Asia Still Faces Many Challenges in Economic Development

Asia Still Faces Many Challenges in Economic Development

According to Chinese Commerce Minister Wang Wentao, economic and trade development in the Asia-Pacific region continues to face many disturbances and challenges.

Wang made the remarks at the Asia-Pacific Economic Cooperation (APEC) conference in Detroit, where he met several leaders and exchanged ideas on multilateral and bilateral economic and trade matters amid broader global trade rifts and delays, as reported by Reuters.

Wang acknowledged the region’s difficulties but emphasized that China, as a major developing country, was willing to contribute.

The Asia-Pacific region maintains significant growth potential, development vitality, and economic stability in the global economy. However, as stated in a statement from China’s Ministry of Commerce, economic and trade development still encounters many disruptions and challenges, Wang commented.

Wang also discussed China’s perspective on supporting the multilateral trading system and encouraging sustainable and inclusive trade development.

Wang emphasized that China urges APEC economies to support open regionalism, steadfastly promote regional economic integration, strengthen trade and investment cooperation, and share the opportunities and benefits derived from the integrated development of regional industrial and supply chains.

World leaders are exploring ways to support global supply chains, which remain loose in the post-coronavirus world.

China’s economy is striving to regain strength after its restrictive three-year coronavirus policy hindered growth.

Wang also called on APEC countries to exchange their policies, promote industrial collaboration and infrastructure acquisition, assist the least developed economies, support small and medium businesses, and provide them with development opportunities.

China Bans Sale of Chips by American Company Micron Technology

The United States is preparing a response to China’s ban on selling chips produced by the American company Micron Technology.

The leader of the Democratic majority in the US Senate, Chuck Schumer, stated that they, together with the administration of President Joe Biden, are engaging allies and companies to respond to the Chinese ban on the sale of memory chips manufactured by Micron Technology.

Restrictions imposed by the Chinese regulator against Micron, the largest US manufacturer of memory chips, are part of a growing trade dispute between the world’s two largest economies, as reported by Reuters.