Cover by Greg Berger Design, Inc
Cover Photo by Gregory S.Heslin
Letter from the Chairman of the US-China Business Council
Frederick W. Smith, Chairman and Chief Executive Officer, FedEx Corpo ration
As chairman of the US-China Business Council, it is my pleasure to congratulate the Asia-Pacific Economic Cooperation (APEC) forum and to recognize this year's APEC chair, the People's Republic of China, for its leadership.
APEC, formed in the late 1980s, grew from remarkable circumstances--the unprecedented financial and commercial expansion in the Asia-Pacific region. The so-called Asian miracle economies thrived despite the initial lack of consultative organizations to help solidify the region's economic progress.
Today, thanks to both APEC's support and the Asia-Pacific region's economic dynamism, people throughout the region are able to focus on their opportunities, challenges, and responsibilities. They have erased many trade barriers, developed smoother trade practices, and built better resource networks to support both expanding and maturing economies.
As a result, during the 1990s, according to the International Monetary Fund, total Asian foreign trade increased about 8 percent a year, almost three times the rate of the region's real GDP growth. Total foreign investment flows to Asia increased 12.5 percent a year over the same period. China's total trade increased more than 16 percent a year and direct foreign investment rose more than 30 percent annually during the past decade.
Such impressive growth benefits the economies of the Asia-Pacific and their global trading partners. Certainly, such growth is outstanding news for the United States and Europe, the largest importers from and exporters to the region and major investors as well.
The US-China Business Council, since 1973 the principal organization of American companies engaged with China, has worked hard to support American business participation in APEC activities. The Council strongly believes that APEC's consultative approach to regional economic opportunities and challenges benefits all companies active in the APEC region and in China.
On behalf of all the companies that make up the US-China Business Council, I wish the APEC leaders and ministers, the Chinese host agencies, and our colleagues at the China Council for the Promotion of International Trade every success in strengthening APEC's contributions to the growth and stability of the Asia-Pacific region. By working together, we will achieve a prosperous economy for the region and the entire world.
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