From the Bogor Goals to the Putrajaya Vision 2040, China contributes to regional economic development

“As a Thai proverb says, ‘you reap what you sow.’ Together we have sown the seed of the Putrajaya Vision. The time has come to cultivate, nurture and foster the blossoming flower of Asia-Pacific common development.”

Chinese President Xi Jinping said at the 29th Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting in Thailand on Friday.

In 2020, APEC leaders adopted the Putrajaya Vision 2040, a new long-term plan that replaces the “Bogor Goals,” a commitment APEC leaders made in their 1994 Bogor Declaration to achieve the free and open trade and investment by 2010 for industrialized economies and by 2020 for developing Asia-Pacific economies.

The Bogor Goals helped APEC economies make marked progress in trade, investment and economic integration: in 26 years, the value of regional trade increased 5-fold, two-way investment increased 12-fold and almost half of the products enjoy zero tariffs.

In 2020, China’s trade volume with APEC economies reached US$2.87 trillion, accounting for 62% of its total foreign trade. The country’s imports multiplied by almost 18, the average tariff was reduced from 23.6% to 7.5% and free trade agreements went from zero to 19, according to data from the Ministry of Commerce.

China has also shared its vast market with the Asia-Pacific region and the world, through annual trade promotion events such as the China International Import Expo.

New chapter

With the Putrajaya Vision 2040, the APEC economies envision “an open, dynamic, resilient and peaceful Asia-Pacific community by 2040, for the prosperity of all our peoples and future generations”.

Building on the progress made on the Bogor goals, the new project focuses on promoting regional free trade, fostering innovation and digitalization, and achieving “strong, balanced, secure, sustainable and inclusive growth.”

China’s goal of promoting high-level opening-up has set the tone for its future contribution to the implementation of the Putrajaya 2040 Vision.

In the report to the 20th National Congress of the Communist Party of China, Xi said that China will constantly expand institutional opening-up, accelerate its transformation into a quality trader, foster a world-class business environment, and strive to preserve the diversity and stability of the international economic panorama, as well as economic and commercial relations.

“We will advance a broader agenda of opening up in more areas and in greater depth, follow China’s path to modernization, put in place new systems for a higher-level open economy, and continue to share our development opportunities with the world, particularly with the Asia-Pacific region,” Xi said on Friday.

With the Putrajaya Vision 2040, the APEC Economies envision “an open, dynamic, resilient and peaceful Asia-Pacific community by 2040, for the prosperity of all our peoples and future generations”

Addressing last year’s APEC Economic Leaders’ Meeting, Xi said opening up is the lifeline of Asia-Pacific cooperation. “We have to uphold open regionalism, follow the guidance of APEC Vision 2040 to advance regional economic integration, and work for the early realization of a high-level Free Trade Area of ​​the Asia-Pacific (FTAAP).”

China, which was among the first to ratify the Regional Comprehensive Economic Partnership (RCEP) agreement that entered into force on January 1, 2022, is seeking to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The duo represents two important pathways to achieving the FTAAP.

Peng Liyuan attends the G20 leaders’ spouses event in Bali

With the digital economy becoming increasingly important to the region, China has applied to join the Digital Economy Partnership Agreement (DEPA) to achieve greater regional economic integration. The country’s digital economy has been the second largest in the world.

To contribute to inclusive and sustainable development, China is striving to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.

China, which was among the first to ratify the Regional Comprehensive Economic Partnership (RCEP) agreement that entered into force on January 1, 2022, is seeking to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The country will support developing countries in the development of low-carbon and green energy, and work with partner countries to advance high-quality Belt and Road cooperation, Xi said.

Article republished from the Chinese state media CGTN within the framework of an agreement between both parties to share content. Link to the original article:https://news.cgtn.com/news/2022-11-18/China-will-continue-to-drive-implementation-of-Putrajaya-Vision-2040-1f3KsxA49bO/index.html