It started off 20 years ago as one of the world's champions for trade liberalization, its members coming to non-binding agreements on a voluntary basis.
Welcoming ministers and delegates to key events of this year's APEC forum, Singapore's Prime Minister Lee Hsien Loong said on Tuesday that the event was taking place "at a pivotal moment, when the world economy is emerging from the global financial crisis".
"While the situation has stabilized, the economic outlook remains uncertain. Much still needs to be done to sustain the economic recovery and also to prepare for the post-crisis landscape," Lee said.
As the world's third-largest and fastest-growing economy, China also faces formidable challenges and opportunities vis--vis its fellow APEC members and beyond.
Greater role
China would like to play a larger tole in the region.
To that effect, Chinese President Hu Jintao also paid visits to Malaysia and Singapore this week, amid growing expectations of a more integrated Asian region.
But on Tuesday, World Bank President Robert Zoellick warned that excluding the US in any regional economic plan could see a withdrawal of US security efforts.
"Just recall the point then Treasury Secretary James Baker and I made some 20 years ago: Be careful about drawing the line down the Pacific. You might get some things you don't want," he said.
Speaking at the same APEC event, Wang Gungwu, the chairman of the East Asian Institute in Singapore, said now might not be the time for China to take up more responsibility in the region and beyond.
"When you are powerful and rich, then you have to share the responsibility," Wang said.
"Now, the Chinese accept that in principle, but then of course the opposite also holds as long as they believe that they are still relatively poor and relatively weak, in comparison with, say, the US and Western Europe, then to ask them to be responsible at this stage is premature."
In Beijing, a former APEC senior official said China "should actively participate" in the effort to push forward the organization's development, but "not dominate or lead".
Wang Yusheng, who served at APEC for 5 years since 1993, said the US, since Barack Obama took over the presidency, is seeking more partners in APEC. "China can ask the US to seek equal partners," Wang said.
Also, he said China could "play an active role" to help APEC continue to achieve the Bogor Goals when the world economic crisis is yet to end.
APEC set the Bogor Goals of "free and open trade and investment in the Asia-Pacific by 2010 for developed economies and 2020 for developing economies" in 1994.
Engaging the US
Being one of the few events that sees the United States meet annually with Asian countries, APEC will also provide China with a significant platform to engage the giant on the other side of the Pacific.
Prior to the APEC events this week that include speeches by President Hu Jintao and US President Barack Obama, both countries were already facing a fresh trade dispute over steel pipes and car-tire imports.
Chinese authorities said Washington's move to place anti-dumping duties in the country's pipe exports to the US was protectionist. The Ministry of Commerce also started investigations over US auto imports that were deemed as dumping and unfairly subsidized.
Obama also told reporters earlier this week that he plans to raise the issue of the yuan currency when he meets Chinese officials in Beijing next week, amid ongoing complaints by US producers that the yuan is held down to make Chinese exports cheaper and American products more expensive for Chinese consumers.
But on Wednesday, Chinese authorities said it was ready to allow yuan appreciation after an 18-month lull and consider major currencies apart from the dollar to guide the exchange rate.
The Chinese Foreign Ministry had also said that the country was looking forward to reaping real rewards through Obama's upcoming trip and developing bilateral ties. Similarly, Obama said the countries needed to work together on major issues.
"On critical issues, whether climate change, economic recovery, nuclear nonproliferation, it is very hard to see how we succeed or China succeeds in our respective goals, without working together," he told Reuters.