Countries, big and small, ready for APEC stage

By Alex Frew McMillan
CNN in Shanghai

SHANGHAI, China (CNN) -- Against a backdrop of the September 11 attacks in the U.S. and the continuing retaliatory strikes in Afghanistan, APEC member countries will be keen for their moment in the limelight at this week's forum in Shanghai.

The events since that fateful day have unexpectedly overshadowed China's chance to showcase its economic wares.

But they also mean the world is paying more attention to this week's meeting than it otherwise might.

The APEC forum is the first gathering of world leaders since the attacks happened, and the biggest diplomatic event in China in half a century.

Although terrorism will no doubt be a feature topic of discussion, the extra emphasis on the summit may prove a boon for countries keen to perform on APEC's global stage.

The talks provide a brief moment for some small countries to step onto the world stage, such as Vietnam, Asia's second-fastest economy behind China.

Little fallout for China

VIDEO

CNN's John King reports that U.S. President George W. Bush will proceed with plans to attend the APEC conference in Shanghai, China (October 16)

Play video (QuickTime, Real or Windows Media)

RESOURCES

Key economic information on APEC members

•	APEC preview

•	War on terror reactions

MORE STORIES

•	APEC forum opens for business

Host China has one of the most vibrant business environments in the world, and one that's expected to be little dented from the fallout from the terror attacks.

Like fellow APEC nation Australia, it is a relatively insular economy.

But China's burgeoning middle class and ramping demand for consumer goods see it growing at a heady pace.

That heady pace slowed to 7.0 percent in the third quarter, the worst rate since 1999, the government said this week.

But after 8.1 percent growth in the first quarter and 7.8 percent in the second, its prospects are still way beyond the rest of Asia and should see it easily clear the official target of 7.0 percent.

The September 11 strikes and resulting U.S. slowdown are expected to trim China's growth only 0.2 percent. The world's most-populous country is on track for a bumper year, with independent analysts pegging growth at 7.6 percent.

Many issues


China is on track for a bumper year and is keen to show off its wares

APEC, formed in 1989, spans both Asia and the Pacific, including members as far flung as Chile, Peru, Papua New Guinea, Russia and Brunei.

While the power players -- the U.S., Japan, China and Russia -- will be pressing their own concerns, other APEC members have a host of other issues to discuss.

For instance, Peru is seeking the return from Japan of former President Alberto Fujimori, currently in self-imposed exile.

He has won Japanese citizenship but is wanted in his homeland to face charges of corruption and organizing murder.

Taiwan's ongoing diplomatic feud with China is also bubbling again.

China, which views Taiwan as a renegade province, has so far refused to recognize the head of the island's delegation to APEC, Li Yuan-zu.

China feels Li, Taiwan's vice president from 1990-96, is too political for a gathering of economic officials.

Like China and Taiwan, both of which recently cleared their way for entry, Russia and Vietnam are also seeking to join the World Trade Organization.

The APEC summit will provide a good stage for them to push their cause.