China’s trade relations with Asia-Pacific Economic Cooperation (APEC) economies have reached unprecedented heights, marking a significant milestone in regional economic collaboration. In the first ten months of 2024, China’s trade with APEC members surpassed an astounding 21 trillion yuan ($2.91 trillion), setting a new record in the history of their economic partnerships.
The importance of APEC economies in China’s trade landscape is evident, with eight of China’s top ten trading partners being APEC members. Moreover, China is the largest trading partner for 13 APEC economies, highlighting the deep interconnectivity and mutual reliance between China and its regional counterparts.
From 2014 to 2023, the cumulative trade between China and APEC economies amounted to a remarkable $30.62 trillion. This substantial figure underscores the profound impact of China’s rapid economic development not only on its own prosperity and the improvement of its people’s living standards but also on offering significant opportunities and tangible benefits to APEC economies and their peoples.
The continuous growth in trade volumes reflects the successful implementation of collaborative policies, investment in infrastructure, and the easing of trade barriers among the APEC members. These efforts have facilitated smoother trade flows, enhanced economic cooperation, and contributed to the resilience and dynamism of the regional economy.
As we look back over the past ten years, the transformation in trade relations between China and APEC members is striking. The growth trajectory showcases the potential for further cooperation and the shared commitment to economic development and prosperity in the Asia-Pacific region.
For a visual representation of this impressive growth, explore the animated graphics highlighting the changes in China’s trade with APEC members over the past decade.
Reference(s):
cgtn.com
