Evolution of China’s Approaches to Economic Integration in the Asia-Pacific Region

Abstract

The article is analyzing the latest trends in China’s participation in the integration processes in the Asia-Pacific region and their determining factors. The evolution of China’s approaches to integration processes in the region in key areas of trade, economic and investment interaction is considered. China’s integration cooperation with the Asia-Pacific countries is developing within three main multilateral formats, including the forum of the Asia-Pacific Economic Cooperation (APEC), the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive Progressive Trans-Pacific Partnership (CPTPP). The One Belt, One Road Initiative occupies a special place in China’s policy regarding integration processes in the Asia-Pacific region. The paper analyzes the directions of development of these formats, the nature of their interaction with each other, the prospects for the integration of the Asia-Pacific countries and China’s participation in these processes. In connection with the stalled rounds of WTO trade negotiations and the postponement of the creation of a free trade area within the framework of the APEC, China’s participation in the RCEP strengthens its regional position while China has now become the leading trading partner for the countries participating in the agreement. ASEAN countries’ trade with China exceeds their trade with the United States. The article also considers trends and problems in the implementation of the Chinese One Belt, One Road Initiative. Among the problems are the discrepancies between the interests of the parties involved, the lack of investment resources, political factors. At the same time, the flexible nature of the Chinese Initiative, the absence of strict requirements for participants, and their interest in the project allows the One Belt, One Road to become the world’s largest cooperation platform operating on the principles of an open mega-partnership.