The 32nd informal meeting of the leaders of the APEC will be held in South Korea, and the outside world is looking forward to consolidating consensus through this meeting to inject new momentum into the regional and even global economy.

On the eve of the meeting, the International Monetary Fund (IMF)¡¯s latest Asia-Pacific Economic Outlook showed that despite multiple shocks, the Asia-Pacific region¡¯s economic growth was still above expectations in the first half of this year. Asia will remain the most important engine of global growth, with a contribution of about 60% to global economic growth over the next two years, which shows that the Asia-Pacific region is still resilient in the face of growing real challenges such as geopolitical conflict, trade protectionism.

Researchers at the Institute of International Trade and Economic Cooperation of the Ministry of Commerce told reporters that the economic vitality of the Asia-Pacific region is thanks to the overwhelming majority of economies in the region to adhere to the concept of openness, and continue to promote trade and investment liberalization and facilitation. at the same time, the region is at the forefront of the world in many industrial fields, and the supporting role of the global production supply chain is increasing.

Over the years, the Asia-Pacific region hasined a rapid development trend and has become one of the most dynamic regions in the world. Data show that the Asia-Pacific economy currently accounts for more than 60 percent of the global economy, trade accounts for half, and the contribution rate to global economic growth reaches 70 percent.

Promoting the building of an open world economy, sharing opportunities and achieving win-win in opening up, this concept has also been fully reflected in the Asia-Pacific region.

On October 28 local time, China and ASEAN formally signed version 3.0 of the Free Trade Area Upgrade Protocol. In the future, the two sides will continue to expand market opening and further enhance the level of trade cooperation. From version 1.0 to version 3.0, the continuous upgrading of the free trade zone clearly outlines the development trajectory of the continuous deepening of regional economic cooperation.

China and ASEAN further deepen economic and trade cooperation with the Asia-Pacific region has an important demonstrative significance.This deep cooperation can effectively mitigate the impact of protectionism in the region on the one hand, and will also attract more economies in the region to establish closer economic and trade ties and make the cooperation "cake" bigger and bigger.

Not only that, with the support of mechanisms such as the Regional Comprehensive Economic Partnership (RCEP), the economic and trade cooperation network among Asia-Pacific members has been expanding day by day, forming stable and sustainable industrial and supply chain relationships. Some analysts pointed out that these results are injecting vitality into economic growth in the Asia-Pacific region and promoting regional economic integration to a higher level.

In the opinion of experts, the continuous deepening of regional integration cooperation is not only conducive to the integration of resources advantages of members in the region, to mutual benefit and win-win, but also can promote the deep integration of the industrial chain and the value chain by promoting trade and investment liberalization and facilitation, creating a more stable and efficient development environment.

The former dean of the Institute of International Trade and Economic Cooperation Research at the Ministry of Commerce, Ho Xinhua, pointed out that the development momentum of emerging economies in the Asia-Pacific region continues to rise and the growth potential continues to be released.In the future, these economies will deepen cooperation through regional forces, while realizing their own development, will also provide important support for world economic growth.

Zhou Mi said that the development of various economies in the Asia-Pacific region still has great differences, and the development goals and concepts of all parties are diverse. In the future, we should support development and seek a more inclusive cooperation model to improve the quality of overall economic development in the region. (End)