BEIJING: Chinese Foreign Ministry spokesperson said on Wednesday that openness, cooperation and integrated development are the key to the “Asia-Pacific miracle” and the only way for countries in the region to jointly meet challenges and create a better future.
Foreign Ministry spokesperson Guo Jiakun made the comments at a routine press conference on Wednesday when asked to comment on the prospects of Asia-Pacific economic cooperation and what role will China play amid recent positive progress.
Recently, positive progress has been made in the process of regional economic integration in the Asia-Pacific. The upgraded protocol of the China-ASEAN Free Trade Area (FTA) 3.0 was officially signed, and the fifth Regional Comprehensive Economic Partnership (RCEP) Leaders’ Meeting was held, during which a joint statement was issued. Meanwhile, the International Monetary Fund (IMF) and others have also warned that although the Asia-Pacific remains the fastest-growing region in the world, rising tariffs and protectionism could exacerbate economic vulnerabilities.
Guo said that the Asia-Pacific is the world’s most dynamic economic player and engine of growth and a forerunner in regional cooperation and economic integration. More than three years since the entry into force of the RCEP, economic cooperation and trade between member states has continued to deepen and regional economy has maintained relatively rapid growth.
China and ASEAN have been each other’s largest trading partner for five consecutive years. The signing of the upgraded China-ASEAN Free Trade Area (FTA) 3.0 Upgrade Protocol is a major outcome that deepens bilateral economic relations and will provide more impetus and confidence for the Asia-Pacific and global economic growth, Guo said.
Guo said the latest report of the IMF estimates an economic growth of 4.5 percent this year in the Asia-Pacific, which continues to outpace other regions. Facts have shown that openness, cooperation and integrated development are the key to the “Asia-Pacific miracle” and the only way for countries in the region to jointly meet challenges and create a better future.
Guo noted that as a responsible member of the Asia-Pacific family, China has led the way in building an Asia-Pacific free trade area with concrete efforts, from the high-quality implementation of RCEP to actively seeking accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and Digital Economy Partnership Agreement, from taking the initiative to align with high-standard international economic and trade rules to upgrading existing free trade agreements, with a view to strengthening solidarity and cooperation and promoting common development.
Guo said not long ago, the fourth plenary session of the 20th Central Committee of the Communist Party of China adopted the Recommendations of the CPC Central Committee for Formulating the 15th Five-Year Plan for Economic and Social Development, which includes measures to expand opening-up, accelerate the process of regional and bilateral trade and investment agreements, and build a high-standard free trade area network.
China will continue to advance its high-standard opening up to boost regional economic integration and help build an Asia-Pacific community with a shared future that is open and inclusive, innovative in growth, connected through inter-linkages and cooperative for win-win results, the spokesperson said.
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