DUSHANBE, November 10, 2014, 2014, Asia-Plus — Beijing is hosting leaders from APEC’s 21 member economies and has been treating the summit as its biggest international event since the 2008 Olympics.
According to some international media sources, the Chinese government has spent six billion U.S. dollars on conference venues on the shore of Yanqi Lake, a scenic spot in a mountainous district about two hours by car from the city center. It has adapted a host of measures to temporarily curb Beijing’s notorious traffic and air pollution, including closing factories and government offices, and restricting motorists to driving on alternate days.
The Guardian notes the summit’s economic agenda is dominated by discussions about recalibrating global institutions to acknowledge China’s rising global clout. For example, China is gathering support for the establishment of the Asian Infrastructure Investment Bank, a home-grown, $50 billion alternative to the World Bank and the Asian Development Bank. Many neighboring countries, including India, have thrown their weight behind the project, The Guardian says.
We will recall that Chinese President Xi Jingping on November 8 pledged $40bn for a “new silk road” infrastructure fund, promoting trade links between China and seven other Asian countries, including Tajikistan, Pakistan and Bangladesh.
Chinese media sources report that the APEC CEO Summit 2014 gathered some 1500 APEC Economic Leaders, CEOs and leading thinkers in Beijing to deliberate the key issues facing the development of the Asia-Pacific economic by sharing views on “Advancing Regional Economic Integration,” “Promoting Innovative development, Economic Reform and Growth” and “Strengthening Comprehensive Connectivity and Infrastructure Development.”
Asia-Pacific Economic Cooperation (APEC) is a forum for 21 Pacific Rim member economies that seeks to promote free trade and economic cooperation throughout the Asia-Pacific region. It was established in 1989 in response to the growing interdependence of Asia-Pacific economies and the advent of regional trade blocs in other parts of the world; to fears that highly industrialized Japan (a member of G8) would come to dominate economic activity in the Asia-Pacific region; and to establish new markets for agricultural products and raw materials beyond Europe (where demand had been declining). APEC works to raise living standards and education levels through sustainable economic growth and to foster a sense of community and an appreciation of shared interests among Asia-Pacific countries. APEC includes newly industrialized economies, although the agenda of free trade was a sensitive issue for the developing NIEs at the time APEC founded, and aims to enable ASEAN economies to explore new export market opportunities for natural resources such as natural gas, as well as to seek regional economic integration (industrial integration) by means of foreign direct investment. Members account for approximately 40% of the world”s population, approximately 54% of the world”s gross domestic product and about 44% of world trade.
