APEC "should play a leading and coordinating role in promoting an open world economy, and in making sure that the Asia-Pacific region continues to serve as an engine for global economic recovery," Chinese President Xi Jinping said in a keynote speech at the Asia-Pacific Economic Cooperation economic leaders' meeting in Bali, Indonesia, on October 7. Noting that the world economy faces daunting challenges, Xi said that APEC members should "pursue win-win cooperation in an open and inclusive spirit" instead of "treading on each other's toes or undercutting one another's efforts."

Xi's remark is very timely given the extreme complexity of the current economic situation. The effect of the 2008 global financial crisis has not faded. It is far too early to call the economic situation in the Asia-Pacific region "stable." Just as was advocated in the meeting of APEC trade ministers, the region needs resilience and sustainable recovery. Its members need to enhance their cooperation and creativity.

The original intention of the APEC mechanism was to promote openness and cooperation in the Asia-Pacific region. Though the Asia-Pacific market has become more open, APEC, the main mechanism to boost this, has been marginalized. Its commitment in achieving the Bogor Goals was at times impeded.

Developing economies are supposed to achieve the Bogor Goals by 2020 and developed economies by 2010. However, the developed economies failed to meet the goal in 2010. Trade zones and regions have been a major trend. In particular, the U.S. announced in 2009 that it was going to lead an agreement called the Trans-Pacific Partnership (TPP), which 12 of the APEC members have participated in. The TPP has significantly weakened the APEC's role in promoting open trade and investment in the Asia-Pacific region. In response, the ASEAN launched Regional Comprehensive Economic Partnership (RCEP) initiative in 2012. Of its 16 members, 15 are APEC members.

Given this situation, it is necessary for the Chinese leadership to reexamine the leading role of APEC, to emphasize the Bogor Goals, and to advocate the Asia-Pacific free trade zone (FTAAP).

At the same time, strengthening cooperation between APEC members will help to boost the region's economy. The idea was first proposed by ASEAN. The proposal gained the support of China and other East Asian countries, and has become an important part of East Asian regional cooperation.

APEC is the first regional cooperation organization China has taken part in. China's active involvement has played an important role in APEC's development. China has become the main engine in boosting Asia-Pacific economic growth. It is changing its economic growth model to a green, innovation-driven one boosted by domestic consumption. This shift in China's economy will help to create new economic vitality and sustainability for the development of the Asia-Pacific region.

As President Xi said, "any arrangement should lead to a cooperative relationship, not a confrontation." This means that member economies should strengthen their macroeconomic coordination. We must recognize that to promote the cooperation between countries in the Asia-Pacific region is a big project which requires concrete measures.

The latest APEC meeting is a new effort in this direction. It is not clear what concrete measures will be taken next. Of course, APEC is just a regional cooperation forum. It has no substantive management functions. Promoting market liberalization and cooperation requires the efforts of its member economies.

China will host the 2014 APEC informal economic leaders' meeting after Indonesia's this year. It is now China's turn to think about making concrete efforts to revitalize the APEC.

The author is director of the APEC Policy Research Center at the Chinese Academy of Social Sciences (CASS).)

This article was translated by Li Huiru. Its original unabridged version was published in Chinese.

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