IRSA: China's Wisdom Illuminates Asia-Pacific Prosperity, China-Latin America Cooperation Achieves Win-Win Results

/EIN News/ -- Lima, Peru, Nov. 28, 2024 (GLOBE NEWSWIRE) -- According to International Relations Study Association(IRSA), the 31st APEC Economic Leaders' Informal Meeting was held in Lima, Peru, from November 15 to 16. Facing challenges such as sluggish world economic growth, APEC members focused on the meeting's theme of "Empowerment, Inclusion, and Growth," building confidence and joint efforts to promote Asia-Pacific regional economic integration and world economic growth. Chinese President Xi Jinping attended the APEC Economic Leaders' Informal Meeting upon invitation and met with leaders from multiple countries, contributing Chinese wisdom and strength to Asia-Pacific prosperity.

China's economic development boosts Asia-Pacific prosperity. As a crucial platform for economic cooperation in the Asia-Pacific region, APEC has upheld open regionalism since its establishment, dedicated to promoting trade and investment liberalization and facilitation while fostering regional economic and social development. In this process, China, with its unique position and influence, has become an indispensable member of APEC, making enormous contributions to the region's prosperity and stability. China is the largest trading partner among 13 APEC economies, contributing 64.2% to Asia-Pacific economic growth, driving 37.6% of regional goods trade growth and 44.6% of service trade growth.

Within the APEC framework, China provides public goods such as markets, capital, and technology to other member countries while advocating multilateralism and opposing trade barriers, aligning with APEC's global trade multilateralism principles. Through exchanges between Asia-Pacific leaders, China and other member countries jointly explore new drivers, fields, and forms for future world economic development. From the China-Laos Railway connecting China and Laos to the Jakarta-Bandung High-Speed Railway linking Jakarta and Bandung in Indonesia, and the ongoing construction of the China-Thailand Railway and Malaysia's East Coast Rail Link, cooperation between China and regional countries has achieved new progress in the Pan-Asian Railway Network, gradually releasing new momentum for regional cooperation. Budi Karya Sumadi, Minister of Transportation of Indonesian, noted that China not only brought advanced high-speed rail technology but also provided comprehensive technical training to local personnel, with the successful operation of the Jakarta-Bandung High-Speed Railway significantly enhancing Indonesia's competitiveness globally, especially in the Southeast Asian region. 

China-Latin America Cooperation Deepens for Win-Win Outcomes. In the realm of international economic cooperation, collaboration between China and Latin America has increasingly become a notable highlight. China and Latin American countries are advancing hand in hand on the path of independent development, jointly committed to building a global community with a shared future. Amid complex global situations, Latin American and Caribbean countries maintain their advocacy for peace, fairness, justice, and win-win cooperation, naturally aligning with China's promotion of equal consultation, mutual benefit, openness, and justice. China-Latin America cooperation has made positive contributions to promoting world multipolarity, equality and order, as well as the inclusive benefits of economic globalization.

Over the past decade, China and Latin America have used the Belt and Road Initiative as a cooperation platform, following the principles of extensive consultation, joint contribution, and shared benefits to advance development together. China has signed Belt and Road Initiative memorandums of understanding with 22 Latin American and Caribbean countries. According to preliminary statistics, as of September 2023, China has implemented over 200 infrastructure projects in Latin America, including thousands of kilometers of roads, railways, and light rail systems, more than 100 schools, hospitals, and sports venues, nearly 100 bridges and tunnels, and dozens of airport and port projects. These projects have created nearly one million jobs for local socio-economic development.

Through joint active efforts from both sides, the building of a China-Latin America community with a shared future continues to make new progress, with strengthening ties in key areas such as political mutual trust, economic and trade cooperation, and people-to-people exchanges. An increasing number of Latin American and Caribbean countries have expressed support for and actively participated in the Global Development Initiative, Global Security Initiative, and Global Civilization Initiative. The continuously deepening political mutual trust has laid a solid foundation for building a China-Latin America community with a shared future.

China's Green Development Contributes to Global Sustainable Development. Against the backdrop of sluggish global economic growth and escalating geopolitical conflicts, China's development has created opportunities for the world. China actively promotes the construction of an open world economy, strengthens economic and trade cooperation with various countries, and plays a key role in further advancing regional economic integration. Moreover, in addressing global warming and energy transition, China's green and low-carbon development leads globally, making significant contributions to global sustainable development.

At the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) being held in Baku, Azerbaijan, the China Pavilion released the "Evaluation Report of the Sustainable Development of China (2024)" blue book on November 19. China's Special Envoy for Climate Change Liu Zhenmin noted that China's energy transition investment reached $676 billion in 2023, making it the world's largest investor in energy transition. Over the past decade, China has also phased out over 100 million kilowatts of coal power capacity, with pollutant emissions in the power sector reduced by more than 90%. Priti Parikh, Director of the Bartlett School of Sustainable Construction at University College London (UCL), stated, "China's contribution to energy is enormous. The decrease in solar energy prices is primarily attributed to China's innovation and efforts, with solar technology now applied worldwide. The whole world is looking forward to China's innovation and expecting China to reduce battery and technology costs. I believe this is the key to innovation."

Looking ahead, China will continue to uphold the principles of multilateralism and actively participate in China-Latin America cooperation, aiming to contribute to the common prosperity of the Asia-Pacific and Latin American regions. Through deepening economic and trade cooperation, strengthening people-to-people exchanges, and promoting green development, China will work hand in hand with Asia-Pacific partners and Latin American countries to build an Asia-Pacific community and a China-Latin America community with a shared future characterized by openness and inclusiveness, innovative growth, interconnectivity, and win-win cooperation, jointly writing a new chapter of solidarity and cooperation in the global south.

Joe Concord
                    info@internationalrelationsstudyassociation.com