Ball is in Europe's court now

The engine of growth across Asia, China rightly has taken the lead in putting together a much-needed pathway to economic integration with all the investment and trade benefits that should result.

It is imperative that European businesses seize the opportunity to not only invest further across the Asia-Pacific region, in readiness for this increased integration and the resulting benefits, but to form a firm base on the Chinese mainland. It is China that will establish itself, if it hasn't already, as the central economic hub of the region.

The APEC meeting has also served to confirm China's pivotal position as the economic and trade engine across Asia.

China has also been careful not to dismiss and potentially disband existing economic integration plans and schemes, even though these lack ambition, clarity and inclusiveness.

Specifically the US-led Trans-Pacific Partnership has at least contributed to the debate on Asian economic integration. But with only 12 of the 21 APEC members on board, any TPP progress toward an all-inclusive Asia-Pacific trading agreement appears highly uncertain.

But China's Asia-Pacific Free Trade Area plans have allowed for TPP participants to bring their experience and progress to the table. And this is despite the fact that China was excluded from the TPP from the outset at the US' behest.

The US has learned a salutary lesson in Asian economic integration: China and only China should be the driving force.

Further China initiatives discussed at this APEC meeting, aimed at economic integration and trade liberalization across Asia, also confirm China's position in the driver's seat. In particular, APEC members welcomed progress made with China's New Silk Road and its Maritime Silk Road plans. Both of these initiatives aim to establish massive trade and infrastructure networks connecting the Asia-Pacific region and Europe.

At the meeting it was announced that China plans to create a $16.3 billion fund in order to build and expand railways, roads and pipelines across China, as part of the modern New Silk Road project. This should expedite much-needed development across China's poorer western provinces.

China also announced plans to invite investment from other countries for both of the Silk Road projects.

For the European business community, now could be the time to invest. It should invest in those poorer Chinese provinces, too, with the aim of establishing a bridgehead position that could prove important in the future.

The APEC meeting has more than lived up to expectations. The meeting theme of "partnership" and "harmony" across the Asia-Pacific region has led to fresh momentum and a clear direction toward longterm economic integration that can only be good for the region and the global economy.

In particular, China welcomed investment and partnership from countries and companies outside the Asia-Pacific region.

All eyes are now on the US and European business communities and their Asia-Pacific expansion plans. The message from China and the Beijing APEC meeting is clear: You will never get a second chance to establish first-mover advantage.

The author is a visiting professor at the University of International Business and Economics in Beijing and a senior lecturer in marketing at Southampton Solent University's School of Business. The views do not necessarily reflect those of China Daily.

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