Asia’s economic development has numerous challenges, according to China’s minister.

China’s Commerce Minister Addresses Economic and Trade Development Challenges in Asia-Pacific

“The Asia-Pacific region has always been the region with the most growth vitality, development potential and economic resilience in the global economy, but economic and trade development still faces many disturbances and challenges,”

– Wang Wentao, China’s Commerce Minister

At the Asia-Pacific Economic Cooperation (APEC) conference in Detroit, China’s Commerce Minister Wang Wentao discussed the challenges faced by the region in terms of economic and trade development. Despite these challenges, Wang expressed China’s willingness to make due contributions as a major developing country.

During the conference, Wang also discussed China’s positions on supporting the multilateral trading system and promoting sustainable and inclusive trade development. He called on APEC economies to continue to uphold open regionalism, deepen trade and investment cooperation, and share the opportunities and dividends brought by the integrated development of regional industrial chains and supply chains.

As the world continues to recover from the COVID-19 pandemic, global supply chains remain wobbly. China’s economy has also been struggling to regain solid footing after its own restrictive three-year COVID-19 policies dampened growth. However, the government has ramped up several measures to ignite economic expansion.

Wang urged APEC countries to carry out policy exchanges and coordination, promote industrial cooperation and infrastructure investment, assist the least developed economies, and help small and medium-sized enterprises share development opportunities.

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