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Economy Watch
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November 19 Update
| China highlighted important issues in the world and in Asia
Chinese President Hu Jintao, in an address delivered at the 17th Economic Leaders Meeting of the Asia-Pacific Economic Cooperation (APEC) here in Singapore on 15 Nov, called for global responses to global challenges.
"Recently, leaders from many countries have gathered together more frequently to discuss ways to address global issues. This shows that the international community has come to recognise that with deepening economic globalisation, working together for win-win outcomes is the only option we have," Hu said.
"Economies in the Asia-Pacific region, which are diverse and highly complementary to one another, have gained valuable experience in working together to meet challenges. This has put APEC cooperation on a solid footing," he added.
In his address, Hu also made a four-point proposal on some important issues concerning the economic and social development in the world and in Asia in particular:
1.Support sound development of the multilateral trading regime with stronger confidence
"As a firm supporter of trade and investment liberalization and facilitation, China is committed to the establishment of a fair, equitable and non-discriminatory multilateral trading regime and has participated in the Doha Round negotiations with a constructive stance," Hu said.
"We should follow through on the commitments we have made, firmly oppose protectionism in all manifestations, guard against and redress all kinds of covert protectionism, reduce and remove trade barriers and address trade frictions through dialogue and consultation," he added.
2.Meet the climate challenge through full cooperation
Hu said, "Developed countries should continue to take the lead in emissions reduction after 2012 in keeping with the principles set out in the UNFCCC and the requirements made in the 'Bali Roadmap'."
"Developing countries, on their part, should also endeavor to meet the climate challenge by implementing sustainable development strategies," he added.
He also restated China's stance to continue to take strong measures to contribute its share to the international cooperation against climate change.
3.Promote regional economic integration with a multi-pronged approach
"We should promote regional economic integration at different levels, in various scopes and through multiple channels," Hu said.
He urged APEC member states to step up cooperation in economic restructuring and enhance connectivity in infrastructure and other areas among member economies.
4.Counter non-traditional security threats through coordination and cooperation
"We should act in a spirit of global development partnership featuring equality, mutual benefit and win-win outcomes to safeguard global food security through stronger cooperation," the Chinese president went on to say.
He also urged to establish and follow a new energy security concept featuring beneficial cooperation, step up coordination in the prevention and control of influenza A/H1N1 and continue to deepen cooperation in disaster prevention and reduction.
Shared hope between U.S and China despite challenges
U.S. President Barack Obama arrived in China on 15 Nov for a four-day visit to the world's most populous country.
The visit by the leader of the largest developed country to the biggest developing one has roused great interest among observers as China-U.S. relationship has always been one of the most important and complicated bilateral ties in the world.
During the first leg of his Asian tour in Japan, Obama said the United States welcomes China's appearance on the world stage, and does not seek to contain China. He said that "the rise of a strong and prosperous China can be a source of strength for the community of nations," striking a positive keynote for his forthcoming China visit.
His Chinese counterpart President Hu Jintao has also said that China-U.S. relations have significance and influence far beyond their bilateral ties, and a sound Sino-U.S. relationship is not only in the fundamental interests of the two nations and peoples, but also conducive to peace, stability and prosperity in the Asia Pacific region and the world at large.
China has always maintained that, as the biggest developing and the developed countries, China and the United States share broad common interests on the vital issues of peace and development, and shoulder great responsibilities.
During a media interview before his Asia tour, Obama said "on critical issues, whether climate change, economic recovery, nuclear non-proliferation, it's very hard to see how we succeed or China succeeds in our respective goals without working together."
The remarks, however, also hinted at the difficulty of bilateral cooperation on thorny issues.
For instance, the trade spats between the two countries have recently flared up, with the U.S. government imposing anti-dumping duties on imports of poultry, tires and steel pipes from China. China criticised the measures as protectionist.
The two countries are also at odds on the issue of climate change. As the world's two largest green-house gas emitters, China and the U.S. have both pledged commitments, but their different status in economic development and interpretation of the principle of "differentiated responsibilities" have made substantial consensus difficult.
However, the Obama administration has repeatedly indicated that the two sides would not "allow any single issue to detract from our broader overall relationship," which is too important to go astray.
The Center for Strategic and International Studies, a major U.S. think tank, said in a report, "U.S.-China partnership is indispensable for addressing many of the main challenges of the 21st century ... The premise for U.S.-China relations going forward must be a shared commitment to working together to promote the global good."
To share significant global responsibilities, China and the United States should view and handle their bilateral ties from a strategic and overall perspective.
Both sides should promote dialogue, expand cooperation, respect each other, seek common ground while reserving differences, and take care of each other's core interests.
Obama once quoted a famous ancient Chinese philosopher Mencius to underscore the importance of resolving disagreements between the two nations through talks. "A trail through the mountains, if used, becomes a path in a short time, but, if unused, becomes blocked by grass in an equally short time," he said.
It is the shared hope that both sides could blaze a path towards the future, so as not to let the "grass" of suspicion and difference block the way. China also hopes Obama's visit will leave fresh and impressive footprints on this path.
The United States has changed its China policy from isolation, containment, to engagement and today's relationship of positive and comprehensive cooperation.
This represents a profound change in the world arena. As far as both countries keep to the right orientation of the development of bilateral ties, enhance mutual trust, expand cooperation and take care of each other's key interests, they will ensure the steady development of bilateral ties and contribute further to world peace, stability and prosperity.
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