by Xinhua writer Huang Xinxin
SEOUL, Nov. 14 (Xinhua) -- The Asia-Pacific region needs to turn its close economic ties into drivers of shared growth through openness, innovation and cooperation, President of the Korea Economic Research Institute Chung Chul said in a recent interview with Xinhua, expecting tangible outcomes for regional cooperation from this year's APEC meeting.
Under the theme of "Building an Asia-Pacific Community to Prosper Together," the upcoming 33rd APEC Economic Leaders' Meeting (AELM) from Nov. 18 to 19 in Shenzhen, south China's Guangdong Province, will focus on the three priority areas of "Openness, Innovation, and Cooperation."
Chung said the three priorities reinforce one another. Openness links markets and ideas, innovation unlocks new drivers of growth, and cooperation allows more economies and enterprises to take part in development and share the benefits.
China, with its well-established production base, extensive supplier networks and vast market, is a key pillar of supply chains in the Asia-Pacific region, he said.
"China's economic stability and predictable trade policies are important to neighboring economies," Chung added.
China's technological innovation is particularly noteworthy, he said, citing its ability to connect research and development, manufacturing, supplier networks and a vast application market.
Feedback from production lines and the market can be swiftly integrated into R&D workflows, speeding up technology commercialization and product upgrades. This speed gives China a significant competitive edge, as demonstrated by its electric vehicle and battery industries, Chung said.
This is the third time China has hosted AELM and the first time in 12 years. With South Korea and China serving back-to-back as APEC hosts, the two sides are presented with a chance to reinforce continuity in their cooperation, Chung said.
He noted that the two countries share the experience of achieving economic growth through an open trade system. "Joint efforts by South Korea and China to enhance APEC's overall openness and inclusiveness would send an important and positive signal of stability across the Asia-Pacific region," he added. ■
