China and Peru are joining forces to lead the Asia-Pacific Economic Cooperation (APEC) toward a future of inclusive and sustainable growth.
Under the theme “Empower. Include. Grow.”, leaders from APEC’s 21 member economies, which represent about two-thirds of the world’s GDP and half of global trade, are focusing on challenges like climate change, digital transformation, and trade facilitation.
China and Peru have a longstanding relationship, being among the first to establish diplomatic ties in Latin America. The two nations are expanding cooperation in mining, energy, manufacturing, and agriculture. They recently signed a protocol to upgrade their bilateral free trade agreement, aiming to incorporate projects in areas such as sustainable agriculture, digital economy investment, and green development.
The APEC meeting highlights three key priorities: promoting inclusive trade and investment, fostering innovation and digitalization, and pursuing sustainable growth for resilient development. China, as a leader in digitalization and renewable energy, is poised to play a significant role in achieving these goals.
Peru’s initiatives to liberalize trade, enhance connectivity, and encourage digital transformation align closely with China’s efforts to advance trade liberalization, promote innovation, and commit to green development. This synergy is exemplified by the Chinese-backed Chancay Port project in Peru, set to become a major shipping hub for South America-Asia trade. The port is expected to boost Peru’s economy, create jobs, and strengthen inter-regional integration.
Trade and investment are at the heart of APEC’s agenda. China’s extensive trade volume with APEC members, amounting to $3.5 trillion in 2023, underscores its vital role. China is the largest trading partner for 13 APEC economies and a major source of foreign investment, fostering economic interdependence that can lead to shared prosperity through greater integration and sustainable growth.
APEC economies, particularly those in Southeast Asia, can learn from China’s remarkable journey in poverty reduction and digital transformation. With internet users soaring from 8.8 million to about one billion and per capita income increasing significantly between 1999 and 2022, China’s experience offers valuable insights for accelerating digitalization and economic development.
As green and digital economies become focal points in agreements like the China-ASEAN free trade agreement, collaboration is expected to build an inclusive digital ecosystem and promote sustainable development across the region.
Despite facing economic challenges, China reported a robust growth rate of 5% in the first half of 2023, driven by consumer spending, exports, and investment in infrastructure. This resilience reinforces China’s position as a key contributor to global economic growth and its readiness to support APEC’s goals of inclusive and sustainable development.
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China, Peru leading APEC's path to inclusive and sustainable growth
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