Economic integration in APEC and the role of China

by Shen, Hong

The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum composed of 2 1 member economies of diverse cultural heritage and varying levels of economic development. By deliberately avoiding to become a formalized f?ee trade arrangement like the EU or the NAFTA, APEC has committed to the principle of "open regionalism " , meaning that Liberalization achievements are not preferential to APEC members only. APEC has evolved rapidly since its formation in 1989. Begun as an informal dialogue group, APEC has expanded to become the primary vehicle for promoting open trade and economic cooperation in the Asia-Pacific region. APEC is also one of the few multilateral economic organizations that actively embraces China as a committed partner in the global trade and investment dialogue. Economic reform and open door policies implemented over the last two decades have transformed China fkom a closed economy into a major trading power. China, which for more than a decade has unsuccess~lIy sought to join the GATTNI'O, finds APEC to be of immense symbolic and practical value. As a major member of APEC. China has made constructive role in the APEC process. With its dynamic economic growth and continuing economic reforms, China is poised to play an even greater role in APEC in the near h e .