Revitalizing APEC: Upholding Asia's Values

Ask AI · What core challenges does APEC face in its revival?

【Global Network Finance (composite report)】At present, against the backdrop of a slowdown in global economic growth, geoeconomic fragmentation, and the rise of unilateralism and protectionism, as Zhang Jun, Secretary-General of the Boao Forum for Asia, emphasized: “Where is the world headed? This is a major question facing everyone.”

In this regard, Zhang Jun believes that unlocking the greater potential of the RCEP, and reviving APEC’s vision of moving toward an Asia-Pacific community—“promoting cooperation on new energy in Asia, building a diversified cross-border payments system to safeguard financial security and stability, and strengthening policy coordination and cooperation among regional organizations—these are all closely related to the international circumstances we are currently in.”

Shi Zhongjun, Secretary-General of the China–ASEAN Secretariat, also holds that: “Today’s society is undergoing profound changes—changes that occur once in a century. Unilateralism and protectionism are becoming more serious, with multiple challenges coexisting, affecting global peace, the economy, and governance. Economic growth requires cooperation.”

Shi Zhongjun further proposes: “We need to ensure the resilience of development, maintain the momentum of regional development, and strengthen cooperation among regions. We need to deepen the digital transformation. We need to further strengthen inclusive growth, achieve coordination among regions, make contributions to regional peace and sustainable development, enhance multilateralism mechanisms, uphold Asian values, strengthen policy coordination and economic integration, and achieve common development.”

When discussing the value of the RCEP, Maria, former executive director of the APEC Secretariat, director of the Malaysia Institute for Economic and Economic Affairs, and deputy vice-chancellor of Malaysia’s Sunway University, said: “We face some core challenges—such as how to achieve shared regional prosperity, maintain open trade, drive industrial transformation, and ensure the stability of value chains. More importantly, it is about achieving East Asian unity and balancing global supply and demand.” Maria said that the RCEP is a very important multilateral trading regime, and the 15 member economies account for 30% of global GDP and 28% of trade.