Thu, November 20, 2008
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APEC official:Structural reform essential to economic growth

2008-11-18 22:02:46 GMT2008-11-19 06:02:46 (Beijing Time)  Xinhua English

LIMA, Nov. 18 (Xinhua) -- Structural reform in the economies of APEC members can help them respond to the financial crisis and continue their growth during the global recession, an APEC official told a press conference here on Tuesday.

Robert Buckle, who chairs the Economic Committee of the Asia-Pacific Economic Cooperation (APEC) Secretariat, made the remarks when briefing reporters on the activities of the committee.

The structural reform consists of improvements made to institutional frameworks, regulations and government policies, said Buckle, adding that these improvements help foster an economic environment which supports the efficient functioning of markets.

Buckle outlined how competition law has been adopted by APEC member economies and put forward some suggestions for future work.

"Having a comprehensive set of laws is important, but having the right institutional environment is also essential for competition to thrive," he said.

Established in Jakarta in 1994, the Economic Committee is responsible for promoting the structural reform within APEC by undertaking policy analysis and action-oriented work.

Leaders and officials from China, the United States and 19 other Asia-Pacific economies will be attending a two-day summit in Lima this weekend.

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