Asia-Pacific Economic Cooperation, also known as APEC, is a regional economy forum. It started in 1989 after the initial suggestion from Australian Prime Minister Bob Hawke for the more effective economic cooperation across the Asia-Pacific Rim. With the years of development, APEC has gradually grown into the highest cooperation system of Asia-Pacific Rim.
Now, APEC is becoming the main force of promoting free trade, investment liberalization and technical cooperation among the 21 member economies, which include Australia, Brunei Darussalam, Canada, Chile, People’s Republic of China, Hong Kong of China, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, The Philippines, Russia, Singapore, Chinese Taipei, Thailand, The United States and Viet Nam.
Ever since it officially acceded to APEC in 1991, China has been an active participant in APEC meetings and a steadfast executor of APEC goals and decisions. In Sep. of 2012, President Hu Jingtao declared on the APEC Vladivostok that China decided to take over the chairmanship of APEC 2014 summit meetings.