T

he founding of the Asia-Pacific Economic Cooperation (APEC) took place in a post-Cold War setting in the 1980s, an era of stabilizing international relations, economic globalization, trade and investment liberalization, regional integration, and the growing significance of the Asia-Pacific region in the world economy. From its very beginning, APEC has committed itself to delivering sustainable economic growth, stronger interdependence among member economies, a more open multilateral trade regime and fewer trade and investment barriers across the region.

Over the course of the last two decades, APEC has remained steadfast in the promotion of regional integration by simultaneously pursuing Trade and Investment Liberalization and Economic and Technical Cooperation (ECOTECH). Guided by the principles of equality, mutual benefit, voluntarism and respecting differences, APEC has mobilized member economies to combine bilateral and collective efforts to constantly push the boundaries of cooperation in a way that is flexible, practical, and consensus-driven, making unique contributions to the economic growth and shared prosperity of the Asia-Pacific region.

By tapping into its unique advantages of strategic vision and high-level leadership, APEC has pioneered new measures in trade liberalization, investment facilitation, regional economic integration and economic growth strategy, and has actively explored ways to deepen business links between member economies at different stages of development. In this process, APEC has picked up many identities: a staunch supporter of multilateral trade regime, a trailblazer for regional cooperation in a globalized world, a contributor to global economic governance, a forerunner of development reform, and an incubator for cutting-edge achievements in international economic development.

Over the years, APEC has worked unceasingly to reform and improve itself in conjunction with the development of the Asia-Pacific region, and has become the most important economic cooperation forum in the region featuring highest-level participation, strong representativeness, extensive coverage of issues, mature mechanism and substantive achievements.

Today, APEC brings together the world'€™s most dynamic economies, and its members together have a combined population of 2.7 billion, accounting for 57 percent of the global gross domestic product (GDP), and 46 percent of the world trade. Asia-Pacific has become a locomotive for global economic recovery, and the real center of the world economy.

Thanks to the efforts and contributions of APEC, today the Asia-Pacific region plays a much more important role in the world economy. However, this achievement also means greater responsibility. Against the backdrop of slow world economic recovery and weak growth, the whole world looks to the Asia-Pacific for solutions.

Asia-Pacific economies should take the lead in revitalizing the global economy through structural reform. As the most important economic cooperation mechanism in the region, APEC has an inescapable duty to contribute.

We are confident that during the upcoming APEC Economic Leaders'€™ Meeting, member economies will reach agreements to strengthen macroeconomic policy coordination, accelerate regional economic integration, support multilateral trade regime, coordinate regional free trade arrangements, promote practical results on connectivity and infrastructure development, and further enhance the confidence of the international community in the region.

Twenty-two years ago, China took an important step of deeper participation in regional and global economic cooperation by joining APEC. That decision has greatly promoted China'€™s reform and opening-up process. From that moment on, cooperation between China and other member economies quickly expanded in business, trade and technical exchange. China began to integrate itself into the Asia-Pacific and the world economy at an accelerating speed, benefiting enormously from regional integration and globalization.

Twelve years ago, when China hosted the APEC Economic Leaders'€™ Meeting for the first time in Shanghai, we were given the opportunity to showcase the achievement of China'€™s reform and opening up. That meeting has not only raised the international visibility of Shanghai, but also strengthened APEC members'€™ confidence in the economic development of the Asia-Pacific, laying a solid foundation for the development of APEC in the new century.

Through years of continued development and progress, China and other Asia-Pacific economies have achieved unprecedented economic growth. Now, we are all at another historical starting point to scale new heights.

China is faced with the new daunting task of furthering reform and opening up and advancing economic structural transformation. Economies in the Asia-Pacific must also work to stave off both internal and external risks and challenges, further tap into the growth potential, explore new areas of growth, so as to maintain stable economic development. Our new starting point and shared challenges and development tasks provide a renewed source of energy to draw APEC member economies together for mutually beneficial and win-win cooperation.

Today, the Chinese economy and that of the rest of the Asia-Pacific are highly interdependent and complementary. Sixty percent of China'€™s foreign trade is conducted with APEC member economies, and 60 percent of foreign investment in China flow from APEC economies, making the Asia-Pacific region the most important basis for China'€™s foreign trade and investment. At the same time, China'€™s rapid development and huge market have also fuelled the economic growth of the Asia-Pacific region.

When the APEC Economic Leaders'€™ Meeting concludes in Bali, China will for the second time assume the chairmanship of APEC in 2014. We have every reason to believe that it would be a wonderful occasion to carry forward the spirit of openness, inclusiveness, mutual benefit and win-win progress.

China is prepared to use this opportunity to build closer partnerships among member Economies and inject new vigor and strength into the long term development of the region, so as to ensure that Asia-Pacific will continue to lead the world economic growth.

The writer is Chinese deputy foreign minister on APEC.