Posted on November 9, 2014 by sagarmedia

APEC CEO Summit 2014 opening day

Russian President Vladimir Putin arrives at the Capital International Airport of Beijing, capital of China,

Nov. 9, 2014. Putin is in Beijing to attend the 22nd Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting which will be held in Beijing from Nov. 10 to 11.

APEC CEO Summit 2014 is held from November 8 to 10, 2014, in Beijing, China.

As an important business event during the APEC Leader’s Week, the Summit is the premier platform for the APEC Economic Leaders and business executives to discuss Asia-Pacific economic issues and promote regional trade, investment and cooperation. It is the most influential and high-level business event in the region.

The APEC CEO Summit 2014  of 1500 APEC Economic Leaders, CEOs and leading thinkers in Beijing to deliberate the key issues facing the development of the Asia-Pacific economic by sharing views on “Advancing Regional Economic Integration”, “Promoting Innovative development, Economic Reform and Growth” and “Strengthening Comprehensive Connectivity and Infrastructure Development”, to name a few.

President Xi Jinping on Sunday unveiled his thinking about the Chinese economy, saying the world’s second largest economy is seeing a “new normal” emerging.

He made the remarks when addressing the Asia-Pacific Economic Cooperation (APEC) CEO Summit, which attracted over 1,500 business people from 21 APEC member economies and 17 other countries and regions.

The Chinese economy has shifted gear from the previous high speed to a medium-to-high speed growth, the economic structure is constantly improved and upgraded, and the economy is increasingly driven by innovation instead of input and investment, Xi said.

In the first three quarters of this year, China’s gross domestic product (GDP) grew by 7.4 percent on a year-on-year basis with all major economic indicators within the reasonable range.

According to Xi, the “new normal” of China’s economy is characterized by having still registered “considerable increment albeit the slowdown,” growth having become “more stable and been driven by more diverse forces,” structure having been “improved and upgraded,” and the government having “vigorously streamlined administration and delegated power.”

Rail links are a big part of President Xi Jinping’s vision of a New Silk Road through Asia. Another of the ideas already in motion is the Trans-Asian railway, which will be discussed during APEC meeting. It’s a grand concept that will take many years to come to fruition. There are challenges – but those challenges are being overcome, and lines have already been built.

Growing international trade calls for more efficient means of transport. The concept of “Trans-Asian Railway” was first raised in the 1960s, but was not pushed along until 2006, when 18 countries in Asia signed the “inter-governmental agreement” on building such a network. The project falls under the framework of the UN economic and social commission for the Asia-Pacific region. 37 countries will be connected by four railway lines running through Asia with a total length of 81,000 kilometers. Professor Wu Jianhong from Beijing Jiaotong University has been studying this massive project for many years, he calls this the new “Silk Road on Rail”.

“The Trans-Asian railway is an important means of connection for countries in Asia, especially for those which are land-locked. After completion, this network will play an important role in promoting trade and connection between ports in East Asia and the markets in Central and Western Asia, so balancing the Asia’s economy as a whole,” he said.

The benefits can be seen from those lines already in operation. In 1992, China built the second Eurasia Continental Bridge stretching from its eastern port city Lianyungang to Alataw Pass and Urumqi in its northwestern region of Xinjiang. The freight volume jumped from 2 million tons in 1996 to 16 million tons in 2012; the number of containers rose ten-fold from 20,000 to over 200,000. But since so many countries are involved in the massive Trans-Asian network, the road ahead won’t be as straight forward.

“There are many challenges for building this network, such as political will, foreign relations, technical standards as well as financial support, all these factors could become barriers. So scientific studies on the economic and financial problems are needed. There should also be an inter-governmental framework to ensure a smooth execution of the project and safe operation after completion,” he said.

For all these challenges, progress IS being made step by step. In Yunnan province, three lines are under construction to link China with some ASEAN countries. These all start from Kunming and end at Singapore city, while running through the capital cities of five other ASEAN countries. Once completed they will serve as major channels, facilitating cross border freight in East Asia.

But there is still much more to be done. The Trans-Asian railway will not be fully functional until all countries involved complete their segment of the network. The APEC meeting in Beijing is an opportunity to propel this project further.