BEIJING (XINHUA) - China believes that the new Indo-Pacific Economic Framework (IPEF) should facilitate prosperity, development and economic cooperation rather than undermine and divide existing mechanisms in the Asia-Pacific region, the Ministry of Commerce said on Tuesday (May 24).

The success of the Asia-Pacific economy lies in openness, cooperation and mutual benefit, the ministry said.

Relevant initiatives should contribute to the prosperity and development of the region, be open and inclusive rather than discriminatory and exclusive, and promote economic cooperation and solidarity rather than undermine and divide existing mechanisms, the ministry said in response to the US announcement of the framework's launch on Monday.

"China remains open to any regional economic initiative that conforms to the aforementioned principles," said a spokesperson for the ministry.

China will adhere to open regionalism and share weal and woe with its trading partners in the Asia-Pacific region, the spokesperson said.

China stands ready to advance pragmatic cooperation with all parties to boost regional economic integration, promote economic recovery in the region and maintain regional peace and stable development, the spokesperson said.