APEC Summit Sees China, US Align for Stability and Growth

No bilateral relationship in world politics is as significant as that between China and the United States. When these two countries talk to each other, the risk of misunderstandings is reduced. Despite differences, it is possible for differences to be managed in a way that guarantees stability in the international system. The San Francisco APEC summit offered a prime opportunity for essential progress in this direction.

Attention initially focused on Sino-American relations, then shifted to the APEC summit itself. However, the improvement of ties between China and the U.S. will undoubtedly impact the future of the Asia-Pacific region. Synergies can flourish when confrontation gives way to cooperation. The 2023 APEC Golden Gate Declaration echoes the joint interest of leaders in maximizing efforts to yield economic results.

Sustainable development requires coordination. Among other topics, the declaration addresses the challenge of climate change, citing necessary actions such as the use of low- and zero-emission vehicles, sustainable maritime shipping, aviation fuels, and port decarbonization.

Moreover, the declaration discusses the importance of inclusivity in the digital economy. The leaders recognized the value of an inclusive APEC Business Travel Card to facilitate the recovery of travel and tourism post-pandemic. They also appeared determined to support small- and medium-sized enterprises expanding into regional and global markets through digital tools. Obviously, the governance of digital technology matters and the leaders welcomed ongoing international discussions on this topic.

Emphasizing growth, the declaration also concentrates on the important role women can play. The La Serena Roadmap for Women and Inclusive Growth has already identified key areas, including empowering women through access to capital and markets, strengthening their participation in the labor force, improving their education, and enhancing their access to leadership positions.

China’s role in these activities is significant. Committed to innovation-driven development and openness, supporting the energy transition, and working to eradicate inequalities, China collaborates with APEC to advance technical cooperation. Concurrently, the Chinese government is promoting connectivity via the Belt and Road Initiative and aspires to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economic Partnership Agreement (DEPA). In this context, China has already achieved success with the establishment of the Regional Comprehensive Economic Partnership (RCEP) three years ago, in collaboration with its partners. The ultimate goal remains the creation of a free trade area in the Asia-Pacific.

Following the APEC summit, China aims to further stabilize its economy. The International Monetary Fund has upgraded its 2023 GDP growth forecast for China to 5.4%, up from the previous forecast of 5%. In the third quarter of 2023, the national economy grew by 4.9%, surpassing the anticipated 4.6%. Against this backdrop, more opportunities will be created for citizens throughout the Asia-Pacific. The continuous improvement of their living conditions remains the priority.