State of the Region 2018-2019

The Asia-Pacific expected to grow by 3.9 percent this year and 3.7 percent in 2019. These are significant downward revisions from forecasts made earlier in the year, as a result of the materialization of risks to growth, in particular trade conflicts, higher commodity prices, rising interests and volatile capital markets.

The results of PECC’s annual survey of the regional policy community largely echo current economic forecasts with the general expectation that growth will be at around the same level in 2019 as 2018, Over 42 percent of respondents expect growth to be about the same – in line with current forecasts. Of concern, however, is that the buoyancy at this time last year has dissipated. The top 5 risks to growth over the next 2-3 years were:

• Increased protectionism and trade wars
• Possible slowdown in world trade growth
• A slowdown in the Chinese economy
• Lack of political leadership
• Corruption

While it is clear that trade restricting measures have been on the rise, at...

State of the Region 2017-2018

EXECUTIVE SUMMARY

The Asia-Pacific economy is expected to grow by 3.6 percent in 2017 and 2018. This is a significant improvement from last year when growth was at around 3.2 percent. Much of this improvement comes from faster than expected growth in the region’s largest economies: the United States, China and Japan. However, underlying the upbeat forecast, there remain important structural concerns about the nature of growth in the region: high levels of debt; the impact of rising interest rates on the ability of the individuals and the corporate sector to service that debt; slowing trade and its ability to act as a driver of growth; and the impact of the digital economy.

According to PECC’s annual survey, the top-5 risks to growth were:

• Increased protectionism
• Lack of political leadership
• A slowdown in the Chinese economy
• Possible slowdown in world trade growth
• Failure to implement structural reforms.

Over 44 percent of respondents selected increased protectionism as a top ...

State of the Region 2018-2019

Executive Summary

The Asia-Pacific expected to grow by 3.9 percent this year and 3.7 percent in 2019. These are significant downward revisions from forecasts made earlier in the year, as a result of the materialization of risks to growth, in particular trade conflicts, higher commodity prices, rising interests and volatile capital markets.

The results of PECC’s annual survey of the regional policy community largely echo current economic forecasts with the general expectation that growth will be at around the same level in 2019 as 2018, Over 42 percent of respondents expect growth to be about the same – in line with current forecasts. Of concern, however, is that the buoyancy at this time last year has dissipated. The top 5 risks to growth over the next 2-3 years were:

•  Increased protectionism and trade wars
•  Possible slowdown in world trade growth
•  A slowdown in the Chinese economy
•  Lack of political leadership
•  Corruption

While it is clear that tr...

25th PECC General Meeting and CSIS Global Dialogue

The Pacific Economic Cooperation Council (PECC) held its 25th General Meeting in conjunction with the inaugural Global Dialogue organized by the Centre for Strategic and International Studies (CSIS). H.E. Retno Marsudi, Minister of Foreign Affairs, H. E. Sri Mulyani Indrawati Minister of Finance, and H.E. Airlangga Hartarto, Minister of Industry from the Republic of Indonesia as well as Dato' Paduka Lim Jock Hoi, ASEAN Secretary General and APEC's Executive Director Dr Alan Bollard provided high level insights into regional developments.

The meeting took place against the backdrop of rising concerns over global and regional governance given rising protectionist rhetoric and actions as well as the challenge for international policy coordination and coherence posed by climate change and rapid technological change.

The discussions were organized into 4 plenary sessions:

• Plenary Session 1: The Need for a New Global Order?
• Plenary Session 2: New Business Models
• Plenar...

CNCPEC: 13th General Meeting | Beijing, China | December 21, 2017

China National Committee for Pacific Economic Cooperation (CNCPEC) held its 13th General Meeting in Beijing on December 21, 2017. Over 100 CNCPEC members and special guests attended the meeting. Mr. Huang Mengfu, Honorary Chair of CNCPEC and Vice Chair of the 10th and 11th National Committee of the Chinese People’s Political Consultative Conference (CPPCC), and Mr. Wang Chao, Chinese Deputy Foreign Minister made keynote speeches as guests of honor, in which they highly commended CNCPEC’s great achievements for the past five years and placed high hopes for its future work.

Amb. Su Ge, Chair of CNCPEC, made a report on CNCPEC’s work for the past five years and its work plan in the next five years. The Meeting ratified the work report and the amendment of CNCPEC’s Charter. It also elected around 50 new members of CNCPEC’s 13th Council (formerly known as Standing Committee).

On the same day following the General Meeting, the first session of CNCPEC’s 13th Council Meeting was held in Beij...