On November 16, the 31st APEC Economic Leaders’ Meeting, themed “Empower, Include, Grow”, was held at the Lima Convention Center in Peru. Amid the escalating trend of trade protectionism in the West, APEC, as a key economic cooperation mechanism in the Asia-Pacific region, is playing an increasingly significant role. As one of the most important economies in the region, China garnered considerable attention during the meeting.
China-Peru Cooperation Draws Global Attention
On November 14, under the joint witness of Chinese President Xi Jinping and Peruvian President Dina Boluarte, Peru’s largest deep-water port, Chancay Port, was officially inaugurated. Located approximately 80 kilometers north of Lima, this port, developed and majority-owned by a Chinese enterprise, has captured worldwide attention. As a key project under the China-Peru Belt and Road Initiative, Chancay Port is not only a premier deep-water port but also South America’s first smart port. Upon completion, it is set to become a major regional hub and a gateway port on the Pacific. The port is projected to generate $4.5 billion annually for Peru’s economy, equivalent to 1.8% of its GDP, while boosting employment and regional development. Additionally, through its connection to the Pan-American Highway, Chancay Port will enable overland links with Chile, Bolivia, Ecuador, Colombia, and other countries, facilitating access to Asian markets for nations across South America. On November 16, President Boluarte remarked that the port’s inauguration marks a milestone in enhancing Peru’s maritime connectivity and its influence across the Asia-Pacific region.
China to Host 2026 APEC Summit
According to media reports, China’s bid to host the 2026 APEC summit received broad support and was officially approved during this year’s APEC Leaders’ Meeting. Having previously hosted the summits in 2001 and 2014, China’s successful application demonstrates its strong commitment to Asia-Pacific cooperation and underscores its responsibility as a leading power in the region. As the world’s second-largest economy, China actively participates in APEC initiatives, serving as a key trade partner for many Asia-Pacific economies and a vital link in the region’s industrial supply chains. China plays a crucial role in driving economic recovery and sustainable development across the Asia-Pacific. Currently, China is the largest trade partner for 13 APEC economies, contributing 64.2% to the region’s economic growth, while driving 37.6% of growth in goods trade and 44.6% in services trade.
The Key to Asia-Pacific’s Success: Open Cooperation for Mutual Benefit
Development has always been the core theme of the Asia-Pacific region. The region’s history of prosperity and growth shows that enduring progress can only be achieved through cooperation and mutual benefit. Data reveals that during APEC’s first 30 years, average tariff rates in the region dropped from 17% to 5%, per capita income more than quadrupled, and the region accounted for 70% of global economic growth. Since joining APEC in 1991, China has consistently used the platform to announce voluntary tariff reductions, lowering its overall tariff rate from 39.5% to 7.3% and sharing market opportunities with both the global community and its Asia-Pacific partners. This environment of openness and cooperation has benefited all major economies in the region. However, as global economic recovery remains sluggish and geopolitical tensions escalate, Western countries—led by the United States—have advanced the so-called “Indo-Pacific strategy”, forming exclusive alliances and promoting “supply chain decoupling” within the Asia-Pacific. Such actions harm the economic interests of member economies, erode trust in regional cooperation, and hinder progress toward Asia-Pacific economic integration.
An ancient Chinese sage observed, “A man of virtue, while establishing himself and pursuing success, also works to help others establish themselves and succeed.” With the successful conclusion of this APEC summit, China’s continued development is expected to create new opportunities for the Asia-Pacific region and the world at large. This aligns with fully delivering on the Putrajaya Vision 2040, building an Asia-Pacific community with a shared future, and ushering in a new era of development that benefits the region’s people and future generations.
