APEC focus on economy APEC, economy, focus

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APEC focus on economy

　

Anti-terrorism discussions won't overshadow trade talks when world economic leaders gather at the Asia-Pacific Economic Cooperation summit this weekend, said China's Vice Foreign Minister Wang Guangya.

　　With the world economy moving toward recession, economic leaders will place a high priority on pushing for an early launch of new multilateral trade talks, Wang said yesterday in Shanghai, adding that such talks are "urgent" at the moment.

　　"Anti-terrorism, in a broad sense, is a related topic to the economic issue," said Wang, following the first day of meetings of APEC foreign affairs and foreign trade ministers.

　　"The economic leadership summit will only have surface discussions (on the terrorism issue)," he said.

　　The ministers didn't discuss the issue at yesterday's meetings, but are expected to talk about terrorism at a working breakfast this morning, the vice minister said.

　　Chinese leaders are adamant that APEC should stick to its main mission and remain focused on economic issues rather than security and terrorism. APEC, which was created as a regional economic forum, has traditionally shied away from political issues.

　　More importantly, the worldwide economic slowdown, particularly in the aftermath of the September 11 terrorist attacks, highlights the urgency of strengthening cooperation between APEC member economies "to push an early launch of a new round of negotiations among World Trade Organization members," Wang said.

　　A forecast by the Pacific Economic Cooperation Council, conducted by Professor Ross Garnaut, a noted Australian economist, shows that the Asia-Pacific region is in the early stages of a slowdown rather than in the midst of a timely correction of unsustainable high growth.

　　"How to promote growth and restore confidence in the market is an issue on the top of our agenda," China's Foreign Minister Tang Jiaxuan noted in his opening remarks yesterday.

　　Because anti-terrorism has become a common concern, economic leaders will discuss terrorism and security and make a declaration after their meeting, Tang added.

　　A statement on security is "not an issue for one particular member (of APEC), but an issue of international concern," said Zhang Qiyue, spokeswoman for the China Secretariat for APEC 2001.

　　Officials and analysts hope the leadership summit will help counteract the global economic downturn.

　　"Trade liberalization at least will counter difficulties," said German King, acting chair of APEC's Committee on Trade and Investment.

　　In particular, the September 11 terrorist attacks cemented worries among economists that the global economy will continue to shrink.

　　Though China reported on Tuesday that its economy grew by 7.6 percent during the first three quarters of this year - making the country a rare economic bright spot - Li Rongrong, chairman of the State Economic and Trade Commission, said trouble could be on the way.

　　"China will receive the blow later rather than sooner," he said, adding that the U.S, terrorist attacks are bound to have a negative impact on the country's economic outlook for next year.

　　"We do hope a consensus will be built at the summit meeting to minimize the negative influence (of the attacks)," the chairman told reporters yesterday.

　　But economic leaders have yet to reach a consensus on any declarations.

　　They will publish their official declaration after the summit, Wang said, adding that they will also unveil the Shanghai Accord, a detailed trade-focused declaration.

　　While terrorism isn't expected to overshadow trade talks, some analysts say a meeting between Chinese President Jiang Zemin and US President George W. Bush will be the most important event of the week.

　　"We believe the upcoming meeting between President Jiang and President Bush will be a very important one," said spokeswoman Zhang.

　　"That will be the first meeting between the two leaders and they have many issues to talk about," she said, adding that discussions will center on bilateral relations as well as issues of common concern.

　　Bush is scheduled to arrive in Shanghai today, his first trip outside the United States since the terrorist attacks on September 11.