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APEC impact on China's economy - Essay Example

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Since China is not a member of WTO or ‘Organization for Economic Cooperation and Development’ (OECD), it has become more important…
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APEC impact on Chinas economy
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APEC impact on China's economy

Download file to see previous pages... ipation 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)
As 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)
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 ...Download file to see next pagesRead More
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