ABSTRACT
The Asia-Pacific region has played a growing role in China's international economic relations. China favors, in principle, some sort of Asia-Pacific economic Cooperation is seen as facilitating enhanced economic interaction with the most dynamic economies is the world, an attractive prospect far an economy seeking to move from the autarkic development strategy of the past to a more open economic development strategy. Domestic price reform and a convertible currency together would significantly enhance the volume and role of foreign trade in China's economy. In marked contrast with the situation only a decade ago, China has become a major participant in world and Asia-Pacific trade. Trade turnover in 1976 was less than fifteen dollars in US and China ranked thirty-fourth in the world in trade value. By 1988 trade value had climbed to more than $100 billion and China ranked fourteenth in world trade.
