The 2023 Asia-Pacific Economic Cooperation (APEC) Leaders’ Meeting is underway in San Francisco, bringing together leaders from around 20 economies across the Asia-Pacific region. The focus of this year’s gathering is on fostering economic growth and devising strategies to ensure long-term sustainability in the region.
Amid the discussions on economic development, all eyes are on the anticipated summit between Chinese President Xi Jinping and U.S. President Joe Biden. The meeting between the leaders of the world’s two largest economies is expected to address pressing issues that could influence not only bilateral relations but also the broader economic landscape of the Asia-Pacific region.
Experts are keenly observing how U.S. strategic competition impacts economic performance in the region. Dr. Shao Yuqun, a senior research fellow at the Shanghai Institutes of International Studies, notes that “The interactions between major powers significantly affect regional stability and growth prospects.” Wang Dan, chief economist at Hang Seng Bank, adds that “Collaboration is essential to address global economic challenges and to promote sustainable development.”
The question on many minds is whether the relationship between Beijing and Washington can be stabilized or even improved through direct dialogue. Sean Stein, senior advisor in Covington’s Public Policy Practice Group, suggests that “Constructive engagement can pave the way for resolving misunderstandings and building mutual trust.” Anthony Chan, former chief economist at JPMorgan Chase, emphasizes that “Economic interdependence between the two nations necessitates a cooperative approach to benefit not just themselves but the entire region.”
As the APEC Leaders’ Meeting progresses, the outcomes of discussions and negotiations will be closely watched by global audiences. The potential for significant agreements or initiatives aimed at enhancing economic cooperation could have lasting impacts on international markets and geopolitical dynamics.
The world awaits the results of the Xi-Biden summit, hopeful that positive developments will emerge to promote stability and prosperity throughout the Asia-Pacific region.
Reference(s):
cgtn.com
