China’s Commerce Minister, There Are Still Many Obstacles To Economic Development in Asia

According to Wang Wentao, China’s minister of commerce, the Asia-Pacific region still faces numerous disruptions and difficulties in the development of its economy and trade.

Wang made the remarks at the Asia-Pacific Economic Cooperation (APEC) summit in Detroit, where he met with various leaders and discussed multilateral and bilateral economic and trade issues in the context of broader global trade tensions and uncertainties.

Wang acknowledged the region’s challenges but added that China, a significant developing nation, was ready to contribute appropriately.

According to a statement from the Chinese Ministry of Commerce, Wang stated that while the Asia-Pacific region has consistently had the greatest growth vitality, development potential, and economic resilience in the global economy, “economic and trade development still faces many disturbances and challenges.”

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Wang also talked about China’s stance on encouraging inclusive and sustainable trade development and the multilateral trading system.

“China calls on APEC economies to maintain open regionalism, steadfastly advance the process of regional economic integration, deepen trade and investment cooperation, and share the benefits and opportunities that result from the integration of regional industrial chains and supply chains,” Wang said.

China’s economy has been struggling to recover since its own stringent three-year COVID-19 policies dampened its growth.

China’s economy has been working to regain stability after its own stringent COVID-19 policies, which were in place for three years, slowed growth. In December, the curbs were primarily removed, and the government intensified several initiatives to spark economic growth.

Wang also urged the APEC nations to coordinate and exchange policies, support infrastructure investment, and industrial cooperation, aid the least developed nations, and support the sharing of development opportunities among small and medium-sized businesses.