Sustainable growth remains urgent task for Asia-Pacific region

By ( Xinhua )

Updated: 2013-10-05

BALI, Indonesia - Leaders of APEC members will meet in Bali, Indonesia on Monday, expectedly to work out effective strategies to lift the world economy out of its current downturn and put it back on a path of sound and sustainable growth.

The 2013 APEC summit, themed "Resilient Asia-Pacific, engine of global growth," came at a time when the global economy has entered a period of profound readjustment, with recovery remaining elusive.

The volatile global economic situation requires that APEC members better coordinate their macroeconomic policies, enhance regional economic integration and make still greater efforts to promote innovation.

Only in this way, can they achieve sustainable economic and business growth and continue to play a major role in driving global growth, and benefit not only people in the region but also elsewhere in the world.

Attaining sustainable development in economy and trade, therefore, is a necessity against the backdrop of today's volatile economic landscape, especially in Asia and Pacific where many APEC economies are facing the multiple challenges of capital outflow, currency devaluation, economic downturn and inflation.

The economic setbacks lead some to doubt the region's status as an engine for world economic growth.

Under the circumstance, sustaining development in economy and trade remains of paramount importance to Asia and Pacific region, as only development holds the key to solving the major problems and difficulties it faces. ?

Over the past years, some of the developing members of APEC have followed an export-oriented growth model, which makes them vulnerable to economic recessions of their traditional trade partners. The only way out for these developing economies is to transform their development model and trade structure to ensure sustainable development in economy and trade.

Based on the principle of voluntarism and aspiration for common development, the APEC members have set the goal of open and free trade and investment in the region, better known as the Bogor Goals and made marked progress in this regard.

By tapping into its unique advantages of high-level participation, broad membership and expertise in economic and trade cooperation, APEC could put together the strengths of its members to ensure its position at the center of global economic growth and help avoid the danger of rising protectionism in times of economic difficulties.

When global economic recovery is still weak, APEC members have to tackle its own trouble on one hand, and join hands as a group to achieve the sustainable economic and trade growth of the entire region.

It is expected that at the current summit all APEC members will work out new strategies for sustainable development in economy and trade, and give new impetus to regional as well as global economic growth.