PECC meeting pins hope on Asia-Pacific economic development

While the global economy shows some hint of recovery, risks and uncertainties continue, dimming steps towards revival. What are the roles of Asia-Pacific economies in the process and what should they do?

That is the topic discussed at the second session of 22nd PECC General Meeting. Being attended by global scholars from nations including the Republic of Korea, Chile and Thailand, the session studied the current economic condition of Asia-Pacific and produced recommendations.

Il Houng Lee, President of the Korea Institute for International Economic Policy, said the Asia- Pacific region as the locomotive of global economy should put innovative development, economic reform and growth high on the agenda of regional economic cooperation.

His ideas were supported by Christophe Bahuet from the UN Development Program and Winichai Chamchaeng from the International Institute for Asia-Pacific Studies at Bangkok University who further discussed how the region could identify new drivers for growth, and how to define the role of APEC in promoting new growth modes.

Especially for China, which is undergoing reform, innovation is essential to sustainable growth, said Zang Jianjun, executive director of China CEFC Energy Company. "In the age of globalization, the development of one is closely related with the development of all," he said. "As one of the key economies of the world, China will benefit the world through economic restructuring and get more cooperation from other economies".

China will continue seeking new ways for economic growth that benefits itself and the rest of the world, he said.