In 2021，the Asia-Pacific economy rebounded. The economic recovery was with twists and turns as the pandemic resurged. The weighted average economic growth rate of 17 countries in the Asia-Pacific region was expected to be 6.2%，an increase of 7.6 percentage points over the previous year. The Asia-Pacific region’s economic performance in 2021 remained better than the global economy. But the main driver was China，with other economies’ growth rate being lower than the global level. China’s role in supporting economic growth in the Asia-Pacific region became increasingly prominent. Most countries in the region turned into positive growth in 2021. Inflation rose in the Asia-Pacific region，most currencies depreciated against dollar，current account balance fell，and government debt continued rising modestly. The broader use of vaccines would contribute to the recovery in South Korea，Canada and Australia in 2022. But these countries should focus on financial stability issues. As vaccines were not yet widely available，Indonesia’s economic recovery would continue to be largely affected by the COVID-19. The negative impact of the pandemic on the Asia-Pacific economy would diminish further in 2022. The Fed’s tapering would be the biggest financial uncertainty facing by Asia-Pacific economies in 2022. The role of the Asia-Pacific region as an engine of global economic growth was expected to strengthen again.