Attaining common prosperity through cooperation

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The 33rd Asia-Pacific Economic Cooperation Economic Leaders' Meeting will be held in Shenzhen, Guangdong province on Wednesday and Thursday. Zhao Zhongxiu, former president of the…

Editor's note: The 33rd Asia-Pacific Economic Cooperation Economic Leaders' Meeting will be held in Shenzhen, Guangdong province on Wednesday and Thursday. Zhao Zhongxiu, former president of the University of International Business and Economics, spoke to 21st Century Business Herald about China's evolving role within APEC, emphasizing the need for Chinese companies to expand their overseas ventures. Below are excerpts of the interview. The views don't necessarily represent those of China Daily.

The APEC meeting in Shanghai in 2001 coincided with China completing 15 years of intense negotiations, culminating in its accession to the World Trade Organization. At that time, globalization was gaining momentum and China was integrating into the global economy as a learner. Over the subsequent decade, China became deeply embedded in the global economy. Since joining the WTO, the country has made significant strides in economic growth, foreign trade, inbound foreign investment and outbound investment.

By the time APEC leaders gathered in Beijing in 2014, the international financial crisis had cast a shadow on globalization, raising questions about its future, the advancement of the Free Trade Area of the Asia-Pacific and the evolution of APEC. A major outcome of the Beijing meeting was the adoption of the Beijing Roadmap, aimed at advancing the Free Trade Area of the Asia-Pacific.

Since then, the international economic and financial environment has seen drastic shifts, with some describing the post-2016 period as one of "slowbalization" or "deglobalization".

Against this backdrop, China's hosting of the APEC meeting in 2026 is an opportunity to recalibrate the trajectory for APEC and the development of the FTAAP under the new circumstances. Central to this effort is the reinforcement of the multilateral trading system and the implementation of APEC's vision of openness, inclusiveness, peace and innovation.

As the world's second-largest economy, China advocates an open global…

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Opening of the article, excerpted from China Daily Business. To read the rest, open the article on the publisher's site.