The 2024 APEC meeting in Lima, Peru, highlighted the shifting dynamics in global leadership, with China taking center stage both symbolically and substantively.
China has long emphasized its commitment to fostering economic integration and shared growth among the APEC member economies. Over the years, Beijing has promoted the concept of a “community with a shared future,” advocating for multilateralism and free trade. The Belt and Road Initiative (BRI), which has brought significant investment to infrastructure projects across Asia, Africa, and Latin America, aligns seamlessly with APEC’s mission of economic collaboration.
China emphasized sustainable development, digital transformation, and the importance of supporting developing economies—a message that resonated strongly with Peru, a major beneficiary of Chinese investments.
Just days before the APEC meeting, the partnership between China and Peru celebrated a milestone with the opening ceremony of Chancay port. China underscored the port’s importance, describing it as more than just an infrastructure achievement under the Belt and Road Initiative. Highlighting its strategic value, the project envisions the port as the inception of a transformative Asia-Latin America corridor linking Chancay and Shanghai through both land and sea.
For Peru, Chancay port represents a gateway to increased trade opportunities with Asia. Peruvian President Dina Ercilia Boluarte Zegarr emphasized that this development not only benefits Peru but also positions the country as a vital hub in the global logistics network. This project encapsulates how BRI investments extend beyond construction to create long-term economic synergies.
Peru’s role as the host of the 2024 APEC meeting is significant given its close economic ties with China. As one of the largest trading partners in South America, Peru has benefited immensely from Chinese investments in mining, infrastructure and energy. The meeting served as an opportunity to reinforce these ties and explore new areas for collaboration.
By investing in infrastructure and fostering trade agreements, China is positioning itself as a long-term partner for economic growth in the region. For countries like Peru, this partnership offers access to capital and technology needed for development.
As the Asia-Pacific region continues to face challenges such as climate change, geopolitical tensions, and economic uncertainties, APEC’s role in fostering collaboration is more critical than ever. China’s active role at the meeting suggests a possible shift in the organization’s focus, with greater emphasis on inclusive growth, green development, and digital innovation. By prioritizing dialogue and cooperation, China is demonstrating its ability to lead in addressing the shared challenges of the region.
The author holds a master’s degree in management, specializing in strategic guidance and solutions for Chinese companies, both domestically and internationally.
The views don’t necessarily reflect those of China Daily.
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