Apex of Asia-Pacific cooperation

China has helped expand APEC's market, which accounts for 40 percent of the world's population, 57 percent of global GDP and 46 percent of the world trade volume. China has become one of the most important members of APEC because of its contribution to the region's growth, which, according to the International Monetary Fund, has already exceeded 50 percent.

Within the APEC framework, China is transforming from a passive accepter to an active maker (albeit joint) of rules, and a leading player of the organization. As Foreign Minister Wang Yi said, over half of the more than 100 cooperation proposals in the 21-member APEC was raised by China this year. Indeed, the country has reached a stage today where no big global organization can afford to ignore it.

The ongoing APEC conference in Beijing has three major topics on its agenda: integration of regional economies; boosting innovative economic development, reform and growth; and strengthening cooperation in infrastructure construction and regional connectivity. These issues are important for China as well as other APEC members.

In addition, unlike the developed countries that have been resorting to protectionism and hesitating to open their markets after the global financial crisis, China strongly advocates further opening up of all markets.

US Vice-President Joe Biden said at a recent meeting with Chinese leaders: "As Americans, we welcome competition. It's part of our DNA." But facts show that Chinese, rather than Americans, welcome competition. In fact, for quite some time, China has been welcoming foreign enterprises to the domestic market to compete with Chinese companies.

China has never been as confident of its reform and opening-up as it is today. As host of the APEC conference, China is ready to play a more active role for the prosperity of the Asia-Pacific region and APEC's development.

The author is a researcher at the National Institute of International Strategy of the Chinese Academy of Social Sciences.

(China Daily 11/08/2014 page4)