Business Wire

CGTN: China Outlines Four-point Proposal for the Future of APEC

Share

With the world and the Asia-Pacific region undergoing profound changes, China has called for joint efforts to build an Asia-Pacific community with a shared future featuring openness, inclusiveness, innovation-driven growth, greater connectivity, and mutually beneficial cooperation.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201121005045/en/

Read the original article here.

China highly values the role of the Asia-Pacific Economic Cooperation (APEC) and will continue to support the development of the organization, President Xi Jinping said on Friday when addressing the APEC Economic Leaders' Meeting in Beijing via video link.

Established in 1989, APEC has become an important platform to facilitate economic cooperation among 21 economies in the Asia-Pacific region.

However, the region is currently facing challenges such as backlashes against economic globalization, rising unilateralism, and protectionism, as well as the fallout from the COVID-19 pandemic.

"For the first time in decades, the Asia-Pacific as a whole registered negative economic growth," Xi said. "Protecting people's health and reviving the economy are two formidable tasks we have to take on."

The Chinese president outlined a four-point proposal for the future of Asia-Pacific cooperation.

Read more:

China to boost economic growth through innovation and opening-up, nurturing joint development in the Asia-Pacific region

Foreign leaders urge APEC members to advocate multilateral trade

Open and inclusive

"First, we need to stay open and inclusive," Xi said. "It is important that the Asia-Pacific should remain the bellwether in safeguarding peace and stability, upholding multilateralism, and fostering an open world economy."

He called for further efforts to promote regional economic integration for the early realization of a Free Trade Area of the Asia-Pacific (FTAAP).

The FTAAP proposal was initiated in 2004 and written into the declaration of the APEC meeting in 2006. During the 2014 APEC meeting in Beijing, the initiative made a breakthrough, with APEC members unanimously adopting the FTAAP Beijing Roadmap to achieve the goal.

The recent signing of the Regional Comprehensive Economic Partnership (RCEP) free trade agreement was viewed as a significant step toward the establishment of the FTAAP.

The pact was signed on Sunday among its 15 participating countries, including the 10 member countries of the Association of Southeast Asian Nations and China, Japan, South Korea, Australia, and New Zealand.

"China welcomes the signing of the RCEP and will favorably consider joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)," Xi said.

Effective since December 30, 2018, the CPTPP is a trade pact among 11 countries, including Japan, Canada, Australia, Singapore, Chile, and Mexico, whose aggregate gross domestic product accounts for 13 percent of the world economy.

Efforts should be made to "promote free and open trade and investment, and make economic globalization more open, inclusive, balanced and beneficial to all," he said.

Innovation-driven growth

"Second, we need to pursue innovation-driven growth," Xi said, calling for improving the digital infrastructure and bridging the digital divide in the region.

Asia-Pacific economies should "foster an open, fair, equitable and non-discriminatory environment for businesses," he stressed.

Digital technologies should play a bigger role in facilitating experience sharing on epidemic control, boosting economic recovery, and eradicating poverty in the region, he suggested.

The emphasis on innovation is in line with China's own priorities on development. The country vows to uphold the central role of innovation in its modernization drive and take self-reliance in science and technology as a strategic underpinning for national development, according to a newly unveiled blueprint for its development in the next 15 years.

"Third, we need to enhance connectivity," Xi added, calling connectivity a "vital basis of regional economic integration."

He pledged active efforts to set up "green lanes" with other parties to help make customs clearance more efficient during the pandemic and stabilize industrial and supply chains in the region and beyond.

The Chinese president also expressed the hope to work with other parties to build a high-quality Belt and Road.

Not a 'zero-sum political game'

"Fourth, we need to promote mutually beneficial cooperation," he said, stressing that economies in the region are highly complementary to each other.

"Our economic cooperation has never been a zero-sum political game in which one's loss is another's gain," he said. "Rather, our cooperation has provided us with a development platform to ensure what we each do can be mutually reinforcing and beneficial to all."

