The Chinese vision for the Asia-Pacific Economic Cooperation (APEC) in promoting peaceful and prosperous business cooperation helps create the right environment to ensure global stability and deliver growth, said a senior representative from a global hospitality giant.
Lu Haiqing, global vice president of InterContinental Hotels Group (IHG) Hotels and Resorts, outlined the need for countries across the region to work together ahead of the upcoming APEC CEO Summit, which opens in the Peruvian capital of Lima on Wednesday.
This year marks the 10th anniversary of Chinese President Xi Jinping's keynote speech at the 2014 APEC summit, during which he offered his vision of the "Asia-Pacific dream", which envisions nations working collaboratively to promote development, sustainability, and peace.
In a recent interview with the China Global Television Network (CGTN) in Shanghai, Lu stressed the importance of communication among countries and businesses to fulfill Xi's vision.
"President Xi launched this idea about 10 years ago. We thought that was a great idea, a great initiative. Business [around] the world, it's like family, you want a harmonious and prosperous environment, the least thing you want is to fight, to disagree. Of course, there are certain disagreements globally, just like family, you have quarrels with your kids all the time, it doesn't you have to get divorced, right? So a lot of times, you talk -- to communicate is always better than stop talking, non-communication," he said.
Lu said that the business community is greatly looking forward to the APEC meeting in Peru, which he said offers the perfect platform to push forward Xi's vision, and hopes all attendees can work to further strengthen regional ties.
"We just hope every responsible global leader could find time to sit down and chat with each other in economy, politics, and similar things like business. We all need to sit down and discuss instead of quarrel, so we look forward to that, we have high hopes about it," said Lu.
Established in 1989, APEC has grown into one of world's largest multilateral trade bodies. Initially composed of twelve members, including the United States, Australia, Japan, and Malaysia, APEC welcomed China in 1991, followed by Peru, Russia, and Vietnam in 1998.
Bringing together around 20,000 participants, including heads of state and dignitaries from 21 member economies across Asia, the Pacific, North America, and South America, APEC aims to foster sustainable economic growth and prosperity in the region.
Chinese vision for APEC promotes harmonious environment to deliver global growth: business leader
As the 2024 APEC gathering commences in Lima, Peru, China's deepening partnerships with Latin American nations - bolstered by trade, investment, and the Belt and Road initiative - serves as a key example of the country's commitment to fostering inclusive economic cooperation across the Asia-Pacific region.
Under the overarching theme of "Empower. Include. Grow," APEC Peru 2024 which is running from Nov. 10-16, will bring leaders of its 21 member economies together to set the agenda for the Asia-Pacific region, with trade and investment for inclusive and interconnected growth beiamong the priority areas.
At the APEC media center next to the meeting's main venue, booths promoting new technologies and sustainable development are set up. Organizers say Peru is seeking opportunities to connect the largest markets and insert Peruvian companies in regional and global value chains.
In an opinion article posted on the website of the China Global Television Network (CGTN) last weekend, Peru's Ambassador to China Marco Balarezo wrote that exports to APEC economies represented 68.5 percent of Peru's total international transactions in 2023, and that the Asia-Pacific provides a critical region of opportunities and incorporation in the regional and global supply chains.
Chinese President Xi Jinping will attend this year's APEC Economic Leaders' Meeting and pay a state visit to Peru from Wednesday to Sunday, with this being his sixth visit to Latin America since 2013.
An updated free trade agreement (FTA) between Peru and China, set to be signed during President Xi's visit, is another example of how APEC 2024 will bolster the economy, according to Ambassador Balarezo.
China is Latin America's second-largest trading partner and main source of investment, as well as the top trading partner for many countries in the region including Peru. It has signed Free Trade Agreements with five Latin American economies and established high-quality Belt and Road cooperation with 22 Latin American and Caribbean countries. The cooperation has grown beyond traditional areas like trade, finance, and infrastructure to include newer fields such as energy, the digital economy, and aerospace.
One of the flagship cooperative projects, the China-built Chancay Megaport north of Lima, set to become fully operational shortly after the APEC meeting, is establishing Peru as a gateway for South American trade to Asian markets. Beyond that, Balarezo said Peru invites all APEC enterprises to invest in this near-term endeavor.
Since it started over 30 years ago, APEC has turned into a powerful driver of economic growth and one of the most important forums in the Asia-Pacific region. With 21 member economies, APEC represents around 62 percent of the world's GDP and nearly half of global trade.
APEC is the first regional economic cooperation organization that China joined back in 1991. Experts believe China has accelerated the pace of opening up through APEC cooperation and has provided huge opportunities for economic and trade development in the Asia-Pacific region.
Strengthened China-Latin America ties epitomize APEC's push for inclusive economic cooperation
