Chinese business community to further push forward APEC agenda: CCPIT

The Chinese business community will also support APEC in exploring an innovative development approach and promote sustainable and inclusive growth, she said.

"After more than 30 years of development, facing the new opportunities brought by the new technological revolution and industrial transformation, APEC cooperation has expanded from the two traditional pillars-trade and investment liberalization and facilitation, and economic and technological cooperation-to new fields such as scientific and technological innovation, digital economy, sustainable development and inclusive growth," Gao was quoted as saying by the State Council on its website.

"China is expecting closer ties with APEC economies to practice true multilateralism, which is beneficial to all people in the region, and build jointly the Asia-Pacific community with a shared future," she added.

China joined APEC in 1991, marking the nation's first of joining a regional economic cooperation organization. In 2020, China's trade volume with APEC economies reached $2.87 trillion, accounting for 62 per cent of its total foreign trade, CCPIT said.

The nation attracted $124.6 billion of investment from APEC economies and invested $112.3 billion in the region last year. The region contributed to 86 per cent and 73 per cent of China's foreign investment and outbound investment in 2020 respectively.

The Chinese business community is a strong supporter in promoting the Free Trade Area of the Asia-Pacific, and China will make full use of APEC's roles as "incubator "and "test field", to continuously improve trade and investment liberalization and facilitation in the Asia-Pacific region, while deepening the Asia-Pacific economic integration, Gao said.

The Chinese business community should leverage industrial advantages in digital innovation to deepen ties in the fields of innovation and digitalization under APEC, as sci-tech innovation and the digital economy will have a significant structural impact on future economic growth, Gao added.

ALCHEMPro News Desk (DS)