Xi called for advancing research of the development of COVID-19 vaccines and make them a global public good affordable in developing countries.

At the virtual meeting hosted by Malaysia, APEC launched a Post-2020 vision – the APEC Putrajaya Vision 2040, which is the bloc's new long-term blueprint for future cooperation. It laid out three economic drivers: "trade and investment," "innovation and digitalization," and "strong, balanced, secure, sustainable and inclusive growth."

The 2020 Kuala Lumpur Declaration was also issued at the meeting, calling for solidarity to defeat the pandemic and revive the economy across the region.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Media:
Jiang Simin
jiang.simin@cgtn.com
+86 18826553286

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Kyowa Kirin Provides Update on Application for Marketing Authorisation of Istradefylline in Europe for the Treatment of ‘OFF’ Episodes in People Living with Parkinson’s23.7.2021 16:05:00 CEST | Press release

Kyowa Kirin Co., Ltd. (TSE:4151, President and CEO: Masashi Miyamoto, “Kyowa Kirin”) today announced that the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP) issued a negative opinion for istradefylline as an add-on treatment to levodopa (L-Dopa) based regimens in adults living with Parkinson’s, experiencing end-of-dose motor fluctuations. Kyowa Kirin International remain committed to istradefylline and people living with Parkinson’s and are currently reviewing the options available, which may include re-examination. “We are disappointed by the CHMP opinion. However, we remain confident in the benefit-risk profile of istradefylline and are committed to making a difference to the lives of people living with Parkinson’s, an area which has had few innovative therapies for decades,” said Abdul Mullick, President of Kyowa Kirin International. “There are currently few new treatment options available to manage end-of-dose motor fluctuations in Parkinson

ForumPay Teams Up with Bambora to Conquer the Crypto-to-Fiat Payments Market23.7.2021 15:16:00 CEST | Press release

ForumPay, an international cryptocurrency-to-fiat payment service provider, has established a partnership with the global payments provider Bambora, a Worldline brand, to bring seamless crypto payment solutions to merchants and online shoppers. The partnership will cater to a large global audience and offer expanded payment options for both shoppers and merchants. ForumPay continues its march to dominate the growing crypto payments ecosystem for merchants around the world. “ForumPay provides merchants with a seamless, secure and instant processing solution to accept payments from the more than 54 million active crypto wallet users around the world. By providing a payments service for processing crypto into fiat that functions as naturally as card payments, ForumPay enables merchants with a familiar feeling payments alternative that also gives them a competitive advantage by tapping into the fastest growing consumer base on the planet.” says Joshua Tate, CEO of ForumPay. “We are very ex

Wipro Recognized as 2021 Microsoft Modernizing Applications Partner of the Year23.7.2021 14:54:00 CEST | Press release

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company, today announced that it has won the 2021 Microsoft Partner of the Year Award in the Modernizing Applications category. In addition, Wipro was also named as a category finalist in the 2021 AI Partner of the Year category, solidifying its reputation as an innovator in multiple sectors. This recognition highlights Wipro’s deep expertise and ability to go above and beyond for its customers, powered by an established partnership with Microsoft. Even when working with complex customer environments, spanning across hundreds of servers with different applications of different versions, Wipro was able to help customers meet their business needs and leverage the power of public cloud in an efficient way. “Global enterprises have embraced modernization at an unprecedented scale and pace, and the demands of the past year show no sign of easing. We are honor

Merck Announces Appointment of Head of China & International for Healthcare23.7.2021 13:45:00 CEST | Press release

