Attaining common prosperity through cooperation

Editor's note: The 33rd Asia-Pacific Economic Cooperation Economic Leaders' Meeting will be held in Shenzhen, Guangdong province on Wednesday and Thursday. Zhao Zhongxiu, former president of the University of International Business and Economics, spoke to 21st Century Business Herald about China's evolving role within APEC, emphasizing the need for Chinese companies to expand their overseas ventures. Below are excerpts of the interview. The views don't necessarily represent those of China Daily.

The APEC meeting in Shanghai in 2001 coincided with China completing 15 years of intense negotiations, culminating in its accession to the World Trade Organization. At that time, globalization was gaining momentum and China was integrating into the global economy as a learner. Over the subsequent decade, China became deeply embedded in the global economy. Since joining the WTO, the country has made significant strides in economic growth, foreign trade, inbound foreign investment and outbound investment.

By the time APEC leaders gathered in Beijing in 2014, the international financial crisis had cast a shadow on globalization, raising questions about its future, the advancement of the Free Trade Area of the Asia-Pacific and the evolution of APEC. A major outcome of the Beijing meeting was the adoption of the Beijing Roadmap, aimed at advancing the Free Trade Area of the Asia-Pacific.

Since then, the international economic and financial environment has seen drastic shifts, with some describing the post-2016 period as one of "slowbalization" or "deglobalization".

Against this backdrop, China's hosting of the APEC meeting in 2026 is an opportunity to recalibrate the trajectory for APEC and the development of the FTAAP under the new circumstances. Central to this effort is the reinforcement of the multilateral trading system and the implementation of APEC's vision of openness, inclusiveness, peace and innovation.

As the world's second-largest economy, China advocates an open global economy which is more innovative and inclusive. Experience has shown that the multilateral trading system, built through decades of international collaboration, should remain the cornerstone of the global economic order. Its imperfections call for reform rather than building a separate system that benefits only a few nations at the expense of the majority.

China's robust export performance is driven by advancements in new quality productive forces and continuous industrial upgrading. The share of mechanical and electrical products is increasing while that of traditional goods such as footwear and apparel is on the decline. Digital and green products, along with large equipment and ships showcase China's manufacturing ability, an outcome of decades of development efforts.

China is a key supplier to the world economy, with its production capacity and high-quality, cost-competitive goods contributing to stable global economic growth.

However, China's industries need to actively pursue overseas investments to rebalance international trade. Promoting the overseas deployment of entire industry chains closer to end markets is essential. Additionally, exporting services is vital to support the overseas deployment of production capacity.

At the same time, industries and companies should safeguard their core interests and maintain their capacity for technological upgrading. Special emphasis should be placed on cultivating industrial ecosystems. Companies must retain control over their core interests and competencies, continue upgrading their technologies, and leverage overseas resources effectively.

Overseas markets are not merely outlets for sales; they are also home to talent and supporting suppliers, which can help strengthen China's domestic market.

Chinese enterprises should consider collaborating in teams when venturing overseas, rather than undertaking this endeavor on their own.