APEC impact on China's economy - Essay Example

APEC Impact on China’s Economy Introduction As China is now more willing than before to integrate with world economy, the country uses international forums like APEC for achieving this. Since China is not a member of WTO or ‘Organization for Economic Cooperation and Development’ (OECD), it has become more important for the country to use the APEC forum for expanding its ties with the member countries, which are also active trading partners of China. The country can use APEC meetings to discuss the bilateral economic relations in an efficient manner with its economic partners.

Strategy for China to use APEC forumBy active participation in APEC meetings, China wants to demonstrate its desire for maintaining the regional economic stability that can bring prosperity to the member countries of Asia Pacific region. The resistance to the temptation of Yuan devaluation and announcement of tariff rates reduction by Chinese government at a meeting of APEC in Osaka has confirmed this. Through this action, China perceives the opportunity to deal with United States by joining hands with East Asian countries, which are also members of APEC.

(Yang & Huang 70)China seeks bigger economic roleAs APEC was the first international economic conference to member nations, under the Chinese leadership of president Xi Jinping, China has used this platform in an efficient manner, in the direction of seeking bigger economic role, globally. This combined with the fact that Chinese economy is the world second largest gives the required advantage to China for countering US economic domination. In this direction, China has announced the established of US Dollar forty million fund for improving the trade and economic links among Asia-Pacific countries.

The emerging image of China being the top trading partner of South Asian countries from South Korea to Australia would definitely help in the erosion of American influence on these countries. (McDonald & Lee)APEC and China Earlier APEC could not prove to be result-oriented for the members, as it failed to improve the economic relations among the Asia-Pacific nations in a substantial manner. However, when China hosted the APEC conference, it made clear to the member nations that the country was prepared to share the fruits of its economic development with neighbors in the region.

For ensuring that APEC remained a successful platform to deliver the results. China made many announcements, which include the commitment from China to donate ten million US Dollars towards supporting the capacity building and institutional activities of APEC, apart from establishment of Silk Road fund for undertaking the infrastructure projects in countries along the Silk route. In addition, more than half of he finally adopted initiatives at APEC were proposed by China. This is significant in the direction of efforts by China to play a major and dominating role in the world economy.(Liqun)China activates APECThe deleates attending APEC meeting have decided to discuss many issues, under the chair of China.

These include pacts on food security and energy, infrastructure development and trade facilitation between the member nations, among others.(APEC 2014 China CEO Forum)ConclusionIt is the necessity of China to remain active in APEC meetings for countering the US domination of the world economy. Works-Cited “APEC 2014 China CEO Forum”, National Center for APEC—Quarterly Newsletter, March 2014, web 25 Nov. 2014. Liqun Han, “The APEC Effect”, Chinafocus.com, Nov. 26, 2014, web 27 Nov. 2014. McDonald Joe & Lee Youkyung, “China’s Economic Influence Grows at APEC Summit”, ctv news, Nov.

11, 2014, web 27 Nov. 2014. Yang & Huang. (pp 89), “How Important is APEC to China?”, APEC and Liberalization of Chinese Economy, nd, web Nov. 26, 2014: