As the Asia-Pacific Economic Cooperation (APEC) prepares for its 2024 summit, China is poised to seize promising opportunities for mutual advancement with member economies. The current APEC framework closely aligns with Beijing’s economic aspirations, offering avenues to deepen regional leadership through cooperative initiatives that focus on trade, technology, infrastructure, and environmental sustainability.
APEC’s collaborative ethos provides a platform for navigating the complexities of a shifting global economy while fostering regional prosperity. President Xi Jinping’s participation underscores China’s unwavering commitment to the APEC platform and its dedication to strengthening regional cooperation.
Trade remains at the heart of APEC’s mission, and China is well-positioned to capitalize on the bloc’s focus on enhancing economic exchange. Despite global uncertainties, APEC anticipates a 3.5 percent GDP growth in 2024, providing a stable foundation for expanded trade. In the first quarter of 2024, APEC economies witnessed a 3.9 percent increase in merchandise exports by volume and a 1.6 percent rise in value, creating fertile ground for China’s trade networks. As other APEC members pursue intra-regional trade growth, China’s commitment to stronger trade ties becomes increasingly valuable to the bloc’s collective stability.
Beyond trade, investment in emerging sectors presents another critical area where China is poised to drive progress. With APEC’s supportive framework, Chinese enterprises are encouraged to pursue international investments, particularly in high-demand sectors such as renewable energy and technology. China’s non-financial outward direct investment (ODI) experienced a significant 12.5 percent year-on-year growth, reaching $110.99 billion in the first eight months of 2024. This aligns with APEC’s sustainability priorities, positioning Beijing as a key player in fostering mutually beneficial investment partnerships across the region.
As APEC convenes, China’s active engagement and strategic initiatives signal a strong commitment to regional growth and innovation. Through collaborative efforts within APEC’s framework, China aims to contribute significantly to regional prosperity and sustainable development.
Reference(s):
China's 2024 APEC agenda: Driving regional growth and innovation
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