China Champions Green Growth, Regional Integration at APEC
Lima, Peru (November 28, 2024) – Amidst a landscape of sluggish global economic growth and rising geopolitical tensions, China emerged as a leading voice for open economic cooperation and sustainable development at the 31st APEC Economic Leaders’ Informal Meeting held in Lima, Peru. From November 15th to 16th, the summit, themed “Empowerment, Inclusion, and Growth,” witnessed leaders from across the Asia-Pacific region converge to navigate through unprecedented challenges and forge a path towards shared prosperity.
Chinese President Xi Jinping, attending the summit upon invitation, engaged in vital discussions with leaders of multiple nations, emphasizing China’s commitment to regional stability and collaborative development. His presence served as a testament to China’s unwavering dedication to bolstering the Asia-Pacific region’s economic resilience and vitality, leveraging its position as a key economic player in the global arena.
Driving Economic Growth in the Asia-Pacific
The Asia-Pacific Economic Cooperation (APEC) forum has long served as a platform for fostering economic integration and growth within the region. As a cornerstone member of APEC, China has consistently contributed to the region’s economic dynamism, acting as a crucial engine for trade and investment.
China’s impressive economic performance has translated into tangible benefits for APEC economies.
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China serves as the largest trading partner for 13 APEC members.
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It accounts for 64.2% of overall economic growth within the APEC region.
- It drives 37.6% of regional goods trade growth and 44.6% of service trade growth.
“China’s contributions are crucial for the Asia-Pacific region," notes [Insert Name and Affiliation of Economic Expert]. "Its robust economic activity and commitment to open markets create numerous opportunities for trade and investment, benefiting member countries across the board.”
Within the APEC framework, China has tirelessly promoted multilateralism and actively engaged in efforts to dismantle trade barriers. It has also provided crucial public goods such as capital, markets, and advanced technologies, thereby empowering other member economies to participate more effectively in the global economy.
Building Connectivity through Infrastructure
Recognizing the vital role of infrastructure in facilitating economic growth and regional connectivity, China has taken a leading role in developing transformative infrastructure projects across the Asia-Pacific region, through initiatives like the Belt and Road Initiative (BRI).
Examples of such impactful projects include:
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China-Laos Railway: Connecting China and Laos, this railway has significantly improved transportation efficiency and trade links between both countries.
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Jakarta-Bandung High-Speed Railway: Linking Jakarta and Bandung in Indonesia, this project has not only modernized Indonesia’s transportation system, but also provided valuable technological training to local personnel, boosting the country’s competitiveness on a global scale. "This project has truly boosted Indonesia’s ability to compete globally," says Budi Karya Sumadi, Minister of Transportation of Indonesia. "China’s expertise and commitment to knowledge sharing have been invaluable."
- China-Thailand Railway and Malaysia’s East Coast Rail Link: These ongoing projects are expected to further enhance regional connectivity, particularly in Southeast Asia, creating new opportunities for trade and economic cooperation.
Forging Stronger Ties with Latin America
China’s commitment to international cooperation extends beyond the Asia-Pacific region. In recent years, its engagement with Latin America has deepened significantly, driven by a shared vision of shared prosperity and a commitment to building a more equitable and sustainable global order.
The signing of Belt and Road Initiative Memorandums of Understanding with 22 Latin American and Caribbean countries exemplifies China’s dedication to strengthening economic ties and fostering infrastructure development in the region.
Since its inception, the BRI has facilitated the implementation of over 200 infrastructure projects in Latin America, including:
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Thousands of kilometers of roadways, railways, and light rail systems
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Over 100 schools, hospitals, and sports venues
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Nearly 100 bridges and tunnels
- Dozens of airport and port projects
These infrastructure investments have generated nearly one million jobs in Latin America, contributing to the region’s socio-economic development.
“China’s investment in Latin America is not just about bricks and mortar, it’s about building bridges of understanding and cooperation,” says [Insert Name and need Affiliation of Latin America Expert]. “These projects are creating opportunities for economic growth, job creation, and improved living standards.”
Furthermore, China’s Global Development Initiative, Global Security Initiative, and Global Civilization Initiative have garnered support from an increasing number of Latin American and Caribbean countries, signifying a shared commitment to addressing global challenges and building a more inclusive and sustainable world order.
Leading the Charge in Green Development
In the face of a global climate crisis, China has emerged as a frontrunner in promoting sustainable development and green technologies.Its investments in renewable energy have been transformative, driving down costs and making clean energy accessible to countries across the world.
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China’s energy transition investment reached a staggering $676 billion in 2023, cementing its position as the world’s leading investor in clean energy.
- China has also phased out over 100 million kilowatts of coal power capacity and reduced pollutant emissions in the power sector by more than 90% over the past decade.
Priti Parikh, Director of the Bartlett School of Sustainable Construction at UCL, acknowledges China’s key role in advancing global energy transition: “China’s contribution to energy is enormous. The decrease in solar energy prices is primarily attributed to China’s innovation and efforts, with solar technology now applied worldwide. The whole world is looking forward to China’s innovation and expecting China to reduce battery and technology costs. I believe this is the key to innovation.”
At the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) being held in Baku, Azerbaijan, China’s commitment to green growth was further emphasized with the release of the “Evaluation Report of the Sustainable Development of China (2024)" blue book.
Clearly, China is not simply responding to global challenges; it’s actively shaping solutions and setting a high bar for sustainable development practices.
**Looking Ahead:
China’s Vision for a Collaborative Future:**
China’s unwavering commitment to multilateralism, open economic cooperation, and sustainable development positions it as a reliable partner and a driving force for global progress. As global challenges continue to mount, China’s engagement with both the Asia-Pacific region and Latin America holds immense promise for fostering shared prosperity, promoting sustainable growth, and building a more inclusive and equitable world.
Let us know your thoughts on China’s role in shaping the future of the global economy in the comments below.