Merck, a leading science and technology company, today announced that Hong Chow will join its Healthcare business sector as Head of China & International on October 1. In this role at Merck, Chow will lead China, Japan as well the regions Europe, Latin America, Asia-Pacific and Middle East, Africa and Russia, the franchise of Cardiovascular Metabolism & Endocrinology (CM&E), and the Global Business Innovation team. Chow will report to Peter Guenter, Member of the Executive Board of Merck and CEO Healthcare. She will serve as a member of the Healthcare Executive Committee, and be based in Shanghai, China. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210723005186/en/ Merck Announces Appointment of Head of China & International for Healthcare (Photo: Business Wire) “Hong’s international experience and strong track record of bringing innovative medicines to patients in need across both developed and emerging markets, most nota

H.I.G. WhiteHorse Refinances Grupo Recoletas23.7.2021 13:03:00 CEST | Press release

H.I.G. WhiteHorse, a credit affiliate of global investment firm H.I.G. Capital ("H.I.G.") is pleased to announce that it has arranged a refinancing package for Grupo Hospitalario Recoletas (“Recoletas”), which includes a significant growth capital component. Recoletas is a family-owned Spanish private hospital operator headquartered in Valladolid, Spain, with a leading position in the Castilla y Leon Spanish inland region. It operates 8 hospitals with c. 540 beds and 13 medical centres across 7 regions. H.I.G. WhiteHorse has committed €110 million in unitranche loans to refinance the borrower's existing indebtedness and provide additional capital to finance growth, supporting the Company’s expansion. Recoletas is currently developing ambitious projects to expand its healthcare services provided through hospitals and medical centers, as well as diagnostic imaging centers and radiotherapy units. Amando J. Rodríguez, President and CEO of Grupo Hospitalario Recoletas, said: “We are very ha

Schlumberger Announces Second-Quarter 2021 Results23.7.2021 12:50:00 CEST | Press release

Schlumberger Limited (NYSE: SLB) today reported results for the second-quarter 2021. Second-Quarter Results(Stated in millions, except per share amounts)Three Months EndedChangeJun. 30, 2021Mar. 31, 2021Jun. 30, 2020SequentialYear-on-yearRevenue* $5,634 $5,223 $5,356 8% 5% Income (loss) before taxes - GAAP basis $542 $386 $(3,627) 40% n/m Net income (loss) - GAAP basis $431 $299 $(3,434) 44% n/m Diluted EPS (loss per share) - GAAP basis $0.30 $0.21 $(2.47) 43% n/m Adjusted EBITDA** $1,198 $1,049 $838 14% 43% Adjusted EBITDA margin** 21.3% 20.1% 15.6% 118 bps 561 bps Pretax segment operating income** $807 $664 $396 22% 104% Pretax segment operating margin** 14.3% 12.7% 7.4% 162 bps 694 bps Net income, excluding charges & credits** $431 $299 $69 44% 525% Diluted EPS, excluding charges & credits** $0.30 $0.21 $0.05 43% 500% Revenue by Geography International $4,511 $4,211 $4,224 7% 7% North America* 1,083 972 1,097 11% -1% Other 40 40 35 n/m n/m $5,634 $5,223 $5,356 8% 5% *Schlumberger di

Wyss Center Partners With Artiria Medical to Accelerate a Novel Therapy for Cerebral Vasospasm23.7.2021 11:59:00 CEST | Press release

The Wyss Center and Artiria Medical today announced a new partnership to accelerate the translation of a novel technology that has the potential to reduce deaths and improve quality of life for stroke patients. Artiria Medical, an early-stage medical device company focused on disruptive neurovascular products, has been developing the technology and is now joining forces with the Wyss Center, a non-profit organization dedicated to bringing state-of-the-art therapies to the patient. The team has received support from the Swiss Innovation Agency, Innosuisse, to test and validate the efficacy of the therapy preclinically, in preparation for human clinical studies. Stroke is the third leading cause of disability worldwide with more than 80 million people living with long-term impairments as a result. Some strokes result in bleeding in the brain. Such hemorrhagic strokes can lead to severe cerebral vasospasm - an uncontrolled contraction of brain arteries - in the days that follow, depriving