Chinese President Xi Jinping delivers an important speech under the title "Shouldering Responsibility to Our Times And Jointly Promoting Asia-Pacific Development" at the 31st APEC Economic Leaders' Meeting at the Lima Convention Center in Lima, Peru, Nov. 16, 2024. (Xinhua/Xie Huanchi)

China is set to play host again with a significant mission: to unite Asia-Pacific economies to champion open economic and trade cooperation while rejecting protectionist and confrontational trade tactics. 

Chinese President Xi Jinping announced on Saturday that China will host the 2026 Asia-Pacific Economic Cooperation (APEC) summit, and is ready to work with all parties to deepen Asia-Pacific cooperation.

He made the remarks when addressing the 31st APEC Economic Leaders' Meeting held in the Peruvian capital. Under this year's theme of Empower, Include, Grow, APEC members agreed to work towards an open, dynamic, resilient and peaceful Asia-Pacific community at a time of mounting challenges and uncertainties.

China's hosting of the 2026 APEC summit underscores its advocacy for openness and cooperation, serving as a tangible step toward strengthening Asia-Pacific solidarity and fostering an Asia-Pacific community with a shared future.

It is expected to play a positive and pivotal role in building broader consensus and deliver more tangible results for regional connectivity and a more balanced, sustainable, and inclusive growth of Asia-Pacific and beyond.

Workers gather near a poster at the G20 summit venue in Rio de Janeiro, Brazil, Nov. 16, 2024. (Xinhua/Wang Tiancong)

CLOSE BOND WITH APEC

It will mark the third time China has hosted APEC. When China first hosted the APEC summit in 2001, it was poised to join the World Trade Organization, signaling its readiness to step fully into the global economic arena.

By the time China hosted APEC again in 2014, the country had become an economic powerhouse, driving global growth through deepened integration into the world economy.

Now, China is set to play host again with a significant mission: to unite Asia-Pacific economies to champion open economic and trade cooperation while rejecting protectionist and confrontational trade tactics.

To advance Asia-Pacific cooperation, China took the initiative to shoulder the responsibility by offering to host APEC in 2026, which is welcomed by APEC members and has received their endorsement at this year's APEC Economic Leaders' Meeting, a Chinese Foreign Ministry spokesperson said Saturday.

"We look forward to working with all parties to deepen Asia-Pacific cooperation to the benefit of the peoples in the region," Xi said during his speech.

China's previous experience in hosting APEC demonstrates its ability to build consensus, said Carlos Vasquez, 2024 chair of APEC senior officials ambassador.

"China played a very important role along with some other very important economies ... to gain consensus again from the very beginning in the APEC year 2024 here in Peru," said Vasquez.

Mehmood Ul Hassan Khan, executive director of the Islamabad-based Centre of South Asia and International Studies, said it is foreseeable that China will further share the achievements of its policies of openness, modernization, digitalization, and qualitative industrial development. He expressed the hope that Chinese policymakers will share new befitting propositions, plans, and initiatives to enhance regional and global economic integration and foster international cooperation.

Chinese President Xi Jinping delivers an important speech under the title "Shouldering Responsibility to Our Times And Jointly Promoting Asia-Pacific Development" at the 31st APEC Economic Leaders' Meeting at the Lima Convention Center in Lima, Peru, Nov. 16, 2024. (Xinhua/Xie Huanchi)

CALL FOR BETTER ASIA-PACIFIC DEVELOPMENT

During his speech, Xi urged APEC economies to "act in solidarity and cooperation to meet the challenges, fully deliver on the Putrajaya Vision 2040, build an Asia-Pacific community with a shared future, and start a new era in Asia-Pacific development."

The Putrajaya Vision 2040, adopted by APEC leaders in 2020, envisions "an open, dynamic, resilient, and peaceful Asia-Pacific community by 2040, for the prosperity of all our people and future generations."

This vision of shared prosperity and enduring stability faces growing challenges. Geopolitical tensions, coupled with economic disruptions fueled by unilateralism, protectionism, and attempts at "decoupling" and "de-risking," have placed unprecedented strain on the region's stability and growth.

"We should stay committed to multilateralism and an open economy, firmly uphold the multilateral trading system with the World Trade Organization at its core, fully reactivate APEC's role as an incubator of global economic and trade rules, and advance regional economic integration and connectivity," said Xi.

He also emphasized the need to make green innovation a catalyst for the Asia-Pacific and called on APEC members to increase support for developing economies and disadvantaged groups and work together to grow the pie and distribute it equitably to allow more economies and people to benefit from development.

Neo Letswalo, a researcher at the Department of Politics and International Relations in South Africa's University of Johannesburg, said APEC members should foster more regional integration efforts, starting with establishing joint commitments to enhancing free trade, decarbonization and investments, as "strong economic interdependency prevents conflict and tension."

In the views of Khan, "Xi's suggestions facilitate a positive, productive, and participatory trading system, producing win-win situations for every country in the Asia-Pacific."

Chinese President Xi Jinping and other leaders and representatives from APEC member economies pose for a group photo in Lima, Peru, Nov. 16, 2024. (Xinhua/Huang Jingwen)

COMMITMENT TO SHARED FUTURE

For the past three decades, APEC members have joined hands towards closer cooperation and deeper regional integration, making Asia-Pacific the world's most dynamic and promising economic powerhouse, as well as a key driving force for global growth and poverty reduction.

Today, the world looks different. It is gripped by anemic growth and confronted with challenges such as unilateralism and protectionism. China, which has made great strides in economic growth and social development since its reform and opening up over 40 years ago, has offered and will continue to provide solutions to these problems.

Opening up is a distinct hallmark of Chinese modernization, and China has remained committed to opening its door wider to the world.

China continues to implement the Regional Comprehensive Economic Partnership against high standards, and is also working actively to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement, Xi said.

"China welcomes all parties to continue riding the 'express train' of its development and grow together with the Chinese economy so that we can all contribute to the modernization of all countries featuring peaceful development, mutually beneficial cooperation and common prosperity," he added.

In interviews with Xinhua, Asia-Pacific experts and officials noted that China's remarkable success through high-quality opening up has given it a deep understanding of the importance of an open global economic system and the critical need to advance multilateral and win-win cooperation.

As a major country in the Asia-Pacific, China "has consistently adhered to a development path that aligns with APEC's spirit of openness, inclusiveness, and mutual benefit," said Woo Su-keun, director of the Institute of East Asian Studies of Korea.

"It is more important for countries to demonstrate strong leadership through concrete actions rather than words," Woo said.

For Ong Chong Yi, executive director of the Malaysian think tank Belt and Road Initiative Caucus for Asia-Pacific, China has opened its market to provide development opportunities for countries in the region, driving inclusive economic growth within the Asia-Pacific.

"At the same time, China actively supports infrastructure development in developing nations, enhancing connectivity and economic and social inclusivity across the region. These efforts create more opportunities for shared progress and prosperity," he said.