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How APEC Can Help Turn World Economy Around
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| MON, OCT 15, 2001 |
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This week's APEC leaders meeting comes as the world economy is in a downturn. The September 11 terrorist attacks on the United States dealt a further blow.
Shanghai is living and breathing APEC.
Topping the agenda of the world leaders gathering in Shanghai is the economy - both in the United States and the world overall.
The U.S. economy had been slowing since last year. But the September terrorist attacks fuelled a further slide. One Chinese scholar warns the world economic engine is now threatened.
Zhou Jianmin, professor of Shanghai Academy of Social Sciences, said, "The 9.11 attack shattered consumer confidence. The U.S. economy is undergoing a major recession. At the same time, the Japanese and European economies are also sluggish. The world is in danger of losing its powerful engine for economic growth."
Professor Zhou said emergency measures have to be worked out. He believes it's time to test APEC's ability to respond quickly.
He said, " When the world economy suffers, as it did during 1997 Asian financial crisis or when the WTO talks failed in 1999, APEC should respond very quickly with concrete plans. This time, if APEC outlines practical measures to heal the world economy, it will prove itself in the international arena."
The professor said the slumping economy had made regional co-operation more important than ever. The Chinese government wants to do just that.
Zhang Qiyue, Foreign Ministry Spokeswoman, said, "By hosting the APEC meeting, we would like to demonstrate our determination to actively participate in the regional economic co-operation and to integrate China further into the world economic system."
China's commitment to open markets will soon be tested when it joins the World Trade Organization.
At a time of economic slowdown, protectionism is a poison. Economic co-operation -- a big part of what the APEC meetings are about -- is one solution.
Editor: Vicki
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