Cooperation, openness 'key to economic prosperity' in Asia-Pacific

Over the years, Asia-Pacific economies, especially those on the Asian side, have generally experienced fast growth; especially China, which has kept a record-high growth rate. However, the region suffered heavy losses in the 2008 world financial crisis and many parts of it are still struggling to get out of economic recession.

Where is the way out? At the morning session of the PECC 22nd General Meeting, experts varied on opinions but shared one point in common, namely that Asia-Pacific economies are entering a "new norm" featuring moderate growth and in-depth economic restructuring. That applies to both developing and developed economies in the region, experts say.

In his keynote speech, Zhang Yansheng, a researcher from the National Development and Reform Commission, listed new features of the Asia-Pacific economy, namely needing to suit the digital revolution, and the fact that innovation and openness are driving the economy forward. China needs to reform to better suit the world, while the outside world needs China, too, he said.

Open organizations like the Asia-Pacific Economic Cooperation are the best platforms for such cooperation and openness, said Peter Petri, a professor at Brandeis University. In his speech he also expected the PECC to make more valuable recommendations to the APEC Economic Leaders' Meeting, to be held soon in Beijing.

The experts also discussed new approaches of economic restructuring in the region, and agreed that there is an urgent need for enhanced policy coordination in the implementation of reform policies. The original vision of a deeply integrated Asia-Pacific offers the best pathway to continued economic prosperity, they said.