AT several wharves owned by New Times Shipbuilding Co in Jingjiang, Jiangsu province, engineers and workers are busy welding steel hulls and testing equipment.
Their mission is to ensure that their work meets standards set by various ship classification societies and specific customer demands.
But most of the container ships and oil and chemical tankers built at the shipyard will not be delivered to Chinese buyers.
Instead they will go to ship owners in many Asia-Pacific Economic Cooperation economies, including Indonesia, Singapore and the United States, because these countries are experiencing a significant surge in demand for new vessels equipped with dual-fuel engines, and are offered at competitive prices. Deliveries of these vessels meet the rising need for ocean shipping services.
Du Haiming, assistant director of sales at New Times Shipbuilding Co, said, "Even though many parts of the world still face uncertainty and challenges in the global economy, including fragile supply chains and subdued investment sentiment, orders placed by our customers in the Asia-Pacific region have remained high since last year."
Government officials and experts hail China's role in fostering mutually beneficial collaboration in the Asia-Pacific region and encouraging APEC economies to bolster their economic and technological exchanges.
China, as a major trading nation, has not only supplied a significant quantity of manufacturing products to other APEC markets but has also distinguished itself for unwavering support of trade liberalisation, the World Trade Organisation and its rules, they said.
China's trade with APEC economies was worth US$3.74 trillion last year, accounting for 59.7 per cent of the value of the country's imports and exports. Among China's top 10 trading partners, eight are APEC economies, the Ministry of Commerce said.
Wu Haiping, director of the general operations department at the General Administration of Customs, said that after over 30 years, collaboration among APEC economies has evolved beyond the two traditional pillars of trade liberalisation and investment facilitation, as well as economic and technological collaboration. It has extended into new domains, including technology innovation, modern agriculture, trade in services, inclusive growth and digital and green economies.
An economic analysis published by the APEC Policy Support Unit forecast that economic growth in the APEC region will reach 3.1 per cent this year, compared with 2.6 per cent last year.
He Yadong, spokesman for the Ministry of Commerce, said early this month that China will endeavour to advance its accession into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement.
China looks forward to joining these two trade pacts soon and is willing to work with all parties to promote regional economic integration and the liberalisation and facilitation of trade and investment in the Asia-Pacific region.
Zhao Ping, dean of the academy at the China Council for the Promotion of International Trade in Beijing, said multilateral mechanisms for economic collaboration and free trade deals, such as APEC, the Regional Comprehensive Economic Partnership agreement and the Free Trade Area of the Asia-Pacific, are practical in promoting free trade and consolidating the achievements of globalisation.
Kok Ping Soon, chief executive of the Singapore Business Federation, said China has the dual advantages of rapid economic growth and technological progress, coupled with the mature development of its businesses.
"We welcome Chinese companies to set up regional hubs in Singapore to extend their reach into other APEC economies, especially countries in Southeast Asia."
During the Asia-Pacific Economic Cooperation Economic Leaders' Meeting in San Francisco, many APEC economies were looking for ways to advance free trade in the global economy.
As a result, market watchers and business leaders in China and the US believe that improved bilateral economic and trade relations will be conducive to the economic development of both countries and contribute to the stability and growth of the global economy.
Craig Allen, president of the US-China Business Council, said: "The US and China have benefitted considerably from their long-standing economic integration. We remain committed to expanding the US-China commercial relationship by advocating for the US companies doing business in China, and look forward to continuing to support that growth in the long run.
"US businesses continue to be optimistic about the size and dynamism of China's markets," he said.