Columbia University Professor and economist Jeffery Sachs said he expects the building of modernized linkages to top the agenda for China at this year's Asia-Pacific Economic Cooperation (APEC) meetings, set to be held in Lima, Peru from Nov 15 to 16.
Sachs told China Global Television (CGTN) that China's leg up in digitalization and modern communication infrastructure will lend the country leverage as a sharer of technologies.
"The digital revolution is very dramatic. China is already at not 5G, but 5.5G, because the network is 10 times faster than it was even when 5G was introduced a few years ago. And soon China will be leading 6G. Now, other countries want the technological advancement of the digital age as well," he said.
Noting the immense significance of the Belt and Road Initiative, Sachs pointed out that the global connectivity it is building is vital for both China and its many partners in the initiative.
"It's the idea that countries should invest jointly in connectivity, building new ports, building new fast rail lines, building transport linkages, building fiber linkages, building renewable energy linkages. So, when the leaders meet, they should talk about these real things. Those don't depend on the United States. So, you can still have the very important regional discussions," he said.
The economist also suggested that the summit is an opportunity to grow China's partnerships with the Association of Southeast Asian Nations (ASEAN) and Latin America, all benefiting from tech innovation and big markets.
"For example, China's relationship with ASEAN is extremely important for both regions I should say. ASEAN needs China, it needs the technology, it needs the connectivity, it needs the advancement, it needs the investment. For China, ASEAN is a natural, huge market of more than 750 million people. That should be discussed," said Sachs.
"The relationships between China and Latin America are very strong. China is the main trading partner of the Latin American members of APEC. This is surprising. It's not the United States. It's China that's the main trading partner. China buys a lot of food grain and feed grain from Latin America, a lot of natural resources. China is a provider of advanced technologies. So that's a very fruitful relationship, very important," he continued.
Held from Nov. 10 to Nov. 16 under the theme of "Empower, Include, Grow" in Lima, Peru, APEC brings together around 20,000 participants, including heads of state and dignitaries from 21 member economies across Asia, the Pacific, North America, and South America.
Digital shift, regional cooperation to be key topics for China at APEC summit: economist
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
