Charting a new chapter for Asia-Pacific development through unity, responsibility

By Xinhua

Gyeongju, a historic city in South Korea, is about to welcome leaders from the Asia-Pacific Economic Cooperation (APEC), the region’s highest-level, most extensive and most influential economic cooperation mechanism.

At the invitation of President Lee Jae-myung of the Republic of Korea (ROK), Chinese President Xi Jinping will attend the 32nd APEC Economic Leaders’ Meeting in Gyeongju and pay a state visit to the ROK from Oct. 30 to Nov. 1, the Chinese foreign ministry announced on Friday.

China has leveraged APEC to focus on the common interests of the region’s people; uphold openness, cooperation, and common development; collaborate with all parties to address changes and create new development opportunities; and continuously make contributions to regional development.

During the upcoming APEC meetings and the Chinese leader’s state visit to South Korea, China is set to work with all parties to discuss plans for regional prosperity and development, foster consensus on unity and cooperation, address global challenges, and jointly chart a new chapter for Asia-Pacific development.

BUILDING CONSENSUS FOR COMMON DEVELOPMENT

“The success of the Asia-Pacific is due to our firm commitment to peace and stability in the region, to our continuous practices of true multilateralism and open regionalism, and to our deep faith in the trend toward economic globalization as well as mutual benefit and mutual success,” Xi said in his written speech at the APEC CEO Summit in Lima last year.

Today, the Asia-Pacific region, home to one-third of the world’s population, accounts for over 60 percent of the global economy and nearly half of world trade.

It is the world’s most dynamic growth engine and a prime example of regional economic integration.

Currently, China is the major trading partner of many Asia-Pacific economies and an important player in regional industrial and supply chains.

In the first three quarters of this year, China’s imports and exports with other APEC economies increased by 2 percent year-on-year, reaching 19.41 trillion yuan (2.73 trillion U.S. dollars), accounting for 57.8 percent of China’s total trade value.

In the face of prolonged geopolitical conflicts, the resurgence of unilateralism and protectionism, and the “fragmentation” of the global economy, APEC now confronts a critical choice: to open its doors or close them, to join hands in cooperation or to erect fences.

In this regard, Xi has pointed out that “development in our region has been achieved not through provoking antagonism and confrontation, pursuing a beggar-thy-neighbor policy, or erecting high fences around a small yard, but by staying open and inclusive and drawing on each other’s strengths.”

By firmly implementing the Regional Comprehensive Economic Partnership, actively advancing efforts to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement, and fulfilling the China-ASEAN Free Trade Area 3.0 negotiations, China has continuously injected its strength into building an open Asia-Pacific economy in recent years.

Herman Tiu Laurel, president of the Asian Century Philippines Strategic Studies Institute, a Manila-based think tank, said that China has pointed the way for economic globalization, injecting confidence and momentum into Asia-Pacific development.

For Wirun Phichaiwongphakdee, director of the Thailand-China Research Center of the Belt and Road Initiative, China-proposed initiatives have become the most influential intellectual engines within APEC, providing theoretical guidance for the stable development of the entire Asia-Pacific region and charting the course for building a peaceful and prosperous region.

DEEPENING NEIGHBORHOOD FRIENDSHIP

The people of China and South Korea have a long-standing tradition of friendly exchanges and mutual support.
China stands ready to work with South Korea to stay committed to the spirit that guided the establishment of their diplomatic ties, uphold good-neighborliness and friendship, and stick to the goal of mutual benefit and win-win results so as to jointly promote the continuous development of the China-South Korea strategic cooperative partnership, and bring more benefits to the two peoples, Xi said on June 4 when congratulating Lee Jae-myung on his election as president of South Korea.

In less than a week, Xi spoke with Lee by phone, emphasizing the need to keep bilateral relations on the right track to ensure the sound and steady growth of China-South Korea relations.

Kwon Ki-sik, head of the Korea-China City Friendship Association, said that a healthy and stable South Korea-China relationship has implications beyond bilateral ties, holds significant importance for regional peace and stability, and provides momentum for regional economic development.

The China-South Korea Free Trade Agreement officially entered into force in 2015. In 2024, bilateral trade volume had reached 328.08 billion U.S. dollars, marking a 5.6 percent increase. China has remained South Korea’s largest trading partner for 21 consecutive years, while South Korea has regained its position as China’s second-largest trading partner.

“A good neighbor is not to be traded for gold,” Xi once remarked, using this proverb to characterize China’s relations with neighboring countries like South Korea. China consistently prioritizes its neighboring countries in its diplomatic agenda and actively calls for building a community with a shared future with neighboring countries.

Hwang Jae-ho, director of the Seoul-based Institute for Global Strategy and Cooperation, noted that China’s neighborhood diplomacy, grounded in amity, sincerity, mutual benefit, and inclusiveness, demonstrates strategic foresight and guides the development of relations among regional countries.

Hwang said China’s efforts to build a community with a shared future with neighboring countries have boosted stability and prosperity in the Asia-Pacific and the wider world. SEOUL, Oct. 28 (Xinhua)