Asia-Pacific Economic Cooperation (APEC) has contributed to the global economy by reducing poverty and increasing incomes for the people, and provided a platform for cooperation among countries around the world, said Fabrizio Hochschild, former United Nations under secretary-general.
"I think such alliances that focus on cooperation in specific spheres are of importance at a time where we're seeing greater global fragmentation. I mean, if you look at APEC's membership and its achievements, it makes up, I think, about 60 percent of global GDP, and it has almost half of humanity in terms of the economies it represents. And I think since its start, it's reduced poverty levels and increased income levels by many times over in those countries," he said in a recent interview with China Global Television Network (CGTN) in Anji County, east China's Zhejiang Province.
"So, across a very broad set of nations, by the group that makes up a very sizable proportion of humanity with very different levels of development, it's made a real difference in the lives of the less well-off inhabitants. So, in that sense, I think it continues to have an important role, and not least because it includes nations who in other areas, who in other fora, do not necessarily see eye to eye. So, both China and the US are part of APEC. So, it's important that they can have one forum where they come together and work together on economic and hopefully also social and environmental development through a forum like APEC," said Hochschild.
The APEC Economic Leaders' Meeting is underway in Gyeongju, a southeastern city of the Republic of Korea (ROK), from Friday to Saturday.
The theme of APEC 2025 is "Building a Sustainable Tomorrow: Connect, Innovate, Prosper".
The latest projections from the International Monetary Fund show that the Asia-Pacific's economy is expected to grow 4.5 percent this year.
APEC serves as important platform for int'l cooperation: expert
China is set to further deepen its high-standard financial opening up with a commitment to market-oriented, law-based, and internationalized principles, People's Bank of China (PBOC) Governor Pan Gongsheng said Friday.
The scale of foreign participation in China's financial markets has reached historic milestones, according to Pan, who spoke at a press conference on the sidelines of the fourth session of the 14th National People's Congress (NPC).
"The level of financial opening up continues to rise. By the end of last year, the total value of domestic RMB-denominated financial assets -- including stocks, bonds, deposits, and loans -- held by overseas institutions and individuals exceeded 10 trillion yuan. In 2025 alone, various governments, international development agencies, financial institutions, and large enterprises issued over 170 billion yuan in Panda bonds. The outstanding amount of Panda bonds has increased by 34 percent year on year," said the central bank governor.
Beyond asset holdings, the Renminbi's role as a global currency has been further solidified. It is now not only a preferred choice for China's own external transactions but also a vital component of the global financial architecture, according to Pan.
"Calculated on a comparable basis, the RMB has become the largest settlement currency for China's external receipts and payments. Globally, it ranks as the second-largest trade finance currency and the third-largest payment currency. Its weight in the International Monetary Fund's Special Drawing Rights (SDR) currency basket also ranks third. This progress has facilitated cross-border trade and investment while helping to reduce exchange rate risks and conversion costs," he said.
Looking ahead, the central bank is committed to a steady expansion of high-standard financial opening-up to serve the country's high-quality development and foster a more resilient global financial governance system, said Pan.
"We will continue to promote high-standard opening up of financial services and markets. Adhering to market-oriented, law-based, and internationalized principles, we will enhance the transparency, stability, and predictability of our financial opening-up policies. We will further improve the interconnectivity between domestic and overseas financial markets and cross-border payment systems to enhance the convenience of trade and investment. Furthermore, we will advance RMB internationalization in an orderly manner, develop offshore RMB markets, support the construction of Shanghai as an international financial center, and consolidate and enhance Hong Kong's status as a global financial hub," he said.
China to further expand financial opening up: central bank governor
