Key role of country in Asia-Pacific growth hailed

2023-11-03 08:19:59China Daily Editor : Li Yan ECNS App Download

China is ready to work with its partners in the Asia-Pacific region to make the region a pacesetter for cooperation and development, and inject stronger impetus into regional and global economic recovery, Foreign Ministry spokesman Wang Wenbin said in Beijing on Thursday.

Wang made the remarks while commenting on Regional Economic Outlook for Asia and Pacific, a report issued last month by the International Monetary Fund, which said that economic activity in the region remains on track to contribute about two-thirds of global growth in 2023.

Growth in the region this year is projected at 4.6 percent, compared with 3.9 percent in 2022, according to the IMF.

Wang said that this year, the Asia-Pacific region has demonstrated resilience and vitality in its economy, with market demand rebounding and sectors such as tourism and the digital economy booming.

The Regional Comprehensive Economic Partnership agreement came into full effect in June, further boosting the region's economic growth, the spokesman said at a regular news briefing.

Wang said that China is a vital participant in Asia-Pacific regional cooperation and economic integration, serves as a major trading partner for many Asia-Pacific economies and plays a crucial role in regional industrial and supply chains.

This year, China's economy has continued to rebound, providing new opportunities for regional and global economic recovery, he added.

China is actively implementing the RCEP, cooperating with members of the Association of Southeast Asian Nations to promote the construction of the China-ASEAN Free Trade Area 3.0, working toward joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement, and further deepening trade and investment cooperation with regional economies, he said.

The country is willing to work with regional partners to uphold true multilateralism and open regionalism, and build an Asia-Pacific community with a shared future that will benefit more people, he added.

The 2023 Asian Economic Integration Report released by the Asian Development Bank showed that China is expected to contribute 64.2 percent to the Asia-Pacific region's economic growth this year.

The Asia-Pacific region, with its population accounting for one-third of the world's total population, contributes to over 60 percent of the global economy and nearly half of the world's economic growth.

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