President Xi's vision of growth and prosperity in Asia-Pacific region

The Asia-Pacific region (APAC), a time-honored hub of global commerce, culture and politics, is once again in the spotlight as world leaders converge in the Peruvian capital Lima for the 31st Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting.

Chinese President Xi Jinping will attend the 31st APEC Economic Leaders' Meeting in Lima and pay a state visit to Peru from November 13 to 17.

At the 2014 APEC meeting, President Xi said, "We are duty-bound to create and fulfill an Asia-Pacific dream for our people. This dream is about acting in the spirit of the Asia-Pacific community and out of a sense of shared destinies, following the trend of our times: peace, development and mutually beneficial cooperation and jointly working for the prosperity and progress of our region."

He added that the dream is about staying ahead of global development and making a greater contribution to the well-being of mankind. It is about having more economic vibrancy, free trade and investment facilitation, better roads and closer people-to-people exchanges. It is also about ensuring greater security and prosperity for the people and giving children a better environment to grow, work and live.

Xi's vision for the Asia-Pacific region centers on transforming it into a pillar of global economic stability and growth. It involves strengthening China's economic growth and boosting cooperation and development across Asia-Pacific nations. The cooperation has led to fruitful outcomes in the past decade.

Rise of APAC economies

The APAC, which encompasses over 20 economies from East Asia, Southeast Asia, Oceania and parts of the Americas, has seen remarkable economic growth over the past decade. According to the International Monetary Fund (IMF), the region is forecast to contribute roughly 60 percent to global growth in 2024. China and emerging economies such as Vietnam have driven much of this growth.

Over the last 10 years, the partnership has expanded through the Belt and Road Initiative (BRI). 

A significant portion of BRI investments has gone to Southeast Asia, where projects like the China-Laos Railway and the Jakarta-Bandung High-Speed Railway in Indonesia have enhanced connectivity within the region. This rapid growth fueled demand for goods and services across the APAC, creating new opportunities for trade and development.

Meanwhile, China's trade relationships with APAC countries have tightened. According to data from China's General Administration of Customs (GAC), ASEAN's share of China's total foreign trade rose from 9.2 percent in 2004 to 15.4 percent in 2023. Xi's commitment to boosting regional ties through initiatives like the Regional Comprehensive Economic Partnership has solidified these economic connections.

Sustainability and environmental initiatives

Xi's vision also includes a mission for sustainable economic growth. China and other APAC countries have made commitments to reducing carbon emissions in recent years. China has pledged to reach peak carbon emissions by 2030 and achieve carbon neutrality by 2060. Japan, South Korea and several Southeast Asian countries have set similar goals, aligning with global climate initiatives such as the Paris Agreement.

Despite these strides, the APAC faces obstacles to sustainability, including high coal dependency and rapid industrialization. Nonetheless, environmental reforms, such as China's shift from coal to renewable energy and the growth of electric vehicle markets, show promise in advancing the region's green transformation.

CGTN has spoken to companies at the 2024 China International Import Expo on the market potential in the APAC.

Christian Thomsen, cluster president of Alfa Laval North East Asia, said the company sees great potential in the APAC market for its growth possibilities.

"I think the outlook for China, but also for the APAC is very bright," Thomsen said. "Maritime sector has to decarbonize and there's a big need for sustainable food production. ... So, we see a very bright future in this region."

Takeo Keizo, managing director at Sumitomo Electric Industries' Sales and Marketing Division in China, said the market is big and technology-oriented.

"It has become almost the leader in technology as well. So, both from the size point of view and also with the technology development point of view, I think the APAC continues to be a very important market," he added.

Future prospects for APAC

Business leaders say the APAC's future growth will likely hinge on a balance between economic expansion and environmental sustainability. Xi's vision promotes this balance, as seen in the BRI's recent shift toward green projects. Additionally, the digital economy is poised to become the next major growth area for the APAC, with investments in tech innovation expected to drive future economic development.

They say Xi's aspirations for the APAC encapsulate a transformative vision: a cohesive, prosperous region that stands as a pillar of global stability and innovation. The economic growth of the past decade is a testament to the region's resilience and potential, with trade liberalization, digital transformation and sustainability efforts playing vital roles. While challenges persist, the APAC is well positioned to continue its trajectory of economic prosperity and fulfill Xi's vision of a thriving, interconnected APAC.