by Xinhua writer Xue Ying
HONOLULU, Hawaii, Nov. 11 (Xinhua) -- As leaders from Pacific Rim countries and regions gather at the ocean's geographic center at the weekend for their two-day summit, they know all too well that no one could escape unscathed in face of an ailing global economy.
Known as the the "Crossroads of the Pacific," Hawaii plays host to the 19th leaders' conference of the Asia Pacific Economic Cooperation (APEC) forum on Saturday and Sunday.
As the world economy is indeed at a crossroads, APEC leaders are well aware that they must pool efforts to shore the troubled global economy and need more than ever the "Aloha" spirit -- open, friendly and cooperative -- when they explore the direction for regional cooperation in the 21st Century.
Just as Chinese President Hu Jintao said at the 6th Group of Twenty (G20) summit in Cannes, France early this month, "what has happened since the outbreak of the international financial crisis in 2008 shows that we are facing not just an economic and financial crisis. It is a crisis that has exposed certain deficiencies in the existing institutions and mechanisms, policies and approaches, and ways of development."
The 21-member APEC, which accounts for 55 percent of the world's GDP, can not stay out of any global economic turmoil. So someone's selfish thinking of containing others as a measure of self-protection will not only be harmful to others but also to itself.
One of the most important objectives of APEC is to sustain growth and development of the region for the common good of its peoples. However, some APEC members put their own political and economic interests above all else, taking others' development as a threat, practicing overt or covert trade protectionism, interfering in other members' currency exchange and economic policies, and raising tariffs under the excuse of protecting domestic industries.
Today, the interdependence of economies goes far beyond people's imagination. The purpose of founding APEC is to facilitate economic cooperation among its members, including facilitating trade and investment and reducing tariffs and barriers. So the APEC leaders are expected to make right decisions at this crucial moment for the regional and global economy.
There exist big differences between developed and developing members of APEC. The full development of the underdeveloped economies will not only be good for their people, but will also help promote world peace and economic growth.
So when the APEC leaders discuss the next-generation trade and investment issues, draw up maps for green growth and coordinate regulatory cooperation, they should give enough consideration to the needs and interests of the developing economies.
Only by doing so, could balanced economic growth be reached in the region.
In time of difficulty, every APEC member should shoulder its own responsibility. Stability and development in the Asia Pacific region is conducive to the world at large.
It carries special significance if the APEC meetings in Hawaii can yield a positive consensus and set a cooperative and successful model for other regions of the world.
Special Report: President Hu Attends 19th APEC Summit
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