Chinese minister says Asia’s economic development still faces many challenges By Reuters

© Reuters. PHOTO: Chinese Minister of Commerce Wang Wentao speaks at a press conference in Beijing, China, March 2, 2023. REUTERS/Florence Lo/File Photo

BEIJING (Reuters) – Economic and trade development in the Asia-Pacific region still faces many problems and challenges, Chinese Commerce Minister Wang Wentao said.

Wang spoke at the Asia-Pacific Economic Cooperation (APEC) conference in Detroit, where he met with several leaders and exchanged views on multilateral and bilateral economic and trade issues amid wider divisions and uncertainties in global trade.

Wang said he understands the difficulties the region is facing, but added that China, as a major developing country, is ready to make its due contribution.

“The Asia-Pacific region has always been the region with the greatest growth vitality, development potential and economic resilience in the global economy, but economic and trade development still faces many challenges and challenges,” Wang said, according to a Chinese government statement. Ministry of Commerce.

Wang also discussed China’s position on supporting the multilateral trading system and promoting sustainable and inclusive trade development.

“China encourages the APEC economies to continue to uphold open regionalism, steadily advance the process of regional economic integration, further deepen trade and investment cooperation, and share the opportunities and dividends associated with the comprehensive development of regional production and supply chains,” Wang said. said.

World leaders have been looking for ways to strengthen global supply chains that are still tottering in the post-coronavirus world.

China’s economy is struggling to regain a solid footing after its own restrictive three-year COVID-19 policy slowed growth. The curbs were largely removed in December and the government took a series of measures to spur economic growth.

Wang also called on APEC countries to carry out policy exchange and coordination, promote industrial cooperation and infrastructure investment, help least developed countries, and help small and medium-sized enterprises share development opportunities.

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