In the past, people measured China’s contribution to global economic growth through China’s GDP growth. But many factors in the GDP are the profits created by the foreign companies’ investments in China, so new ways of looking at the impact of China’s economy are in order.

A free-trade agreement for the Asia-Pacific would capitalize on the capabilities and the diversity of APEC countries. As broached by China in 1996, an open economy in the Asia-Pacific is a step toward common development, prosperity and progress for the whole region.

The Philippine’s theme of this year's APEC Summit is “Building Inclusive Economies, Building A Better World.” Like the case for China's 2014 hosting, this 2015 agenda reflects clear Philippine domestic imperatives. As a major labor exporter, the Philippines will work well with the topic of investments in human capital development.

Rising incomes, limited farmland, and polluted water and soil has prompted China to look overseas for agriculture imports. Over the last decade, the United States has been China’s top agricultural partner and this relationship looks likely to continue and indeed strengthen.

When it comes to economic rebalancing, China will need to be patient, recognizing that the current generation is simply too fixated on saving to provide the kind of surge in consumption that is needed. There are steps policymakers can take to accelerate progress, but, until the next generation grows up, real progress will have to wait.

The SCO emerged as a convenient platform for the Central Asian leadership to preserve domestic status quo by accommodating the ambitions of both Moscow and Beijing within one framework. However, the SCO fails to project itself as an effective regional organization, and is perceived more so as a discussion forum.

Fluctuations in China’s currency and economy don’t have the wild effect on the global markets that many critics allege, and such accusations distract from a needed collective focus on maintaining stability.

Corruption, however, while a persistent illness with a debilitating and self-generating momentum, is not exclusive to China. If truth be told, China’s largesse abroad is also a major source of corruption and fraud, especially when it involves government-to-government transactions where transparency and accountability are absent.

Beijing’s air pollution – and the stark contrast between how the rich and poor are able to respond to the problem, is a theme of developing economics. To address the current structural imbalance Barbier suggests tackling the twin problems of excessive environmental degradation and insufficient human capital, which he calls a “Balanced Wealth Strategy.”

The free-trade deal seems more firmly rooted in politics than economics, lacking both fairness and transparency, and that doesn’t bode well for a harmonious world order.