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Developed economies can lend experience for emerging ones as they pursue advanced industry, prevent financial risks and promote urbanization, while developing members can share experiences of reform and economic transformation, and, importantly, how to avoid the middle-income trap.
To unleash a new stimulus for Asia-Pacific economic development, the APEC meeting is also expected to draw up a new blueprint for establishing comprehensive connectivity in the Asia-Pacific.
It is expected to be published after the meeting, which will involve the required infrastructure, namely the construction of roads, railways and shipping lanes, and regulations, including rules, mechanisms and procedures, as well as people-to-people exchanges.
A lack of new economic growth has left many Asia-Pacific economies pinning high expectation on connectivity, and the blueprint will be a document ready to be implemented, said Tang Guoqiang, chairman of the China National Committee for Pacific Economic Cooperation Council.
The blueprint is expected to include target, ideas, financing, supervision and evaluation mechanisms, and others, he added.
Other key topics to be discussed at the APEC meeting include China's initiatives of the Silk Road Economic Belt, the 21st Century Maritime Silk Road and establishing the Asian Infrastructure Investment Bank.
As Wang Yi has put it, these initiatives are completely open and inclusive. The primary cooperation partners of these initiatives are Asia-Pacific members. They are also ones that will benefit the most.
Effective discussion of all these topics will provide driving force for future economic growth of the Asia-Pacific region, said Ruan Zongze.
As the host, China's initiatives and wisdom will facilitate this year's APEC meeting to achieve unusual and substantial results, he added.
