APEC is very important region and driver of future global growth: U.S. scholar

The Asia-Pacific Economic Cooperation (APEC) is a very important region and driver of future global growth, said a professor at Georgetown University's McDonough School of Business.

The professor, Arthur Dong made the remarks ahead of this year's APEC meeting, which will be held in Peru from Nov. 10 to Nov. 16 under the overarching theme of "Empower, Include, Grow."

"It is one of the largest multilateral trade organizations in the entire world. And when you look at the significance of APEC, in terms of their size, almost two thirds of global trade is conducted within this body. This is quite a remarkable sort of story of growth," he said.

Established in 1989, the organization has evolved into one of the largest multilateral trade bodies in the world. Originally founded with twelve members, including the United States, Australia, Japan, and Malaysia, APEC welcomed China in 1991, followed by Peru, Russia, and Vietnam in 1998. Since then, the forum has expanded its reach and significance, particularly in light of China's rapid economic development.

China's ascent has been pivotal to APEC's growth. In 1991, the country's GDP was less than 400 billion U.S. dollars; today, it's about 18 trillion U.S. dollars.

"China's role has been enormous. This was a pivotal period in China's opening and reform period, where China really started to accelerate its opening up to the rest of the world. China is a very important trade partner, and a very important member, disproportionately also, as a part of this trade body," Dong said.

Currently, APEC economies account for approximately 60 percent of global GDP, and with continuous economic growth projected in the Asia-Pacific region, the forum's importance is expected to rise.

"This is an organization that's at the right time and at the right place. GDP is growing at a level that's greater than other parts of the world. So, all those things taken into consideration make APEC and the APEC member region, a very important region and driver of future global growth," Dong said.

Bringing together around 20,000 participants, including heads of state and dignitaries from 21 member economies across Asia, the Pacific, North America, and South America, APEC aims to foster sustainable economic growth and prosperity in the region.

APEC is very important region and driver of future global growth: U.S. scholar

A new direct passenger flight route from Ningbo City of east China's Zhejiang Province to Cambodia's capital Phnom Penh opened on Wednesday, which also marked the first international flight out of the city's airport in 2025.

The new flight departs from the Ningbo Lishe International Airport at 13:30 and takes just under four and a half hours to reach the Cambodian capital. Operated by Cambodian airlines, it is scheduled to fly every Monday, Wednesday and Friday, with the return flight departing Phnom Penh at 07:40 local time on the same days.

The direct route provides an important travel option for tourists, especially those from Ningbo and the surrounding areas. Pang Cuili, a Ningbo resident who had to transit in Shanghai for a midnight arrival in Phnom Penh, said the new service now offers much greater convenience.

"We'll fly at 13:30 and arrive at around 16:50. It’s very convenient [timing] for us to check into the hotel after arriving," she said.

As the capital and largest city of Cambodia, Phnom Penh has long been an important international aviation hub in Southeast Asia, with the new route giving a further boost to the economic and cultural exchanges between Ningbo and ASEAN countries.

"Today marks the first flight of Ningbo Airport's regular direct passenger service to Phnom Penh, Cambodia. The opening of this route is also an important move for the airport to help implement the Belt and Road Initiative, enriching international passenger transport routes, and further speeding up the recovery of the international market," said Chen Qiaoyu, manager of the Market Development Department at the Ningbo Lishe International Airport.

As Cambodia Airlines' first route out of Ningbo Airport, the new service also signals the airline's broader plans to connect various parts of China with Cambodia in the coming year.

Ningbo airport launches first direct flight to Phnom Penh