Shanghai hosted senior finance officials and central bankers this week as China formally assumed the chairmanship of the Asia-Pacific Economic Cooperation (APEC) forum for . The move signals Beijing’s intention to position itself as a key defender of multilateralism at a time of increasing global economic uncertainty, according to analysts.
The handover, marked by a two-day Finance and Central Bank Deputies’ Meeting that concluded on Wednesday, , comes as the global economy grapples with rising protectionism, geopolitical tensions, and sluggish growth. Vice-Minister of Finance Liao Min used the meeting to call on APEC members to uphold multilateralism
and promote greater macroeconomic policy coordination. His remarks underscored the urgency of addressing supply-chain disruptions and preventing further fragmentation of international cooperation.
China’s theme for APEC is Building an Asia-Pacific Community to Prosper Together
. This ambition, first articulated by President Xi Jinping at the APEC Economic Leaders’ Meeting in Gyeongju, South Korea, emphasizes the need for collective action. President Xi reportedly stated China is ready to take this as an opportunity to bring all parties together to advance the goal of an Asia-Pacific community, promote growth and prosperity in the region
. The President also highlighted priorities including the Free Trade Area of the Asia-Pacific (FTAAP), connectivity, the digital economy, and artificial intelligence.
The choice of Shanghai as the location for the Finance and Central Bank Deputies’ Meeting is itself symbolic. The city represents China’s economic dynamism and its commitment to opening up. China’s broader strategy, as outlined by Deputy Foreign Minister Ma Zhaoxu, centers on three priorities for APEC : openness, innovation, and cooperation. These pillars are intended to translate the vision of an Asia-Pacific community into concrete action.
The emphasis on openness reflects China’s recognition of the importance of trade liberalization. Officials point to the fact that average tariffs across APEC economies have fallen from 17 percent to 5 percent as evidence of the benefits of open markets. However, this progress is occurring against a backdrop of increasing global trade restrictions, a trend China is actively seeking to counter.
Analysts suggest China’s APEC chairmanship is a strategic opportunity to elevate its economic governance initiatives onto the global stage. The forum provides a platform to promote China’s vision for regional economic integration and to contrast its approach with that of other major powers, particularly the United States. The presence of US Assistant Treasury Secretary Francis Brooke at the Shanghai meeting suggests the US remains engaged, despite broader geopolitical tensions.
The timing of China’s chairmanship is particularly significant. marks the 20th anniversary of the vision for a Free Trade Area of the Asia-Pacific. China is using this milestone to urge APEC members to recommit to a World Trade Organization-centered multilateral trading system and to strengthen regional integration. The underlying message is that supply chains function most effectively when they are interconnected, rather than fragmented by geopolitical considerations.
The Global Times reported that the APEC meetings represent a pivotal moment to rebuild confidence in international cooperation
. This sentiment reflects a growing concern among policymakers that rising protectionism and geopolitical conflicts are undermining global economic stability. China’s leadership role in APEC will be closely watched to see whether it can successfully navigate these challenges and foster a more cooperative and prosperous Asia-Pacific region.
China’s APEC host year comes after a period of significant global disruption. The need for people-centred policies, infrastructure funding and predictability
is paramount, according to analysts. The success of the forum will depend on China’s ability to forge consensus among diverse economies with often-competing interests. The coming months will reveal whether China can effectively leverage its APEC chairmanship to advance its economic agenda and promote a more stable and integrated Asia-Pacific region.
