According to Wang Wentao, China’s minister of commerce, the Asia-Pacific region still faces several disruptions and difficulties in its economic and commercial development.
Wang Wentao made the remarks at the Asia-Pacific Economic Cooperation (APEC) summit in Detroit. He met with various leaders and discussed multilateral and bilateral economic and trade concerns . This was in the context of broader global trade tensions and uncertainties. Wang acknowledged the region’s challenges but stressed that China, a significant developing nation, was ready to contribute appropriately.
“The Asia-Pacific region has always been the region with the most growth vitality, development potential and economic resilience in the global economy, but economic and trade development still faces many disturbances and challenges,” Wang said, according to a statement from the Chinese Ministry of Commerce.
Wang also discussed China’s positions on supporting the multilateral trading system and promoting sustainable and inclusive trade development.
“China calls on APEC economies to continue to uphold open regionalism, unswervingly promote the process of regional economic integration, further deepen trade and investment cooperation, and share the opportunities and dividends brought by the integrated development of regional industrial chains and supply chains,” Wang said. World leaders have been looking for ways to fortify global supply chains, which are still wobbly in the post-COVID world.
China’s economy has been struggling to regain solid footing . This was after its own restrictive three-year COVID-19 policies dampened growth. The curbs were largely dismantled in December .Government ramped up several measures to ignite economic expansion.
Wang also urged APEC countries to carry out policy exchanges and coordination. In addition he urged to promote industrial cooperation and infrastructure investment, assist the least developed economies. He also urged to help small and medium-sized enterprises share development opportunities.