted that China is vigorously putting emphasis on technology, science and innovation as engines of economic growth. China is fully integrating innovation system that combines technology, industries, education and financial sector to speed up the pace of China’s sustainable economic development.

Another important emphasis that President Xi shared as China’s contribution towards the region of Asia Pacific in specific and the word in general is that the fact that China has contributed and continued to reform and energize its domestic market. This has also given a much large economic foot print at the global economy. Reforms has remained the important backbone of unleashing the true potential of productivity. With pursuing open, innovative, green, coordinate and shared development, China is transforming the ideals of economic development. This openness and fairness in development paradigm will help China to unlock its potential for the entire globe to invest, partner and explore possibilities of business. Due to this new vision, according to the international financial institution that china’s market will reach six trillion dollar in size this year. Even the damage by COVID-19, China’s import has stabilized to the level of the last year.

Recently held China International Fair for Trade in Services held in Beijing brought together whooping 22,000 companies from 148 countries. Another event of China International Import Expo was another reflection of how China is attracting the world market. According to President Xi, in his speech, there were US 72.62 billion dollar worth business deals were signed. Through further cutting of tariffs, China’s market will further create huge opportunity for business, stability in growth at the domestic level and impact the global economy. This vision of development is enabling China to open up wider and share opportunities at the global scale too. President Xi stressed that China is committed to share its own prosperity with the rest of the world. In the face of selfishness, protectionism and unfair unilateralism, China is committed to help countries struggling with economic instability through Belt and Road Initiative. This development approach is also helping China to continue to deepen the international cooperation for shared benefits. Through BRI cooperation mechanism, there will be an effective cooperation with countries on trade, industry, science and technology, innovation, public health and people to people contact. Pakistan has remained one of the largest and most active beneficiary of the BRI corridors where CPEC is sharing the dividends to the country in length and breadth through important projects. Belt and Road Initiative is a model for cooperation helping countries to not only build cooperation in trade but also for health and green development as well. With Asia Pacific as a shared region, China is contributing towards peace, stability, development and prosperity in the region and beyond. This was a grand vision that President Xi has expressed and outlined in this speech during the Forum. President Xi Jinping proposed APEC Post 2020 vision having the strong ingredients for regional economic integration, innovation driven growth, better regional connectivity creating inclusive and sustainable development. With a huge potential of business in Asia-Pacific region, the countries have huge potential to contribute towards global economic and development growth. President Xi has hoped in his speech that through the promotion of openness and development and through the innovation driven growth, the region will gain a grand economic recovery and prosperity. There will be a win-win partnership and through achieving the social responsibilities in the countries of the Asia Pacific region, there will be a strong fight against the COVID-19 pandemic. China through its visionary leadership and concrete roadmaps is not only building its own infrastructure for economic growth but through openness and cooperation sharing the destiny of bright future, peace, prosperity with all the countries of no only the region but beyond as well. The writer is Founder Director, Institute of Peace and Diplomatic Studies.